SMSF trustees must ensure they have a unique bank account for their fund. Those who do not have or have not reported a unique bank account to us may receive
An exposure draft of amendments to the fee provisions of APES 110 Code of Ethics for Professional Accountants (including Independence Standards) has been issued.
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Author: Australian Taxation Office
We are implementing the new SMSF verification service to assist funds with processing their rollovers. Super funds have until the end of September 2021 to start using this new verification
SMSF rollovers are now being included in SuperStream. As a result, you may receive an email or text message notifying you of your rollover request.
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Author: Australian Taxation Office
Keep up to date with the latest news for large superannuation funds on issues and changes in the administration of Australia's super system.
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Author: Australian Taxation Office
Funds should exclude COVID-19 ERS payments from their PAYG withholding reporting. Including these payments could result in the miscalculation of the tax payable by individuals.
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Author: Australian Taxation Office
Primary producers can claim deductions for capital expenditure incurred on landcare operations, connecting or upgrading mains electricity supply to the business, connecting or extending a phone line and creating shelterbelts
Loans made by private companies to shareholders, and associates of shareholders, for purposes of Division 7A of Part III of the Income Tax Assessment Act 1936.
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Author: Australian Taxation
Borrowers affected by COVID-19 can apply for administrative relief for Division 7A minimum yearly repayments.
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Author: Australian Taxation Office