On 12 March 2020, accounting firm: Pitcher Partners put out a Critical Point Network Bulletin reminding readers that the Superannuation Guarantee ‘Amnesty’ started on 6 March 2020 and runs for only 6 months (6 Sept 2020) and covers a very long period – 1 July 1992 and 31 March 2018 (from the inception of the…
On 12 March 2020, our Prime Minister: Scott Morrison announced the Government’s stimulus package, to support the economy, which is suffering the double blow of the bushfires and the ‘coronavirus’ (now known as CO-VID 19). It is a significant but is of little use to distressed businesses who don’t have the resources to invest extra…
On Friday 13 March 2020, The Tax Institute’s Senior Tax Counsel: Bob Deutsch published his weekly ‘Report’ in its newsletter: TaxVine (#9) entitled: TRANSFER PRICING – A simple topic; some complex solutions!. It is a simplified explanation of ‘transfer pricing’, which is a reference to a means by which multi-national groups can ‘transfer’ profits – by…
On Friday 13.3.20, the ATO Consultation Steering Group issued its ‘February 2020 Consultation Report’. See below for the Report and a table of contents. [Tax Month – March 2020]
On 13 March 2020, the ATO posted an article saying the 2020 SMSF Annual Return will be available at the end of May 2020 and will include a number of label changes. See below for details [Tax Month – March 2020]
On Thursday 12 March 2020, the ATO posted an article advising SMSFs that being more than 2 weeks late in lodging any annual return, and it hasn’t requested a deferral, it will change the status of the SMSF, on Super Fund Lookup (SFLU) to ‘Regulation details removed’. See below for details. [Tax Month – March 2020]
On Thursday, 12 March 2020, the Ministers for the Department of Social Services (Ruston, Robert, Landry and Howarth) issued a Media Release announcing that the Social Security ‘deeming rates’ would be lowered by 0.5% (50 percentage points) – double the Reserve Bank’s 0.25% cut in interest rates on Tuesday 3 March 2020 (conceding there was…