Month: June 2021

The Commissioner has acknowledged that, as a result of the COVID-19 situation, shareholders who have taken loans from a company may be unable to pay the required minimum yearly repayment required under Division 7A. To help in this situation the Commissioner has indicated he will allow an extension of the repayment period for those borrowers […]

To get a Bill through the Senate (Treasury Laws Amendment (More Flexible Superannuation) Bill 202) the government agreed to two changes two super proposed by One Nation. The most important of the two changes is that from 1 July 2021 a taxpayer cannot claim a deduction for a re-contribution of a COVID-19 early release amount […]

In a blog last week I said changes in choice of super start on 1 July… They have been kicked back to 1 November to give the ATO time to prepare…

And the third Bill passed today (but still to be approved by the Government majority in the House of Reps, so pretty much a formality) increases the number of members of a self managed superannuation fund from ‘fewer than 5 members’ (meaning 4 or less members) to ‘no more than 6 members’ (now can have […]

In another Bill passed by the Parliament today (still has to go back to the House of Reps to approve amendments but this is pretty much a formality), the rules regarding default funds in choice of super has been changed for any employee starting employment on or after 1 NOVEMBER 2021… Under the changes, to […]

Today a change passed through the Parliament (still has to go back to the House of Reps to approve amendments but this is pretty much a formality) that allows individuals aged 65 and 66 who were not previously able to access the bring forward non-concessional contributions cap due to their age may do so, starting […]

In the case of VNBM and Commissioner of Taxation [2021] AATA 1626 the directors of a company made the following payments… So why would the directors (spouses with the husband being an accountant and tax agent) decided to pay such a large salary in the March 2020 quarter? Have a look at the PAYGW for […]

On 12 February I told you about the surgeon who did not lodge tax return for years and ended up owing $1.2 million in taxes. As a reminder, he argued the tax debt should be forgiven as if he had to pay the $1.2 million, he would suffer the following “serious hardships”: He could no […]