LATEST ACCOUNTING NEWS
September update of latest COVID-19 initiatives.
ATO JobKeeper 2.0 guidance surfaces
Expats Return to Australia – Travel Expenses
Profession to be relied on for post-JobKeeper turnover certificates
Update of Superannuation contribution rules from July 1, 2020
Expats & COVID-19 Impacts on tax residency
Economic recovery could be slower than anticipated: RBA
High Court rules in favour of employers on personal leave accruals
JobKeeper Phase 2 - Latest Update
Payroll Tax 2020 concessions and JobKeeper
High alert issued over myGov tax time scam
Extended director penalty regime to catch out ‘zombie companies’
SG amnesty deadline - 7 September
‘Hundreds’ to be contacted in ATO early super compliance blitz
90,000 SMEs to benefit from new JobTrainer program
Work Related expenses – 2020
‘Everyone is now on notice’: ATO acquires COVID-19 data on 3m Aussies
Extra Tools & Resources for our clients.
Year End Tax Deductions – “equipment”
Home Office Claims 2020
Early release of super sees ‘high take-up’
Tax time 2020: ATO homes in on rental deduction claims
ATO announces Div 7A COVID-19 assistance
‘HomeBuilder’ grants now available.
$150k instant asset write-off extended for 6 months
JobKeeper documentation ‘absolutely critical’ in ATO audit
Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
ATO updates JobKeeper compliance approach
Quarter 2 April - June 2020
Quarter 1 January - March 2020
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Why so much super “stuff” this year?

New rules mean that insurance coverage will be cancelled on “inactive” superannuation accounts from 1 July 2019, unless the fund member informs the fund in writing that they want to keep the insurance.



       


 


Also, where an inactive account has a low balance (under $6,000) the fund will have to send that super to the Australian Taxation Office for “consolidation and safekeeping”.


If you haven’t made contributions or rolled over your super in the past 16 months, no matter what your balance, it’s important to check in with your fund now to keep your account active and maintain the insurance you want.


The new law also bans super funds from charging exit fees when you want to leave the fund, which should make it easier to change and consolidate your super accounts when you need to.


Life insurance within superannuation can be cheaper.  If you are in doubt whether you should have it, why not ask your dependents?


 


 


AcctWeb




11th-December-2019
 
SMSF Advisers Network logo CPA logo Peter I Price & Associates Pty Ltd
Phone: (07) 3376 3411 |Fax: (07) 3376 8904 | Email: info@peterprice.com.au
15 Loffs Road, Mt Ommaney QLD 4074
Liability limited by a scheme approved under Professional Standards Legislation and other than for the acts or omissions of financial services licenses.