by Ben Smith | Sep 15, 2020 | SMSF Specialists, Tax & Estate Planning
A recent ATO private ruling considered the implications of withdrawing superannuation when a member is terminally ill. Before passing away, the deceased gave instructions to the trustee to withdraw her entire balance from superannuation. Her superannuation consisted...
by Ben Smith | Aug 11, 2020 | Tax & Estate Planning
The Government’s Super Guarantee amnesty legislation, the Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 received Royal Asset on 6 March 2020. This new legislation establishes the Government’s Super Guarantee (SG) amnesty which runs...
by Ben Smith | Dec 2, 2019 | Tax & Estate Planning
Landholder duty only applies to relevant acquisitions of shares in companies or units in unit trusts that hold interests in land in NSW with a threshold value of $2 million or more. Currently the relevant land value is the unimproved land value as determined each year...
by Ben Smith | Nov 22, 2019 | Tax & Estate Planning
In NSW the extra 8% stamp duty and extra 2% land tax surcharges for foreign persons, trusts and companies have been in place for a few years. These surcharges apply on top of the usual stamp duty and land tax liabilities. Until now the trustee of a discretionary trust...
by Ben Smith | Nov 20, 2019 | Tax & Estate Planning
The NSW Rural Assistance Authority (RAA) is currently providing funding for farming families to receive retirement, succession and estate planning advice. However, the time to take advantage of this is running out, with the funding only available until 30 June 2020....
by Ben Smith | Jun 25, 2019 | Tax & Estate Planning
Single Touch Payroll (STP) is an ATO reporting obligation which requires employers to report employee payroll information, including superannuation, to the Australian Taxation Office (ATO). If you are using a software solution that offers STP reporting, such as...
