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WINNER – IPA 2020 ACT Practice of the Year

WINNER – IPA 2020 ACT Practice of the Year Award!!!! This is the second year running we have been recognised with this prestigious award. The IPA received high quality endorsements from our clients, colleagues and community members and we want to thank you so very much. The fact that you..

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2020-21 Federal Budget Update – Government spends on jobs

The 2020-21 Federal Budget is all about jobs, jobs and jobs. COVID-19 has resulted in the most severe global economic crisis since the Great Depression. This Budget provides an additional $98 billion of response and recovery support under the COVID-19 Response Package and the JobMaker Plan. The centrepieces of the Budget..

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WINNER – IPA 2020 ACT Practice of the Year

WINNER – IPA 2020 ACT Practice of the Year Award!!!! This is the second year running we have been recognised with this prestigious award. The IPA received high quality endorsements from our clients, colleagues and community members and we want to thank you so very much. The fact that you..

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2020-21 Federal Budget Update – Government spends on jobs

The 2020-21 Federal Budget is all about jobs, jobs and jobs. COVID-19 has resulted in the most severe global economic crisis since the Great Depression. This Budget provides an additional $98 billion of response and recovery support under the COVID-19 Response Package and the JobMaker Plan. The centrepieces of the Budget..

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Bill to increase the maximum number of allowable members in an SMSF to 6 has been introduced into Parliament.

The Government has, on the 2nd September 2020, introduced a Bill into the Senate that will increase the maximum number of allowable members for SMSFs from four to six. This measure was first announced in the 2018-19 Federal Budget. The Explanatory Memorandum explains that this change will help large families..

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COVID-19: Negative returns – looking for the positive?

Despite well formulated investment strategies and appropriate investment advice, no trustee could have foreseen the impacts of COVID-19 on financial markets globally. Whilst history suggests that a strong recovery is likely within a relatively short period after large market corrections, it is still too early to know the impact of..

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SMSFs and Property

This is an area that we are asked about regularly, because of course, the benefits of being able to use your Fund money and have the investment in an entity with tax concessions. However, the ATO and SMSF Auditors, pay special attention to these types of investments as it is..

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IPA Practice of the Year Award!

We have some exciting news, our Practice is up for an award! Our Practice is a member of the Institute of Public Accountants (IPA) and each year they sponsor two very important awards, namely the IPA Member of the Year Award and the IPA Practice of the Year Award. We..

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Your 2020 End of Financial Year (EOFY) considerations

The COVID-19 pandemic has affected everyone’s lives, and SMSF trustees are no exception. While the worst of the pandemic is (hopefully) behind us, trustees still have difficult questions to ponder as they focus on how best to position their SMSF in 2020-21, as well as meet their annual regulatory obligations..

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COVID-19: Negative returns – looking for the positive?

Despite well formulated investment strategies and appropriate investment advice, no trustee could have foreseen the impacts of COVID-19 on financial markets globally. Whilst history suggests that a strong recovery is likely within a relatively short period after large market corrections, it is still too early to know the impact of..

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COVID-19 – Providing concessions for the LRBA in my SMSF

The economic impacts of the COVID-19 crisis are causing significant financial distress for many businesses and individuals. If your SMSF has a related party loan and is impacted due to the financial effects of COVID-19, you may be able to provide your LRBA with relief under an agreed commercial arrangement…

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COVID-19 – Providing rental relief for the tenant in my SMSF property

The economic impacts of the COVID-19 crisis are causing significant financial distress for many businesses and individuals. If your SMSF has a property and a tenant in financial distress, you may be able to provide your tenant with rental relief under an agreed commercial arrangement. This may even be the..

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COVID-19 – Accessing your superannuation early

You may be aware that the Government recently announced measures which allow individuals affected by the economic impacts of COVID-19 to access a limited amount of their superannuation early. Making the decision to access your superannuation early is a significant one and if possible, should be encompassed by financial advice…

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COVID-19 – The Government’s economic stimulus packages explained

Over the past two weeks the Government has announced two economic stimulus packages to cushion the economic impact of the Coronavirus. A total of $189 billion is being injected into the economy by all arms of Government in order to keep Australians in work and businesses in business. This includes..

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Superannuation Death Benefit Limitations

As an SMSF trustee, you need to take special care when paying death benefits as you are responsible for ensuring that the payment rules are met. Strict rules apply, affecting who can receive a death benefit, the form in which the death benefit can be paid and the timing of..

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