September update of latest COVID-19 initiatives.
With the ending of a number of the original COVID-19 relief and stimulus initiatives, August and the beginning of September has seen the release of new plans to move into the post-September period. Links to these updates and changes are listed below.
Update of Superannuation contribution rules from July 1, 2020.
The rules around Superannuation contribution change almost every year, so it is important that taxpayers know what these changes mean to them.
More than $31bn paid under early super release
The government’s early super release scheme shows no signs of slowing down, with almost 90,000 release applications received by super funds in the first week of August and more than $700 million in payments made.
Your super fund, your choice
Choice is inherently regarded as a good thing, particularly in these COVID-affected times when some of our basic choices have had to be suspended for the greater community good.
SMSFs urged to act on compliance issues ahead of tougher penalties
SMSFs with outstanding compliance issues should consider making a voluntary disclosure while the ATO still has a more flexible approach in place and before they implement tougher admin penalties, says a law firm.
A beginner's investment guide to long-term wealth
It's often said that starting out early on one's investing journey will deliver good long-term results.
ATO confirms important issue on pension payments
The ATO has confirmed only payments made to a member after 24 March in excess of the reduced minimum pension can be treated as a lump sum, even where a valid election was previously in place, says the SMSF Association.