There are many questions being asked lately about claiming expenses when forced to work from home over the COVID-19 period – plus a lot of concern about any consequent capital gains issues when later selling a property from which people have been coerced to work from during this time. Capital gains First of all, the...

The government has made a number of changes to temporary visa holder arrangements during the COVID-19 crisis. The Department of Home Affairs says these measures have been made to protect the health and livelihoods of Australians, to support critical industries, and to boost recovery afterwards. Home Affairs records show that there are 2.17 million temporary...

SMSFs must transact on an arm’s-length basis. The purchase and sale price of fund assets should always reflect the true market value of the asset, and the income from assets held by a fund should always reflect the true market rate of return. Any non-arm’s length income (NALI) is taxed at the highest marginal rate....

When establishing a self managed superannuation fund (SMSF), one central decision to be made early on is if the trustee structure is to consist of individual trustees or a corporate trustee. Between these choices, you can have up to four individual trustees, or one company that acts as trustee (with that incorporated body having up...

It has been a long time coming, but a planned government amnesty for employers who have missed paying the superannuation guarantee (SG) to their employees has now become law. The amnesty was passed on 6 March 2020, and lasts until 7 September 2020. The amnesty allows employers to make deductible payments, without penalties, of outstanding...

Entering into a remuneration package to secure a vehicle through a salary sacrifice arrangement is a popular option offered to employees. However the ATO has issued a ruling on another particular set of wheels that opens up both a tax and health incentive. ATO guidance covering the use of an electric bicycle (e-bike*) by an...

Legal changes just passed by Parliament require mortgage brokers to act in the best interests of consumers when providing consumer credit assistance or face much stronger penalties. These changes also reform mortgage broker remuneration by requiring the value of upfront commissions to be linked to the amount drawn down by borrowers instead of the loan...

The Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 received assent on 17 February 2020. The legislation includes a range of measures targeting illegal phoenixing including penalties for directors related to GST liabilities (making directors personally liable for unpaid GST if the unpaid liability is not paid within 21 days of a director penalty notice...

The SMSF Association held its annual conference recently, which was addressed by Assistant Minister for Superannaution, Senator Jane Hume, who stated that it remains government policy to see an increase in the maximum number of SMSF members from four to six. Implementation of the Hayne banking commission recommendations was however a priority, she said. (See...

If an Australian resident is considering selling property, they should apply for an ATO clearance certificate. If a property vendor does not apply for a clearance certificate and present it to the purchaser, the purchaser is required to withhold 12.5% of the purchase price for CGT purposes on properties that have a market value of...