by angela | Nov 20, 2020 | 2020 Tax Planning, Articles of Interest, Frontpage Article, News
The financial impact of COVID-19 has forced many households to review their finances, rein in spending and consider tighter budgets. If you’re facing challenges, here are some steps that can help in establishing good financial habits. How financially secure do you...
by angela | Jun 24, 2020 | 2020 Tax Planning
The Transfer Balance Cap of $1.6m will remain – with no increase for the 2021 financial year. The ATO have advised that indexation of the general transfer balance cap won’t occur on 1 July as the ‘All Groups’ Consumer Price Index (CPI) figure for the December...
by angela | Jun 24, 2020 | 2020 Tax Planning
The ATO have commenced sending SMSs to SMSF trustees when changes are made to SMSF details – to protect against unauthorised changes. Messages will be sent when any of the following details are changed: financial institution account details electronic service address...
by HFB Group | Jun 9, 2020 | 2020 Tax Planning
A trust split usually involves a family trust. A common reason given for ‘splitting’ the trust is to allow different parts of the family group to have autonomous control of their own part of the trust fund. A ruling issued in December 2019 confirms the Commissioner’s...
by HFB Group | Jun 9, 2020 | 2020 Tax Planning
From 1 July 2019, new anti-avoidance measures prevent family trusts engaging in ‘round robin’ circular trust distributions with other closely held trusts. The rules impose penalty rates of tax in situations where trust income is distributed to one or more other trusts...
by HFB Group | Jun 9, 2020 | 2020 Tax Planning
The Government intends to limit the concessional tax rates available to minors receiving income from testamentary trusts to income derived from assets that are transferred from the deceased estate or the proceeds of the disposal or investment of those assets....
