News and Views
Directors Identification Number (DIN) – Foreign Directors of Australian Companies
All foreign directors of Australian companies are required to apply for their director ID using the paper form. Application form The Director identification application form is accessible here:...
Are you a Director of an Australian Company?
Are you a Director of an Australian Company? From 1 November 2021 you will need to apply for a unique director identification number (DIN), which verifies your identity. Non-compliance will result in hefty fines. The director ID will be attached to a director...
National licence recognition for Tradies
Draft legislation expected to start from 1 July 2021.Builders, electricians, plumbers, architects, real estate agents, security guards and other workers who hold an occupational licence in their home state or territory and who want to do the same work in another state...
Did your super fund receive a compensation payment?
Is a financial services compensation payment to your superannuation fund a contribution? Of late, there have been several compensation payments made by financial services providers to customers that were inappropriately charged or overcharged for insurance premiums or...
Divorce & Superannuation
New legislation will help prevent superannuation assets from being hidden during divorce proceedings.From 1 April 2022, the Australian Taxation Office (ATO) will be able to release details of an individual’s superannuation information to a family law court. The...
Superannuation equalisation
Where couples have significantly different superannuation account values but are of a similar age, there are options available that assist in ‘evening out the gap’. Where one spouse is close to or likely to reach their transfer balance cap (between $1.6m and $1.7m),...
Mental Health Support for Business Owners
Owners Running a business can be an isolating experience. And, with COVID-19 lockdowns and disruptions to trade, the pressure can be intense.NewAccess for Small Business Owners is a free and confidential mental health program developed by Beyond Blue to give small...
What now? Unwinding the Pandemic
Australia’s two largest states and the ACT are in lockdown as the Delta strain of COVID-19 takes its toll while others are standing firm on a policy of eradication. The result is a country at a policy impasse and divided by border restrictions. And - it is not just...
August 2021 Lockdown Update
Your HFB Group team is here to help. Below is some important and current information (for both Queensland and New South Wale residents) on relief payments you may be eligible for - we will continue to keep you updated in the days to come. Take care, and stay safe. Tim...
NSW Residents COVID support
The Federal Government have approved an income support scheme for people affected by the latest lockdowns, which provides: $750 per week, tax free, to workers who lose 20 or more hours of work a week $450 per week, tax free, to workers who lose between 8 and 20 hours...
QLD Residents – COVID financial support
The Queensland Government has teamed with the Australian Government to provide an increased support package for businesses affected by the recent lockdowns. The new tiered based support payments will start at $10,000 for eligible employing businesses, with payment...
Tax Returns – explaining timeframes
“Where’s my tax refund?” Explaining timeframes, key terms, and possible reasons for delaysFor some, waiting for your expected tax refund can seem to drag out interminably. Unfortunately receiving a receipt does not always mean a sign of an imminent ATO deposit your...
Business in a post pandemic environment
Countries that have experienced the worst of the pandemic give Australian businesses an insight into what to expect in a post-lockdown environment.Australia, like New Zealand, has managed COVID-19 on an elimination basis. That is, lockdowns and border closures to keep...
Cryptocurrency what you need to know.
Are you getting Crypto wrong?The number of people investing in crypto is increasing, and many are unaware that crypto transactions - such as gifting crypto, transferring between currencies, cashing out, etc - trigger a CGT event. The Australian Government are cracking...
Lock-downs: What help is available
The highly infectious Delta COVID variant is triggering lock-downs across the country. We look at what help is available and how you can get it.For you COVID-19 disaster payment The COVID-19 disaster payment is available to eligible workers who can’t attend work or...
6 Member SMSFs – the issues and opportunities
From 1 July 2021, the maximum number of members a Self Managed Super Fund can have increased from four to six. Why would you have a fund with six members and what are the implications?Recently enacted laws increased the maximum number of allowable members in an SMSF...
July 2021 Key DATES
Key Dates & Information 21 June 2021 * 30 June – Super Payments Cut-off Date In order to claim a deduction for superannuation payments in the 2021 FY, the Fund must receive these monies on or before 30 June 2021. Please check on cut-off dates with your clearing...
july 2021 – pension
Pensions – Retirement PhaseTransfer balance cap – why you will have a personal cap The transfer balance cap (TBC), as the name suggests, limits how much money you can transfer into a tax-free retirement account. From 1 July 2021, the general TBC will increase from...
July 2021 accumulation
Contributions – Accumulation PhaseIndexation increases contribution caps and the transfer balance cap Indexation ensures that the caps on superannuation that limit how much you can transfer into super and how much you hold in a tax-free retirement account, remain...
july 2021 super employer obligation new staff
New stapled superannuation employer obligations for new staffCurrently, when an employer hires a new staff member, the employee is provided with a Choice of Fund form to identify where they want their superannuation to be directed. If the employee does not identify a...