To support retirees with account-based pensions and similar products from having to sell investment assets in their self-managed super funds (SMSF) to fund minimum drawdown requirements, minimum drawdown requirements have been reduced by 50% for 2019–20 and 2020–21 income years. For SMSF trustees who have paid their member the minimum drawdown amount, payments can be […]
Eligible individuals economically affected by COVID-19 can access some of their superannuation (super) early. The application is available through ATO online services in myGov. If eligible, you are able to access up to $10,000 of super before 30 June 2020 and a further $10,000 from 1 July 2020 until 24 September 2020. You do not need to pay […]
We recognise that due to COVID-19, a significant number of employees and business owners started working from home from 1 March and are incurring additional running expenses in relation to their income producing activities. In addition to the existing fixed rate and actual cost methods, we introduced a temporary ‘shortcut method’ of 80 cents per hour worked […]
In mid-March we announced the publication on our website of our detailed guidance on the independence standards for approved self-managed super fund (SMSF) auditors. Providing guidance in this format is enabling us to respond to changes, emerging issues and future guidance needs to assist approved self- managed super fund (SMSF) auditors to meet their obligations. […]
