Tuesday 2 Jun 2020
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Covid-19 resources
JobKeeper documentation ‘absolutely critical’ in ATO audit
ATO updates JobKeeper compliance approach
COVID-19 hotspots - tax time 2020
$150k instant asset write-off set for significant drop
Tax reform to feature heavily in PM’s JobMaker plan
Jobkeeper Fraud warning
ATO extends initial JobKeeper payment deadline
Boosting cash flow - ATO
Our website, your resources
ATO releases JobKeeper alternative test
Temporary Working from Home Expenses Rule
Minimum Pensions Halved – 2020 & 2021
More coronavirus support for landlords, commercial tenants
COVID-19: Early Childhood Education and Care Relief Package
What Covid-19 relief packages mean to you.
Now I’m working from home, what can I claim?
Global statistics plus Covid-19 updates
ATO clarifies COVID-19 rent relief concerns
Banks to defer small-business loan repayments for 6 months
Historic $130bn wage subsidy to cover 6 million workers
Stage 2 – Covid-19 stimulus package.
Covid-19 Update - Small Business
PM launches $17.6 billion virus stimulus plan
SG amnesty bill passes Parliament
ATO flags most common SMSF return mistakes
Expected GDP by country 2010 to 2100
ATO expands small business review pilot
A resource hub for our clients.
Risks when dating documents in 2020
Australian Taxation Office (ATO) debts may affect your credit rating
Statistical picture of Australia - Update
Absentee Property Owner – Tax Whack - Victoria
Articles archive
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Articles
Preservation Age Rules affects those born after 1 July 1960
SBEs 'to save millions
Ransomware - BEWARE!
No Change to Super Fund Borrowing Rules (yet)
Property to remain at top of ATO’s hit list
Turnbull stands firm amid SG freeze speculation
Tax breaks, education and access to advice key to successful transition to retirement
Dying Without a Will
Access to good Budgeting and cash flow tools is important to us all.
No Change to Super Fund Borrowing Rules (yet)

 

The federal government has announced it does not agree with the Financial System Inquiry’s (FS) recommendation ....


.... to prohibit limited recourse borrowing arrangements (LRBA) by superannuation funds.
 



           


 


At this time there is not enough evidence to justify a major policy change.


What was the mischief?


What is the loss of revenue, if any?


Many advisers of SMSF struggled to find any justification for this perceived problem and it seems that the Government agreed.  Therefore, trustees and financiers can continue with structures that include SMSF borrowing.


The government does recommend the monitoring of LRBAs by the Council of Financial Regulators and the Australian Taxation Office will review any risk associated with LRBAs, and report back in three years.


 


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