SMSFs entering into arrangements which involve the purchase and development of real property for subsequent disposal or leasing should beware, the ATO is keeping a close eye on these types of agreements, irrespective of whether they are with related or unrelated parties.
As a part of the government’s coronavirus economic response package, a provision was inserted into the Corporations Act 2001 to provide temporary relief (safe harbour) for directors of financially distressed business from potential personal liability for insolvent trading. This was designed to counter the pressure on boards and directors to make quick decisions to enter into an insolvency process to mitigate the risks of insolvent trading during this economic downturn.
In line with various concessions provided to businesses to soften the blow of the COVID-19 pandemic, the ATO has now released the following details of concessions for self-managed super funds (SMSFs) as well as advice:
Castletons is one of the very first accountancy firms in Australia to launch a free mobile Tax App. The great news is that the APP can be downloaded free onto your iPhone,iPad or Android devices. It's packed full of some really useful Tax Tables, Calculators and important financial dates, all of which you will be able to access for free, anywhere you have an internet connection on your device.