Welcome to the 2020/21 McKinley Plowman Federal Budget Update! In a year filled with uncertainty, turmoil, crisis, and economic downturn, the Morrison Government’s Budget was always poised to be one filled with recovery measures to get the Australian economy back on track – looking at both the short- and long-term. While the majority of theread more
The impact of COVID-19 has been vast and complex – and super, particularly Self-Managed Superannuation, is no exception. As the government continues to bring in and tweak economic stimulus measures to help people and businesses keep their heads above water, some changes have been made to SMSFs and what funds are allowed to do duringread more
Given everything that’s happened in 2020, you’ll be forgiven for forgetting a couple of things here and there. One thing you won’t want to miss, especially if you have outstanding Superannuation Guarantee (SG) obligations, is the ATO’s Amnesty, which ends on the 7th September 2020. Superannuation Guarantee Amnesty: The Details The SG Amnesty has featuredread more
As we’ve outlined in a previous article, the government’s Superannuation Guarantee (SG) Amnesty was initially introduced in 2018. The SG amnesty has now been resurrected, and employers are once again being afforded the opportunity to rectify SG issues. So - what should you do if you think you have outstanding contributions owing? The SG Amnestyread more
When it comes down to it, the morbid nature of estate planning can often lead to people burying their heads in the sand. It is far easier to simply avoid having to make decisions that surround your death, or the death of a loved one, rather than face up to it. However, the importance ofread more
Are you on top of your SMSF investment strategy? When was the last time you looked over it? If it’s been a while, make sure you explore it as soon as possible, especially now that the Australian Taxation Office (ATO) has recently sent out a letter to over 17,000 SMSFs that hold greater than 90%read more
The next federal election is just around the corner, and if the opinion polls are anything to go by, it seems as if we’ll have a Labor government in power by May. With that in mind, let’s have a look at Labor’s proposed amendments to superannuation laws in the upcoming financial year. Non-concessional (after-tax) contributionsread more
Using a Self-Managed Super Fund (SMSF) to purchase property is becoming increasingly common. It can be tax-effective, allow you to invest in both residential and commercial properties, and utilise your superannuation before you retire. However, before you setup that brand new SMSF to buy property, you may want to consider the following. Residential v Commercialread more
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