COVID-19 and trust liquidity issues The ATO has highlighted the fact that due to COVID-19, a trustee may experience liquidity issues that may affect a trust’s ability to satisfy a beneficiary’s entitlement. This may happen where financial institutions impose restrictions that affect the way a trustee can deal with its assets. “For present entitlements conferred
TNR Financial Times Spring 2020 Please click the following image for the latest TNR Financial Times Please contact TNR if you have any queries related to the items raised in this issue. Important: The information contained in this post / article is not advice. Readers should not act solely on the basis of material contained
Economic and Investment Update Webinar – Recording Forecasting in the time of coronavirus The global COVID-19 pandemic has wreaked havoc across the global economy in terms of human cost, curtailed economic activity, and disrupted financial markets. Even as some countries succeed in controlling the outbreak, the case count continues to grow globally, casting a shadow
COVID-19 payments and some issues for companies and trusts With many having received cash flow boost and JobKeeper payments, there can arise some unique issues where these amounts are received within a trust or company. The cash flow boost and JobKeeper payment have been flowing to eligible businesses for some time now. These stimulus payments
On behalf of TNR Wealth Management and Vanguard invites you to an exclusive webcast on the economic situation today. Forecasting in the time of coronavirus The global COVID-19 pandemic has wreaked havoc across the global economy in terms of human cost, curtailed economic activity, and disrupted financial markets. Even as some countries succeed in controlling
Claiming a deduction for transport expenses when carrying bulky equipment As a general rule, expenses relating to travel between home and work (and vice versa) are non-deductible. A number of exceptions to this principle exist, including for situations that require bulky equipment be transported to and from work. In order for transport expenses to be
Rental property: Tax approach adjusts for COVID-19 The COVID-19 pandemic has placed property owners, and tenants in many cases, in unfamiliar territory. Many tenants have been paying reduced rent or ceased paying because their income has been adversely affected. While rental income may be reduced, owners will continue to incur normal expenses on their rental
Early release of super extended For individuals affected by the adverse economic effects of COVID-19, the government has temporarily allowed eligible individuals to access their superannuation early and tax-free. The government is extending the application period for the measure from 24 September 2020 to 31 December 2020 to increase the scope for individuals who may
JobKeeper 2.0 Update The Government has announced that it will wind back the eligibility criteria for the JobKeeper Payment scheme for the extended period from 28 September 2020 to 28 March 2021. This is a welcome concession from the announcement made three weeks ago in which the conclusion of the JobKeeper Payment scheme was extended
Co-operative Farming – providing education bursaries for co-operative education. The Business Council of Co-operatives and Mutuals (BCCM) is working with the Australian Government through the Co-operative Farming Project to provide agricultural enterprises with the resources and advice they need to start or grow co-operatives. The project provides: • An advice and information hotline, • A
Has your super fund got you covered for insurance? With COVID-19, maybe not. From 1 July 2019, the government adopted new rules that aim to prevent the unnecessary erosion of people’s retirement savings through inappropriate insurance arrangements. As part of the rules, super providers, excluding SMSFs and small APRA funds, are unable to provide insurance
Varying PAYG instalments because of COVID-19 PAYG instalments is a system that helps you manage your expected tax liability on income from your business or investments for the current income year by making smaller regular payments. To assist taxpayers experiencing financial difficulty as a result of COVID-19, the ATO is providing added flexibility to manage