The extension of the JobKeeper scheme is now based on current GST turnover, not projected turnover. The basic test compares year-on year
turnover. If there were events or circumstances outside the usual business settings that resulted in your relevant comparison period in 2019
(September or December 2019 quarter) not being appropriate, then an alternative test may apply.
The investment option that can hide unexpected GST
New residential property is a popular investment for many, and can be especially so for self-managed superannuation funds, however the ATO
is concerned that not every investor in residential property is fully aware that it is an option that may bring with it unexpected GST obligations.
The information contained herein is provided on the understanding that it neither represents nor is intended to be advice or that the
authors or distributor is engaged in rendering legal or professional advice. Whilst every care has been taken in its preparation no person
should act specifically on the basis of the material contained herein. If assistance is required, professional advice should be obtained.
SMSF regulations to allow six members under new legislation
A bill has been introduced into Parliament that partially implements a measure to allow an increase in the maximum number of allowable
members in self-managed superannuation funds and small APRA funds from four to six.