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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.

Despite the current COVID-19 world in which we live, the procedures for completing and lodging tax returns remains pretty much the same.

Australian SMEs earning up to $50 million a year will enjoy a 26 per cent tax rate from tomorrow, with the government’s fast-tracked tax cuts for small companies due to come into effect on 1 July.

To help support you to make informed decisions regarding your SMSF, we are pleased to provide you access to our new SMSF Education Resource on our website. This resource is brought to you by the SMSF Association, the peak professional body representing the SMSF sector.

The Federal Government has introduced a JobKeeper subsidy that could potentially apply to any business that has experienced a reduction in turnover from 2019 to 2020.  Your business may be eligible to receive this subsidy even if you don’t have employees.