Background The Australian Government’s coronavirus economic stimulus package includes several options for individuals to obtain access to money in the short-term if they are financially impacted by coronavirus. One option is to allow a member to access up to $20,000 of their superannuation benefits before ‘retirement’ or attaining age 65. In these uncertain times that [read more]
Minimum pension payments for the current financial year (ie, FY2020) and next financial year (FY2021) have been halved. This measure addresses concerns of the current market volatility and aims to provide SMSF trustees with discretion and flexibility to better manage their cash flows and retain assets that may have substantially decreased in value in recent [read more]
SMSFs that own property are facing the prospect of tenants falling behind in their rent payments and their other obligations under the lease due to the economic stress arising from COVID-19. Australian states and territories will put a six-month moratorium on evictions for both residential and commercial tenants during the coronavirus pandemic, Prime Minister Scott [read more]
In recent months, we have seen a significant increase in succession planning queries and assignments where we have been asked to provide advice and/or documents, including binding death benefit nominations (‘BDBNs’), reversionary pensions, planning for control of an SMSF and implementing timely member exit strategies for those who may be left with a limited time [read more]
Monitoring all developments As the leading SMSF law firm in Australia we have been busy assisting many clients on a range of legal, tax and SMSF issues arising from COVID-19. We are making sure our team of lawyers and support staff are keeping up to date with developments and revising our services and documents to [read more]
