Epoch News
Overseas gifts and loans in the spotlight
The Australian Taxation Office (ATO) has recently issued an alert on gifts or loans from overseas. The ATO is particularly concerned about schemes and arrangements explicitly designed to circumvent Australian tax laws. In general, Australian-resident taxpayers need to...
Tax and the normalisation of cryptocurrency
The Australian Taxation Office recently updated its guidance on tax and cryptocurrency. In early November, the Commonwealth Bank announced become Australia's first bank to offer customers the ability to buy, sell and hold crypto assets directly through the CommBank...
How to set up your director ID
Directors are now required to register for a unique identification number that they will keep for life. What is a director ID? A director ID is a 15-digit identification number that, once issued, will remain with that director for life regardless of whether they stop...
Recruiting new employees? The 1 November superannuation ‘stapling’ rule changes
When your business hires a new employee, the Choice of Fund form is used to identify where they want their superannuation to be directed. If the employee does not specify a fund, generally the employer directs their superannuation into a default fund. From 1 November...
What happens to your superannuation when you die?
Superannuation is not like other assets as it is held in trust by the trustee of the superannuation fund. When you die, it does not automatically form part of your estate but instead, is paid to your eligible beneficiaries by the fund trustee according to the rules...
Unwinding COVID-19 Relief
As Australia begins to look out from behind the COVID curtain, we look at how financial support will roll back as states and territories reach vaccination targets. For individuals The COVID-19 Disaster payment offered a lifeline to those who lost work because of...
Did your super fund receive a compensation payment?
Is a financial services compensation payment to your superannuation fund a contribution? Of late, there have been several compensation payments made by financial services providers to customers that were inappropriately charged or overcharged for insurance premiums or...
Divorce, Superannuation and the Gender Divide
New legislation will help prevent superannuation assets from being hidden during divorce proceedings. From 1 April 2022, the Australian Taxation Office (ATO) will be able to release details of an individual’s superannuation information to a family law court. The...
What now? Unwinding the Pandemic
Australia’s two largest states and the ACT are in lockdown as the Delta strain of COVID-19 takes its toll while others are standing firm on a policy of eradication. The result is a country at a policy impasse and divided by border restrictions. And it is not just...
Lockdown support: Update
The support available to individuals and business has been constantly evolving and changing. Here’s a summary of where support stands around the country. For individuals From 2 August 2021, the COVID-19 Disaster Payment has increased to a maximum of $750 per week for...