[av_section min_height=’custom’ min_height_pc=’25’ min_height_px=’230px’ padding=’default’ shadow=’no-border-styling’ bottom_border=’no-border-styling’ bottom_border_diagonal_color=’#333333′ bottom_border_diagonal_direction=” bottom_border_style=” custom_margin=’0px’ custom_margin_sync=’true’ custom_arrow_bg=” id=” color=’main_color’ background=’bg_color’ custom_bg=’#ffde59′ background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’diagonal_tb’ src=” attachment=” attachment_size=” attach=’scroll’ position=’center center’ repeat=’stretch’ video=” video_ratio=’16:9′ overlay_opacity=’0.6′ overlay_color=’#084a79′ overlay_pattern=” overlay_custom_pattern=” av_element_hidden_in_editor=’0′ av_uid=’av-145nae’ custom_class=”]

[av_one_full first min_height=” vertical_alignment=’av-align-top’ space=” custom_margin=’aviaTBcustom_margin’ margin=’0px’ margin_sync=’true’ link=” linktarget=” link_hover=” padding=’0px’ padding_sync=’true’ border=” border_color=” radius=’0px’ radius_sync=’true’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation=’left-to-right’ mobile_breaking=” mobile_display=” av_uid=’av-jgf3pjem’]

[av_heading heading=’The News Brief_20200819′ tag=’h1′ style=’blockquote modern-quote modern-centered’ subheading_active=’subheading_below’ show_icon=” icon=’ue800′ font=” size=’6vw’ av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” subheading_size=’20’ av-medium-font-size=” av-small-font-size=” av-mini-font-size=” icon_size=” av-medium-font-size-1=” av-small-font-size-1=” av-mini-font-size-1=” color=’custom-color-heading’ custom_font=’#000000′ icon_color=” margin=’0′ margin_sync=’true’ padding=’0′ icon_padding=’10’ link=’manually,http://’ link_target=” id=” custom_class=” av_uid=’av-ke0noed0′ admin_preview_bg=’rgb(34, 34, 34)’][/av_heading]

[/av_one_full][/av_section][av_one_third first min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ row_boxshadow=” row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=” title_attr=” alt_attr=” padding=’0px’ highlight=” highlight_size=” border=” border_color=” radius=’0px’ column_boxshadow=” column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=” av_uid=’av-g8cs0t’][/av_one_third]

[av_one_third min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ row_boxshadow=” row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=” title_attr=” alt_attr=” padding=’0px’ highlight=” highlight_size=” border=” border_color=” radius=’0px’ column_boxshadow=” column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=” av_uid=’av-hh2n9p’]
[av_social_share title=’Share this story to your friends’ style=’minimal’ buttons=” av_uid=’av-k7zlpjtt’ custom_class=” admin_preview_bg=”]
[/av_one_third]

[av_one_third min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ row_boxshadow=” row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=” title_attr=” alt_attr=” padding=’0px’ highlight=” highlight_size=” border=” border_color=” radius=’0px’ column_boxshadow=” column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=” av_uid=’av-jhgqpp’][/av_one_third]

[av_section min_height=” min_height_pc=’25’ min_height_px=’500px’ padding=’no-padding’ margin=’aviaTBmargin’ custom_margin=’50px’ custom_margin_sync=’true’ color=’main_color’ background=’bg_color’ custom_bg=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” attachment=” attachment_size=” attach=’scroll’ position=’top left’ repeat=’no-repeat’ video=” video_ratio=’16:9′ overlay_opacity=’0.5′ overlay_color=” overlay_pattern=” overlay_custom_pattern=” shadow=’no-border-styling’ bottom_border=’no-border-styling’ bottom_border_diagonal_color=’#333333′ bottom_border_diagonal_direction=” bottom_border_style=” custom_arrow_bg=” id=’tax1′ custom_class=” aria_label=” av_element_hidden_in_editor=’0′ av_uid=’av-qet8u’]

[av_one_full first min_height=” vertical_alignment=’av-align-top’ space=” custom_margin=’aviaTBcustom_margin’ margin=’0px’ margin_sync=’true’ row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=’opacity80′ title_attr=” alt_attr=” padding=’0px’ padding_sync=’true’ highlight_size=’1.1′ border=” border_color=’#f2f2f2′ radius=’3px’ radius_sync=’true’ column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’diagonal_bt’ src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation=’left-to-right’ mobile_breaking=” mobile_display=” av_uid=’av-9wkhy’ custom_class=”]

[av_heading heading=’JobKeeper rules changed, ATO guidance updated’ tag=’h1′ style=” subheading_active=” show_icon=” icon=’ue800′ font=” size=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” subheading_size=’15’ av-medium-font-size=” av-small-font-size=” av-mini-font-size=” icon_size=” av-medium-font-size-1=” av-small-font-size-1=” av-mini-font-size-1=” color=” custom_font=” icon_color=” margin=” margin_sync=’true’ padding=’10’ icon_padding=’10’ link=’manually,http://’ link_target=” id=” custom_class=” av_uid=’av-ke0npfaa’ admin_preview_bg=”][/av_heading]

[av_textblock size=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” font_color=” color=” id=” custom_class=” av_uid=’av-kb8nf8y1′ admin_preview_bg=”]
Last Friday, the Treasurer registered a legislative instrument bringing into effect the change that would see staff employed by 1 July now eligible for JobKeeper, an extension from the previous 1 March reference date.

ATO guidance now notes that for the fortnights commencing on 3 and 17 August, the Tax Office will provide employers until 31 August to meet the wage condition for all new eligible employees under the 1 July eligibility test.

However, the legislative instrument notes that the JobKeeper employee nomination notice must be provided within seven days of the commencement of the instrument — effectively giving employers until this Friday to do so.

The Tax Institute’s senior advocate, Robyn Jacobson, said business should now consider a range of employees who would now be eligible under the new 1 July eligibility test.

“The one in, all in rule means that any full-time or part-time employee hired between 2 March and 1 July 2020 who meets the age and residency requirements, or casuals who also meet the 12-month condition to be a long-term casual employee, will need to be provided with a nomination notice,” Ms Jacobson said.

“The eligibility of existing employees is preserved if they are already covered by JobKeeper based on the 1 March 2020 reference date. Retesting of their eligibility is not required.

“However, the new rules provide that employers must provide a nomination notice to their employees who are now eligible based on the 1 July 2020 employment test by 21 August 2020.”

Changes to the JobKeeper rules also now allow individuals who have nominated as an eligible employee or eligible business participant with one entity to re-nominate as an eligible employee of another entity in limited circumstances.

To re-nominate, the individual must have ceased their employment or business participation with the first entity before 1 July, and commenced their employment with the new entity by 1 July.

The legislative instrument notes that separate amendments will soon be released to detail the JobKeeper 2.0 extension and the two tiers of payments beyond 27 September.
[/av_textblock]

[/av_one_full][/av_section][av_section min_height=” min_height_pc=’25’ min_height_px=’500px’ padding=’no-padding’ margin=’aviaTBmargin’ custom_margin=’50px’ custom_margin_sync=’true’ color=’main_color’ background=’bg_color’ custom_bg=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” attachment=” attachment_size=” attach=’scroll’ position=’top left’ repeat=’no-repeat’ video=” video_ratio=’16:9′ overlay_opacity=’0.5′ overlay_color=” overlay_pattern=” overlay_custom_pattern=” shadow=’no-border-styling’ bottom_border=’no-border-styling’ bottom_border_diagonal_color=’#333333′ bottom_border_diagonal_direction=” bottom_border_style=” custom_arrow_bg=” id=’property’ custom_class=” aria_label=” av_element_hidden_in_editor=’0′ av_uid=’av-qet8u’]

[av_one_full first min_height=” vertical_alignment=’av-align-top’ space=” custom_margin=’aviaTBcustom_margin’ margin=’0px’ margin_sync=’true’ row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=’opacity80′ title_attr=” alt_attr=” padding=’0px’ padding_sync=’true’ highlight_size=’1.1′ border=” border_color=’#f2f2f2′ radius=’3px’ radius_sync=’true’ column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’diagonal_bt’ src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation=’left-to-right’ mobile_breaking=” mobile_display=” av_uid=’av-9wkhy’ custom_class=”]

[av_heading heading=’Melbourne stage four: Video tours keep property market moving’ tag=’h1′ style=” subheading_active=” show_icon=” icon=’ue800′ font=” size=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” subheading_size=’15’ av-medium-font-size=” av-small-font-size=” av-mini-font-size=” icon_size=” av-medium-font-size-1=” av-small-font-size-1=” av-mini-font-size-1=” color=” custom_font=” icon_color=” margin=” margin_sync=’true’ padding=’10’ icon_padding=’10’ link=’manually,http://’ link_target=” id=” custom_class=” av_uid=’av-ke0nqwdf’ admin_preview_bg=”][/av_heading]

[av_textblock size=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” font_color=” color=” id=” custom_class=” av_uid=’av-kb8nf8y1′ admin_preview_bg=”]
Putting homes on the market during Melbourne’s stage four lockdown will almost be mission impossible, with real estate agents, photographers, videographers, stylists and prospective buyers all banned from visiting homes

Real Estate Institute of Victoria president Leah Calnan said the restrictions on key parties attending properties — which the Victorian Government confirmed to the Herald Sun this week — meant Melbourne homeowners “won’t really be able to list”.

“I don’t anticipate we’ll see many new properties go to market in the six-week lockdown,” she said.

But Zoom property inspections — in which sellers virtually walk prospective buyers through their homes via the conferencing app while agents narrate — have emerged as a solution to one of the Melbourne market’s biggest ever challenges.

Nicholas Lynch Real Estate managing director Nicholas Lynch said his Mornington Peninsula-based agency had sold a handful of homes sight-unseen following “warts and all” video inspections.

During stage three lockdown, agents filmed them. But in stage four, vendors were stepping up, joining an agent, buyer and Nicholas Lynch’s marketing manager on a four-way Zoom call.

For new listings, the agency was asking vendors to take a “hero photo” of their property, whether it be the facade or the pool, and film a video tour, he said.

The material would be posted on the company’s social media platforms and distributed among its buyer network. Any interested parties would then get a private Zoom tour.

Ray White managing director Dan White said his company was also using vendor-run Zoom inspections to “keep buyers engaged” during what would be a quiet period for the market.

“There has been no objection from vendors to do their own inspections,” he said.

“Most buyers will want to inspect physically before committing. But we’re using the lockdown period to keep in touch with them.

“As soon as the restrictions come off and buyers can inspect physically, they’ll be ready to purchase.”

Mr White agreed transparency was key to successful online inspections, noting there was a “scepticism” associated with “glossy” videos.
[/av_textblock]

[/av_one_full][/av_section][av_section min_height=” min_height_pc=’25’ min_height_px=’500px’ padding=’no-padding’ shadow=’no-border-styling’ bottom_border=’no-border-styling’ bottom_border_diagonal_color=’#333333′ bottom_border_diagonal_direction=” bottom_border_style=” margin=’aviaTBmargin’ custom_margin=’50px’ custom_margin_sync=’true’ custom_arrow_bg=” id=’mortgage’ color=’main_color’ background=’bg_color’ custom_bg=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” attachment=” attachment_size=” attach=’scroll’ position=’top left’ repeat=’no-repeat’ video=” video_ratio=’16:9′ overlay_opacity=’0.5′ overlay_color=” overlay_pattern=” overlay_custom_pattern=” av_element_hidden_in_editor=’0′ av_uid=’av-qet8u’ custom_class=”]

[av_one_full first min_height=” vertical_alignment=’av-align-top’ space=” custom_margin=’aviaTBcustom_margin’ margin=’0px’ margin_sync=’true’ row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=’opacity80′ title_attr=” alt_attr=” padding=’0px’ padding_sync=’true’ highlight_size=’1.1′ border=” border_color=’#f2f2f2′ radius=’3px’ radius_sync=’true’ column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’diagonal_bt’ src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation=’left-to-right’ mobile_breaking=” mobile_display=” av_uid=’av-9wkhy’ custom_class=”]

[av_heading heading=’ASIC issues post-mortgage deferral guidance’ tag=’h1′ style=” subheading_active=” show_icon=” icon=’ue800′ font=” size=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” subheading_size=’15’ av-medium-font-size=” av-small-font-size=” av-mini-font-size=” icon_size=” av-medium-font-size-1=” av-small-font-size-1=” av-mini-font-size-1=” color=” custom_font=” icon_color=” margin=” margin_sync=’true’ padding=’10’ icon_padding=’10’ link=’manually,http://’ link_target=” id=” custom_class=” av_uid=’av-ke0nrt2a’ admin_preview_bg=”][/av_heading]

[av_textblock size=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” font_color=” color=” id=” custom_class=” av_uid=’av-kb8nf8y1′ admin_preview_bg=”]
The Australian Securities and Investments Commission (ASIC) has warned that lenders must have processes in place that will enable a smooth transition for customers whose repayment deferrals will be expiring over coming months while delivering consumers appropriate and fair outcomes.

The Australian Banking Association (ABA) recently confirmed that lenders would be extending loan deferral periods for distressed customers who are unable to meet their obligations due to income loss linked to COVID-19 by up to four months (no later than 31 March 2021).

For consumers who cannot resume repayments on their mortgage, ASIC stated that it expects lenders to make reasonable efforts to communicate with the consumer directly (for example, via a phone call).

“We consider that a conversation or other direct interaction with a consumer will allow lenders to gather more personalised information about the consumer’s circumstances to make a decision about the consumer’s loan in a fair and appropriate manner,” ASIC said.

Where a lender considers that it would be appropriate for a consumer to receive further assistance, lenders should implement processes that are flexible enough to allow staff to offer tailored assistance that genuinely fulfils the consumer’s needs, according to ASIC.

If a consumer’s repayment deferral expires and they miss a repayment, lenders should make reasonable efforts to contact the consumer and assess the suitability of further assistance being offered to them, ASIC added.

“While these expectations are focused on how lenders should manage the expiry of repayment deferrals on mortgages, we also expect lenders to consider these expectations more broadly when responding to consumers experiencing financial difficulties due to COVID-19 across other credit products and assistance arrangements,” ASIC said.

Throughout this entire process ASIC will be constantly monitoring lender activities.

The corporate regulator said that it has been meeting with various lenders, including authorised deposit-taking institutions (ADI) and non-ADIs, to monitor how lenders are assisting consumers experiencing financial difficulties due to COVID-19.
[/av_textblock]

[/av_one_full][/av_section][av_section min_height=” min_height_pc=’25’ min_height_px=’500px’ padding=’no-padding’ margin=’aviaTBmargin’ custom_margin=’50px’ custom_margin_sync=’true’ color=’main_color’ background=’bg_color’ custom_bg=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” attachment=” attachment_size=” attach=’scroll’ position=’top left’ repeat=’no-repeat’ video=” video_ratio=’16:9′ overlay_opacity=’0.5′ overlay_color=” overlay_pattern=” overlay_custom_pattern=” shadow=’no-border-styling’ bottom_border=’no-border-styling’ bottom_border_diagonal_color=’#333333′ bottom_border_diagonal_direction=” bottom_border_style=” custom_arrow_bg=” id=’tax2′ custom_class=” aria_label=” av_element_hidden_in_editor=’0′ av_uid=’av-qet8u’]

[av_one_full first min_height=” vertical_alignment=’av-align-top’ space=” custom_margin=’aviaTBcustom_margin’ margin=’0px’ margin_sync=’true’ row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=’opacity80′ title_attr=” alt_attr=” padding=’0px’ padding_sync=’true’ highlight_size=’1.1′ border=” border_color=’#f2f2f2′ radius=’3px’ radius_sync=’true’ column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’diagonal_bt’ src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation=’left-to-right’ mobile_breaking=” mobile_display=” av_uid=’av-9wkhy’ custom_class=”]

[av_heading heading=’Tax office to crackdown on people rorting early super for tax benefits’ tag=’h1′ style=” subheading_active=” show_icon=” icon=’ue800′ font=” size=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” subheading_size=’15’ av-medium-font-size=” av-small-font-size=” av-mini-font-size=” icon_size=” av-medium-font-size-1=” av-small-font-size-1=” av-mini-font-size-1=” color=” custom_font=” icon_color=” margin=” margin_sync=’true’ padding=’10’ icon_padding=’10’ link=’manually,http://’ link_target=” id=” custom_class=” av_uid=’av-ke0nsud1′ admin_preview_bg=”][/av_heading]

[av_textblock size=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” font_color=” color=” id=” custom_class=” av_uid=’av-kb8nf8y1′ admin_preview_bg=”]
The Australian Taxation Office has warned it will investigate people rorting super withdrawals to avoid paying tax.

The ATO says it will crack down on taxpayers using a system loophole that allows someone to dodge paying personal income tax at the marginal rate.

According to the ATO, people are withdrawing money from super through the financial hardship measure tax free and then topping up their super account via a salary sacrifice at the superannuation tax rate of 15 per cent.

For example, a person on a salary of $100,000 is accessing $10,000 tax free through the scheme and then sacrificing $10,000 back into their super account, which results in $10,000 of their annual income being taxed at 15 per cent rather than the 37 per cent marginal tax rate.

The ATO said it was also noticing people artificially manipulating their wages in order to become eligible for the scheme.

Early super was implemented by the Federal Government as a measure to assist Australians who had become unemployed or experienced a reduction in working hours.

“We have seen some COVID-19 early release of super examples where people are doing the wrong thing,” the ATO said. “In some cases, we have stopped applications and prevented super money from being released.”

The ATO is able to issue fines of up to $12,600 for people who make a false and misleading claim for access to early superannuation payments.

“The scheme is designed to help people pay the bills and put food on the table,” RateCity research director Sally Tindall said. “It’s not there to serve as a tax break, and the ATO is on the lookout for people who exploit this loophole.”

Industry Super Australia (ISA) has previously welcomed the crackdown, saying it sends a clear signal to people who are intending to make a dodgy application.

“Ineligible applicants undermine the credibility of this emergency scheme and could be holding up payments for those that desperately need money now,” ISA chief executive Bernie Dean said.
[/av_textblock]

[/av_one_full][/av_section][av_section min_height=” min_height_pc=’25’ min_height_px=’500px’ padding=’no-padding’ margin=’aviaTBmargin’ custom_margin=’50px’ custom_margin_sync=’true’ color=’main_color’ background=’bg_color’ custom_bg=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” attachment=” attachment_size=” attach=’scroll’ position=’top left’ repeat=’no-repeat’ video=” video_ratio=’16:9′ overlay_opacity=’0.5′ overlay_color=” overlay_pattern=” overlay_custom_pattern=” shadow=’no-border-styling’ bottom_border=’no-border-styling’ bottom_border_diagonal_color=’#333333′ bottom_border_diagonal_direction=” bottom_border_style=” custom_arrow_bg=” id=’super’ custom_class=” aria_label=” av_element_hidden_in_editor=’0′ av_uid=’av-qet8u’]

[av_one_full first min_height=” vertical_alignment=’av-align-top’ space=” custom_margin=’aviaTBcustom_margin’ margin=’0px’ margin_sync=’true’ row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=’opacity80′ title_attr=” alt_attr=” padding=’0px’ padding_sync=’true’ highlight_size=’1.1′ border=” border_color=’#f2f2f2′ radius=’3px’ radius_sync=’true’ column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’diagonal_bt’ src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation=’left-to-right’ mobile_breaking=” mobile_display=” av_uid=’av-9wkhy’ custom_class=”]

[av_heading heading=’BT outlines common traps with personal super contributions’ tag=’h1′ style=” subheading_active=” show_icon=” icon=’ue800′ font=” size=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” subheading_size=’15’ av-medium-font-size=” av-small-font-size=” av-mini-font-size=” icon_size=” av-medium-font-size-1=” av-small-font-size-1=” av-mini-font-size-1=” color=” custom_font=” icon_color=” margin=” margin_sync=’true’ padding=’10’ icon_padding=’10’ link=’manually,http://’ link_target=” id=” custom_class=” av_uid=’av-ke0nsud1′ admin_preview_bg=”][/av_heading]

[av_textblock size=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” font_color=” color=” id=” custom_class=” av_uid=’av-kb8nf8y1′ admin_preview_bg=”]
BT head of financial literacy & advocacy Bryan Ashenden said while the eligibility rules for claiming a tax deduction for personal voluntary contributions made to a superannuation fund have been relaxed since 1 July 2017, there are some important processes that must be followed.

Mr Ashenden said clients must complete a notice of intent to claim a tax deduction, for example.

“This notice needs to have been lodged with the fund that the contributions were made to before the client lodges their income tax return.”

“Unfortunately, many clients who complete their own tax return miss this requirement, which means they are not eligible for the deduction when lodging their tax returns. There is no extension of time available to lodge the notice if missed.”

Mr Ashenden also cautioned that if the fund no longer holds some or all of the contribution because it has been rolled to another super fund, has been used to start an income stream, or even withdrawn under the early access to super measure, then some or all of the deduction may no longer be allowed.

He has also stressed the importance of reassessing a client’s ability to make certain personal contributions to super against their total super balance as at 30 June 2020 for the 2020/2021 financial year.

“Whilst the falls in markets may mean that for some clients who were previously above the $1.6 million total super balance, they may now be able to make additional contributions if their balance has now fallen below this threshold,” he explained.

“For clients in the pension phase, there is currently no adjustment available to top up pension accounts where the transfer balance cap maximum of $1.6 million has previously been reached.”
[/av_textblock]

[/av_one_full][/av_section][av_one_full first min_height=’av-equal-height-column’ vertical_alignment=’av-align-middle’ space=’no_margin’ custom_margin=’aviaTBcustom_margin’ margin=’0px,70px’ link=” linktarget=” link_hover=’opacity80′ padding=’40px’ padding_sync=’true’ border=” border_color=’#f2f2f2′ radius=’3px’ radius_sync=’true’ background=’bg_color’ background_color=’#f7f7f7′ background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’diagonal_bt’ src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation=’left-to-right’ mobile_breaking=” mobile_display=” av_uid=’av-9wkhy’]

[av_textblock size=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” font_color=” color=” id=” custom_class=” av_uid=’av-jgrx3l5f’ admin_preview_bg=”]

Sources: accountantsdaily, smsfadviser, theadviser and news.com.au
Disclaimer: This is general information only and is subject to change at any time. Your complete financial situation will need to be assessed before acceptance of any proposal or product. The Content provided herein has been prepared for informational purposes only. The Content does not constitute tax, legal or accounting advice and should not be relied upon as such. You should seek tax, legal or accounting advice before acting or relying on any Content.

[/av_textblock]

[/av_one_full][av_section min_height=” min_height_pc=’25’ min_height_px=’500px’ padding=’default’ shadow=’no-border-styling’ bottom_border=’no-border-styling’ bottom_border_diagonal_color=’#333333′ bottom_border_diagonal_direction=” bottom_border_style=” margin=’aviaTBmargin’ custom_margin=’0px,70px’ custom_arrow_bg=” id=” color=’main_color’ background=’bg_color’ custom_bg=’#ffde59′ background_gradient_color1=’#094978′ background_gradient_color2=’#105e96′ background_gradient_direction=’diagonal_bt’ src=” attachment=” attachment_size=” attach=’scroll’ position=’top left’ repeat=’no-repeat’ video=” video_ratio=’16:9′ overlay_opacity=’0.5′ overlay_color=” overlay_pattern=” overlay_custom_pattern=” av_element_hidden_in_editor=’0′ av_uid=’av-qet8u’ custom_class=”]
[av_one_full first min_height=’av-equal-height-column’ vertical_alignment=’av-align-middle’ space=” margin=’0px’ margin_sync=’true’ row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=” title_attr=” alt_attr=” padding=’0px’ padding_sync=’true’ highlight_size=’1.1′ border=” border_color=” radius=’0px’ radius_sync=’true’ column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=” av_uid=’av-lsyke’ custom_class=”]

[av_heading heading=’Any more questions? ‘ tag=’h1′ link_apply=” link=’manually,http://’ link_target=” style=’blockquote modern-quote modern-centered’ size=’27’ subheading_active=’subheading_below’ subheading_size=’15’ margin=” padding=’30’ color=’custom-color-heading’ custom_font=’#000000′ custom_class=” admin_preview_bg=’rgb(34, 34, 34)’ av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=”]
Click the button below and talk with us!
[/av_heading]

[av_button label=’Get in touch’ link=’page,851′ link_target=’_blank’ size=’x-large’ position=’center’ label_display=” icon_select=’yes-right-icon’ icon_hover=’aviaTBicon_hover’ icon=’ue879′ font=’entypo-fontello’ color=’custom’ custom_bg=’#ffffff’ custom_font=’#000000′ av_uid=’av-jgf4ovnq’ custom_class=” admin_preview_bg=”]

[/av_one_full]
[/av_section]

[av_one_third first min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ row_boxshadow=” row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=” title_attr=” alt_attr=” padding=’0px’ highlight=” highlight_size=” border=” border_color=” radius=’0px’ column_boxshadow=” column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=” av_uid=’av-1waoal’][/av_one_third]

[av_one_third min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ row_boxshadow=” row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=” title_attr=” alt_attr=” padding=’0px’ highlight=” highlight_size=” border=” border_color=” radius=’0px’ column_boxshadow=” column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=” av_uid=’av-3suqlp’]
[av_social_share title=’Share this story to your friends’ style=’minimal’ buttons=” av_uid=’av-k7zlpjtt’ custom_class=” admin_preview_bg=”]
[/av_one_third]

[av_one_third min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ row_boxshadow=” row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=” title_attr=” alt_attr=” padding=’0px’ highlight=” highlight_size=” border=” border_color=” radius=’0px’ column_boxshadow=” column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=” av_uid=’av-6lbunh’][/av_one_third]