The ATO has provided further instructions for SMSF trustees and directors around how they can prepare their funds for the advent of the myGovID system early next year.
Trustees will no longer be able to use AUSKey or manage ABN connections through their myGov account to access government online services from 1 April 2020.
Under the current rules, the maximum amount of “concessional” superannuation contributions that can be claimed is $25,000.00 per person per annum.
This is referred to as the “concessional contributions cap”. Concessional contributions refer to those contributions that are claimed as a tax deduction by the person or entity paying the contribution. They include employer contributions, salary sacrifice contributions and personal deductible contributions.
The 2019 year has been unpredictable for investors, with weaker economic growth and ongoing geopolitical tensions leading to heightened volatility on investment markets.
As we head towards 2020, expect a continuation, if not a deterioration, in the prevailing investment conditions as trade tensions and broader uncertainty erode economic growth and further destabilise markets.
On behalf of all our staff we wish our clients a Merry Christmas, Happy New Year and a great holiday period.
Come back each day for an inspirational quote or poem about Christmas, summer and life in general from some of the great writers and poets.
(Please click on the image to open the Advent Calendar and then click on a date)
The Retirement Income Review questioned if consumers understand the end purpose of the retirement system and if more needs to be done to make it clearer.
The Retirement Income Review (RIR) has questioned whether the purpose and objective of the retirement income system is well understood by the Australian populace and is seeking evidence as to the level of understanding across the wider community.