1st Quarter 2021

OVERVIEW OF KEY CHANGES

COVID-19 MEASURES AND SUPPORT – INDIVIDUALS

Specific measures and support are available for individuals impacted by COVID-19, including: early access to superannuation which is not assessable income;

The Australian Taxation Office (ATO) is building on its significant efforts zeroing in on fraud and schemes designed to take advantage of the government’s COVID-19 stimulus package. This includes JobKeeper, early release of superannuation, and boosting cash flow for employers.

ARE YOUR MEMBERS TOPPING UP OR STARTING A NEW PENSION?

Some self-managed super fund (SMSF) members have experienced investment losses due to COVID-19 and may be thinking about topping up their pension account or starting a new pension. If your members are considering this option, ensure they know this action could have consequences on their transfer balance cap.