November 2020 – ROSiE SQUiBB

No penalties for SMSF asset valuation if insufficient evidence

Posted 24 November 202030 December 2020 Rosie SquibbPosted in Superannuation

The ATO states in its latest update to the rules around reg 8.02B that it will not impose penalties if it is satisfied that SMSF trustee finds it difficult to obtain the required valuation evidence for fund assets due to the impacts of COVID-19.

Do you qualify for JobKeeper’s alternative turnover tests?

Posted 17 November 202030 December 2020 Rosie SquibbPosted in Business tips

The extension of the JobKeeper scheme is now based on current GST turnover, not projected turnover. See if you should apply for an alternative turnover test.