The JobKeeper Bills were passed by the Commonwealth Parliament yesterday, 8 April. At the time of writing, the Acts as passed were not available on https://www.legislation.gov.au. Therefore we are retaining links to the Bills at the end of this article. The Bills were passed without amendment. The Coronavirus Economic Response Package (Payments and Benefits) Bill 2020 leaves most of the core details to be supplied by Rules, to be made by the Treasurer. As at the time of writing, the Treasurer has not made those rules, nor released a current exposure draft. An exposure draft available on the Treasurer's website [...]
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The ATO has recently issued reliefs and reminders for self-managed super funds (SMSFs) impacted by coronavirus. The announcements are light on detail, as would be expected at this time. We have summarised them below, and included our own commentary to fill gaps and address questions which will arise. Obviously, no SMSF should act on this post without taking specific legal advice as to their own situation Rent reductions for commercial properties owned by SMSFs An SMSF which owns a commercial rental property may give the tenant a discount on rent and other amounts payable. This applies even if the fund leases [...]
The list below covers most cases where it is advisable to update your will, in addition to the obvious one: if your current will no longer reflects your wishes. No list can capture every case where this is desirable, however. The list below contains 14 cases – there is a good chance that many people have missed one or more of them. Other documents to review when reviewing your will Significant relationship change, including starting or ending a relationship with a spouse/partner, or their death, is also a reason to review any beneficiary nomination you have: given your super fund stating [...]