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Australia’s Ransomware Action Plan

On the 13th October 2021, the Minister for Home Affairs announced the Australian Government’s Ransomware Action Plan. This document sets out the Government’s response to Australia’s ever-growing cyber security threats. The Australian Cyber Security Centre reported a 15% increase in reported ransomware attacks in the last 12 months. Globally, it is estimated that there is […]

ID fraud impacting SMSFs

The ATO has revealed identity fraud is increasingly working its way into the SMSF sector and it has implemented a system to combat this type of criminal behaviour. “This is a really important issue for us because identity fraud, as you all know, is becoming far more prevalent across Australia and the SMSF sector is […]

October Update

Re-contribution of COVID-19 early release super amounts

From 1 July 2021, super fund members can re-contribute amounts they withdrew under the COVID-19 early release of super program without those contributions counting towards their non-concessional contributions cap. These contributions can be made between 1 July 2021 and 30 June 2030. COVID-19 re-contribution amounts are not a new type of contribution. They are a […]

Latest legislation updates – Another Bill receives Royal Assent

The Treasury Laws Amendment (2021 Measures No. 6) Bill 2021 has just received royal assent and contains important ECPI changes. There are also changes to information sharing regarding Family Law matters. Exempt Current Pension Income (ECPI) Removing the unnecessary requirement to obtain an actuarial certificate where the fund’s assets are 100% in pension phase, was initially proposed […]

COVID-19 relief for SMSF trustees extended to 2021-22 financial year

The ATO has prepared an article that we trust will benefit you. We have it below:   The ATO understand that COVID-19 continues to have a significant financial effect on self-managed super funds (SMSFs), particularly in some States or Territories where there are reoccuring and prolonged lockdown periods. As a result, you may still find […]

2021 Sustaining Creative Workers Initiative

The Victorian Government has recently announced a second round of funding under the Sustaining Creative Workers Initiative.  The minister for Creative Industries has confirmed that $15 million of funding will be earmarked for Victorian based independent creative professionals to support their operations throughout Victoria’s extended lockdowns. The funding will be split into two packages: Individual […]

Victorian Homebuyer Fund Initiative

The Victorian Government has recently announced their new $500 million Homebuyer Fund Initiative; a shared equity scheme with the goal of assisting eligible homebuyers to get into the property market. The Government estimates that the initiative will help approximately 3,000 homebuyers by contributing up to 25% of the value of the home. This will reduce […]

Not feeling yourself? You could be languishing

Support Packages – September Update