Hybrid Workers and the Workplace

The top Christmas tax questions

Every year, we are asked about the tax impact of various Christmas or holiday related gestures. Click below to read the most frequently asked Christmas tax questions: The Top Christmas Tax Questions

How to set up your Director ID

To all Directors, you may be aware, ASIC has recently announced that all Company Directors will be required to obtain a Director Identification Number as required by the Treasury Laws Amendment Act 2020.

With applications commencing November 2021, we’ve prepared a client guide to help you with FAQs including:

• What is a director ID? 
• Who needs a director ID? 
• Timeframes for registration 
• How to set up a director ID?  
• Foreign directors and the director ID system  
• Directors in name only 

For more, How to set up your Director ID

We are here to help
If you have any questions or would like assistance regarding the Director ID requirements, please be sure to contact your advisor at PrimeAdvisory or call us on 02 9415 1511.

What happens to your superannuation when you die?

Do you ever wonder what happens to your superannuation when you die? In this article, we explore the way the trustees of your superannuation fund payout your superannuation to your eligible beneficiaries based on the fund’s rules, the superannuation law, and your death nomination.

For more – Superannuation and Death

Please contact us if you have any questions regarding superannuation and nominated beneficiaries or any of the issues raised by this article.

Feel free to call us on 02 9415 1511.

Retirement Income Covenant Exempts SMSFs

The Federal government recently released draft legislation on the Retirement Income Covenant, which revealed it will not apply the covenant’s measures to SMSFs. It is intended that the Retirement Income Covenant will give retirees the confidence to spend their superannuation savings while enabling choice and competition in the retirement phase of superannuation.

The draft legislation would require superannuation trustees to develop a retirement income strategy that outlines how their members will be assisted in retirement. A trustee’s strategy should consider how they will assist members in balancing their retirement income, managing risks, and having flexible access to savings. However, the Federal government has made changes to the implementation of the new legislation, excluding SMSFs from its application.

Section 1.3 of the draft legislation now states that the “covenant does not apply to trustees of self-managed superannuation funds.”

To learn more, please see the full update here – Retirement Income Covenant Exempts SMSFs