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Employer obligations for identifying appropriate superannuation funds for new employees commences on 1 November 2021. While it is just one added step in the existing process, it will be an important one to ensure that the recent changes to the superannuation legislation deliver the benefits to employees that have been promised.

Who your business chooses to do business with can have major financial and operational impacts both in the short and long term if the decision is not well considered.

In June 2020 we advised that the Government had passed legislation introducing the concept of Director Identification Numbers (DIN) with up to a two-year implementation period. The DIN will assist regulators to track and combat illegal company phoenix activities.

The Government recently issued a legislative instrument confirming a transitional period for existing company directors to apply for a DIN.

The world is becoming a much smaller place to hide. The Australian Taxation Office (ATO) has a robust data gathering process which includes tax treaties and tax information exchange agreements with well in excess of 100 countries. With new countries agreeing to information sharing on a regular basis, this may be a cause for concern where adequate records have not been kept

When a SMSF derives income through transactions that are not at arms-length, the income is taxed at 45%. This type of income is called NALI - ‘non-arm’s length income’.