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November 2020 Newsletter

November 2020 Newsletter

Volume 149

COVID-19 Insolvent Trading Safe Harbour Protection 
Early in the COVID-19 pandemic, the government made emergency amendments to insolvency laws, including protection from insolvent trading liability.  This protection is due to expire on 31 December 2020.

If you have any concerns about the solvency of your company, please read through our article and contact your Manager to discuss further.

Does your Family Trust own, or plan to own residential property? If so URGENT action is needed!
We have discussed the new Foreign Person Surcharge Legislation in previous editions of S&W Insight.  This is state based legislation, which is different in each State.  We have outlined in our article what applies in NSW.

The aftermath of the 2020-21 Federal Budget – A year of so much change, except for SMSFs
The budget handed down last month provided an additional $98 billion of response and recovery support under the COVID-19 Response Package and the JobMaker Plan.  The 2020-21 Federal Budget was all about jobs, jobs and more jobs.

However, the Government did announce a ‘Your Future, Your Super’ package to address APRA superannuation fees and poor performances.  The four measures in this package are outlined in our article.

To tax consolidate or not!
With any corporate group there is always a need to continually review whether the structure still suits your needs, or whether there is a need to make changes to take into account a change in circumstances. In amongst this review is the tax consolidation decision! If you have a group of companies that are commonly owned by a parent company, and the group has not been Tax Consolidated, you should review whether you would be better off becoming consolidated. In our article we have listed the basic advantages and disadvantages of tax consolidation.

S&W Celebrations
Recently one of our long standing staff members, Katrina Xue, achieved a great milestone in reaching 5 years with the firm. With all our staff we try to ensure they know how much we appreciate them, so she was presented with her certificate and gift at morning tea to mark the occasion, Well done to Katrina! The celebrations continue in 2020 for the staff of S&W.  Cameron who has been with the firm for over 10 years will marry his partner Alexa later this month.   We wish them both all the best for their special day.

Correct as of 12 November 2020

DISCLAIMER
This newsletter has been produced by Kreston Stanley Williamson as a service to its clients and associates. The information contained in the newsletter is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas contained in this newsletter, it is imperative you seek specific advice relating to your particular circumstances. Liability limited by a scheme approved under Professional Standards legislation.

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