MNY Group 2020 June Newletter

MNY Group 2020 June Tax News
Access to the full version of Tax News by clicking the link below:
MNY-June-2020

In June we have included Topics including:

Last-minute tax planning tactics
This financial year is almost over,
but there are still effective strategies you may be able to employ to make sure you pay the right amount of tax for the 2019-20 year and maximise any refund entitlement. This is still, if not more so, the case in the current COVID-19 environment.

COVID-19 and residential rental property claims
Many residential rental property owners have had their rental income affected by COVID-19. As a result of this income year not being business as usual, the ATO has provided answers to some typical scenarios that may crop up in this area for tax time.

Concerns on property development and SMSFs
The ATO, as regulator of self- managed superannuation funds, has reported an increase in the number of SMSF trustees entering into arrangements involving buying and then developing property (either with related or unrelated parties) that is subsequently sold or leased.

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