6-member SMSF registration availability to begin mid-August smsfadviser.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from smsfadviser.com Daily Mail and Mail on Sunday newspapers.
Getty
On July 13, 2021, the government announced it would be increasing COVID-19 disaster payments for eligible Greater Sydney locals and offering additional support for businesses also.
If you’re at a loss when it comes to the new financial support updates, allow us to offer some guidance. Here’s everything we know about these government services, who they’re for and how you can apply for them.
What’s being offered?
Prime Minister Scott Morrison announced that emergency disaster payments available to people who have lost up to 20 hours of work would be increased from $325 to $375 per week as of week four of the Greater Sydney lockdown. Those who have lost more than 20 hours of work will see payments bumped up from $500 to $600 per week.
Writing on Twitter, the SMSF Association said: “The Australian Taxation Office have not yet finalised the necessary changes to the Australian Business Register to allow SMSFs to register more than four members or to add a fifth or sixth member.
“The ATO’s interim solution to allow additional members to be registered is to follow existing processes to register a new SMSF through the ABR to include members one to four. Trustees then lodge a paper ‘Change of details for superannuation entities form’ for members five and six.”
“Due to manual intervention by the ATO, raising the risk of delays, the ATO encourages SMSFs to wait until the ABR is updated. The SMSF Association will continue to work closely with the ATO to monitor the process of registration and inform our members of changes to the ABR.”