What you need to know about SuperStream Changes – October 2021

As of October 1, the ATO has implemented changes to SuperStream obligations. This means that rollovers into or out of your SMSF can only be performed using SuperStream. By being prepared for this change, it will ensure your employer super contributions are paid and super monies are rolled over in a timely manner. Below we […]

Want to Get More Done and Save your Most Precious Resource?

A “How To”: Timeboxing As your business grows, priorities change. According to IDC research, the smallest businesses initially focus on cash flow, revenue growth, and cost reduction. As organisations grow and become more complex, productivity becomes a much more critical priority.  So, if you’re tired of that sense of lost productivity or time that is […]

How Much Does it Cost to Wind Up a SMSF?

Once a fund has been wound up, it cannot be reactivated. It’s also important to follow critical steps in this checklist and the ATO’s winding up an SMSF Form. Your SMSF wind up checklist As stated by the ATO, the following tasks are required when winding up an SMSF: complete any requirements that the trust […]

Caution needed on contribution reserving strategy when managing the TSB

I was at the First Tech Roadshow last week where the topic of the Contribution Reserving Strategy stimulated some interesting discussion! Here’s a recent article on the matter from Tony Zhang at SMSF Adviser.  SMSFs thinking about implementing the unique contribution reserving strategy this financial year will need to be aware of possible unallocated contribution […]

The Best Investment Anyone Can Make: 3 High-Yielding Investments In Yourself

An investment in yourself is one that will make massive positive returns for you, your family and your business. Whether it’s investing time in learning a new skill, or putting money to hiring a coach, it’s important to re-think the practice of investing in yourself in terms of returns and how it will help you […]

What COVID-19 Has Taught Us About the Offshoring Model

Facing rapid market change and regulatory conditions, Aussie financial services firms are partnering with third-party firms more than ever before. Most often, this is an economic decision to remove tedious low-value work from teams who can focus on high-yielding activities, by re-allocating the services to regions with lower pay. Meanwhile, some firms opt to enhance […]

ATO Updates for April

Trustee Reporting Obligations for April: Transfer Balance Account Report (TBAR) For some SMSF’s, the Transfer Balance Account Report (TBAR) is due on April 28. It’s important to note additional considerations ahead of the indexation of the transfer balance cap later in the year. You’re required to lodge a TBAR for SMSF clients where: A transfer […]

SMSF Auditor Independence Standards – The Tough Decisions for Accounting Firms

In preparation for a tougher clamp down on SMSF Audit Independence Standards as of July 1, many accounting firms face a predicament. Under the updated code, those firms that offer both non assurance and SMSF audit services to their SMSF clients to decide to offer one, or the other.  The independence standard also affects those […]