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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
Looking to Build your Value and Extend your Reach? Stop Networking, Look to Your Community, Instead.
Networking! Remember that, when you’d work a room or meet new people face to face at trade shows? It’s a necessary evil for most business owners, account managers, service providers… As things increasingly open up across the country, making it easier to meet groups of new people, I feel it’s time for me to share this […]
Although the start to 2021 has been a little shaky, hopefully this year will be different to the last 12 months. If you haven’t already, take a look at six key ways in which you can reformat some areas of your financial services firm up to make 2021 your best year yet.
Did you realise that February 28 falls on a Sunday this year? As such, those SMSF trustees required to lodge their SMSF Annual Return (SAR) by February 28 have one extra day this year to do so. You can lodge your annual return with the Australian Tax Office (ATO) on Monday, March 1. It’s important […]