New SMSF Notifications Provide Welcome Clarity for Trustees & Advisers
In some good news for trustees and their advisers, the ATO is improving their SMSF notifications. Feedback from trustees and practitioners is that SMSF notifications were too vague, simply describing a ‘change’ to the fund or account. This would arise when legitimate activity – such as a lodgement – was made, sparking unnecessary concern […]
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 […]
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 […]
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 […]
6 Tips that Save Money or Spring New Business Growth.
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.