SMSF Services – the Difference Between What Advisers and Accountants Can Offer
Making the most of financial products and strategies is, of course, something every Australian wants. And, while it’s widely agreed that superannuation is the most tax-effective program for retirement savings, it is notoriously complex. This is especially true for owners of a Self-Managed Superannuation Fund (SMSF) which is a highly regulated market. Legislation and professional […]
Illegal Early access via SMSFs Cost Australia’s Superannuation System $635million
An investigation by the ATO found more than $637 million has been drained from Australia’s Superannuation system since 2020 via Illegal early withdrawals from SMSF funds. In November 2023, the ATO launched a new program designed to address its primary concern with SMSFs. The Illegal Early Estimate assesses the ‘asset gap’ to scope the size […]
How to Grow your Financial Services Business – Deciding what to Keep in-house, what to Outsource, and what to Automate
This is the Second Article in Intello’s IFA Growth Guide. For the first article, click here. The most successful businesses are those that scale efficiently. And for most industries, adding more customers and clients typically becomes cheaper as volume increases. Unfortunately, this is not always true for services businesses. For example, the creative and attentive […]
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 […]