SMSF Investment Strategy: Considerations for Trustees

What’s the Purpose of an SMSF Investment Strategy? An investment strategy for your self-managed super fund (SMSF) is a legal requirement, designed to assist Trustees when making investment decisions for the Fund. The SMSF Investment Strategy must be clearly articulated – the ATO recommends it is written down – to keep members aligned with the […]

The Top 5 Mistakes made on an SMSF: Advice from the Australian Tax Office

The ATO published a list of the most common mistakes made in the accounting process of SMSFs around the country last year. A few of the top five mistakes relate to the SMSF Annual Return (SAR) which is required to be lodged for some SMSFs next month. With recent growth of 15% in SMSF’s for […]

April 2021 ATO Deadlines (21, 28, 30 April)

21 April Today’s the deadline for lodge and payment of Quarter 3, 2020–21 PAYG instalment activity statement for head companies of consolidated groups. Lodge and pay March 2021 monthly business activity statement. 28 April Lodge and pay quarter 3, 2020–21 activity statement by this date if you’re electing to receive and lodge by paper and not an active STP […]

Your Lodgment Checklist for March 2021

21 March It’s the deadline for lodge and payment of February 2021 monthly business activity statements. 31 March Today’s the date you’re to have lodged the tax return for companies and super funds with total income of more than $2 million in the latest year lodged (excluding large/medium taxpayers), unless the return was due earlier. Payment […]

4 Industry Changes Financial Professionals Need to Know

A Market Update: Jan ’21 It’s already looking like 2021 is going to be another year of change and a dynamic time for our Industry. Although the pandemic seems to be relatively under control in Australia, unfortunately this is not the case for much of the World.   At this stage, restrictions upon travel and the […]

ATO Lodgment To Do’s: Feb 28

Lodge tax return for non-taxable large/medium entities as per the latest year lodged (except individuals).Payment (if required) for companies and super funds is also due on this date. Payment for trusts in this category is due as per their notice of assessment. Lodge tax returns for new registrant (taxable and non-taxable) large/medium entities (except individuals).Payment […]

ATO Lodgment To Do’s: Jan 31

Deadline: Lodge TFN report for closely held trusts if any beneficiary quoted their TFN to a trustee in quarter 2, 2020–21. Handy Links: Link to ATO Website: https://www.ato.gov.au/Tax-professionals/Prepare-and-lodge/Due-dates/January-2021/ For assistance from Intello: https://intello.com.au/contact/

ATO Lodgment To Do’s: Jan 28

You must make quarter 2, 2020–21 super guarantee contributions to funds by this date. Employers who do not pay minimum super contributions for quarter 2 by this date must pay the super guarantee charge and lodge a Superannuation guarantee charge statement – quarterly (NAT 9599) by 28 February 2021. Note: The super guarantee charge is not tax deductible. Handy Links: Link […]

ATO Lodgment To Do’s: Jan 21

Lodge and pay quarter 2, 2020–21 PAYG instalment activity statement for head companies of consolidated groups. Lodge and pay December 2020 monthly business activity statement except for business clients with up to $10 million turnover who report GST monthly and lodge electronically. Handy Links: Link to ATO Website: https://www.ato.gov.au/Tax-professionals/Prepare-and-lodge/Due-dates/January-2021/ For assistance from Intello: https://intello.com.au/contact/

ATO Lodgment To Do’s: January 15

Depending on your client, the ATO requires a number of items to be completed by January 15: Lodge tax returns for taxable large/medium entities as per the latest year lodged (all entities other than individuals), unless required earlier. Payment for large/medium entities with a 15 January due date is: 1 December 2020 – for companies and super […]