What Auditors Want – Hear it Directly from an Auditor
Every year we get asked by advisers why our auditors ask for so much documentation relating to investment decisions or certain transactions within SMSF’s. As we prepare to enter a new financial year, we thought that it would be timely to understand some of the main issues our auditors look for when reviewing SMSF […]
ATO Lodgment To-Do’s for June 2021
Well! Almost the end of another financial year. Don’t miss these items and deadlines for you and your clients. 5 June Lodge tax return for all entities with a lodgment due date of 15 May 2021 if the tax return is not required earlier and both of the following criteria are met: non-taxable or a credit […]
2020/2021 EOFY Considerations for You & Your Clients
As another financial year draws to a close, it’s a good time for you and your clients to perform a little “financial housekeeping”. Here are a few important considerations that may prompt your clients, depending on their personal circumstances. Naturally, Superannuation is an important consideration at this time of year for many individuals. So, let’s […]
EOFY To-Do’s for Trustees
An article from our partner, Quill Group. The end of the 2020/21 financial year is approaching – a great time to perform some financial “housekeeping”, according to your personal circumstances. For many individuals, Superannuation and the management of their SMSF is often an important consideration at this time of year. So, let’s look at some […]
ATO Updates for June
5 June Lodge tax return for all entities with a lodgment due date of 15 May 2021 if the tax return is not required earlier and both of the following criteria are met: non-taxable or a credit assessment in latest year lodged non-taxable or receiving a credit assessment in the current year. Note: This includes companies and […]
ATO Updates for May
15 May Lodge 2020 tax returns for all entities that did not have to lodge earlier (including all remaining consolidated groups), and are not eligible for the 5 June concession. Due date for companies and super funds to pay if required. Note: Individuals and trusts in this category pay as advised on their notice of assessment. 28 May […]
What the Federal Budget 2021-22 Means For You, Your Family & Your Fund
[a story from our partner, Quill Group] Budget Summary The 2021-22 Federal Budget is a balancing act between a better than anticipated deficit ($106 bn), an impending election, and the need to invest in the long term. Key initiatives include: Extension of temporary full expensing and loss-carry back providing immediate deductions for business investment in […]
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 […]
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 […]