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 […]

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 […]

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 […]

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 […]

Adviser Portal Dashboard and Notifications Update 2020

Based on feedback from our users, we’ve made some adjustments to the Dashboard and Email Notifications for the Intello Adviser Portal. The new dashboard and notifications will be live from 1 July 2020. Adviser Portal Dashboard The key change we’ve made is to categorise the outstanding Tasks into two key areas: Outstanding Annual Accounts Tasks […]

Contribution and work test change for SMSF members aged 65 to 67

Recent changes to the rules around superannuation contributions including a work test change for people aged 65 and 66 have been made and come into effect from 1 July 2020.  The changes enable people aged over 65 years, but under 67 years old to make voluntary concessional and non-concessional contributions to superannuation without the need […]

Code of Conduct for Commercial Tenancies including SMSFs

The National Cabinet has agreed to a mandatory code of conduct for commercial tenancies. The code will be guided by a set of principles, developed and legislated by State and Territory governments and apply to commercial landlords including SMSFs. Tenants who participate in the federal government’s JobKeeper assistance and have a turnover of less than […]

Upcoming SMSF Lodgement Dates 2020

There are a number of important SMSF lodgement dates 2020 that are upcoming across April, May and June 2020.  It’s also possible that the ATO may allow a lodgement extension for 2019 SMSF annual returns to assist tax practitioner businesses impacted by COVID-19.

SMSF Rent Relief for Related Party Tenants

The ATO has announced it will not be taking compliance action for the 2020 and 2021 financial years where an SMSF provide rent relief to a related party business leasing commercial property from the fund. So if your business has a lease agreement with your SMSF for it’s premises / property being forced to pay […]

FAQs SMSF Minimum Pension Reduction 2020-21

What is my new minimum pension for 2020? Can I put amounts in excess of the reduced minimum pension back into my SMSF? Can I treat payments above the reduced minimum pension amount as lump sums?  There are many questions about the SMSF minimum pension reduction 2020-21 and this article answers most of the common […]