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Self Managed Super Funds - Tax with Integrity

Category Archive for: ‘Self Managed Super Funds’

Employers and SMSFs – SuperSteam Ready?

With 30 June 2015 deadline fast approaching for medium to large employers to be SuperStream compliant, the ATO is urging these employers to act now to ensure they are SuperStream ready. Editor:  For ‘small employers’ with 19 or fewer employees, SuperStream starts from 1 July 2015 and they have until 30 June 2016 to be ready (though they can start …

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SMSFs and protecting assets

SMSFs and protecting $558 billion in assets Access to, and the use of, the $558 billion in assets currently held in Australian Self Managed Superannuation Funds (SMSFs) is a touchy subject.   From 1 July 2014, the ATO has new powers to deal with delinquent trustees including directly levying financial penalties. Trustees should read the bolstered ATO powers more broadly as …

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More tax returns will need to provide bank account details

More tax returns will need to provide bank account details From 1 July 2013 individual income tax returns lodged with the ATO required banking details to be available where a return was estimated.  From 1 July 2014, banking details will also be required on other types of returns; and they are:- •   FBT return (from 1 April 2014) •   Company …

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Superannuation – Government Announcements

Government Announcements re Superannuation The Government announced that it would proceed with four of the proposed measures in relation to superannuation.  They are;- Superannuation reforms – transfer of lost member accounts to the ATO.  Increases the threshold below which lost accounts are required to be transferred to the ATO from $2,000 to $4,000, and then to $6,000.  This measure is …

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Hands off our Superannuation!

As the government has belatedly identified a budget shortfall along with the failure of the mining tax to raise any real revenue, the $1.5 trillion superannuation industry has become a convenient target  to raise additional revenue from. Notwithstanding the recent announcement on increasing the tax rate for certain individuals, there is continuing media speculation that the fiddling with superannuation by …

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SMSF’s for Gen Y – not too soon

Generation Y are poised to inherit from their cashed up Baby Boomer parents, significant assets.  It is therefore important to bring parent and child together sooner rather than later. Gen Y’s live and breath the internet and seem to be welcoming of professional financial advice.  They adapt to online calculators and tools and are comfortable with visual displays of their …

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ATO COMPLIANCE 2012-13

WHAT INDIVIDUALS AND BUSINESSES SHOULD KNOW The ATO has published its Compliance program for 2012-13.  It has highlighted areas of focus for individuals, micro enterprises small to medium enterprises and large businesses. Over the coming year, the ATO says it will focus on the following compliance risks for individuals: incorrect or fraudulent refunds from over-claiming and deliberate fraud review of …

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