The expenses considered deductible by super funds are similar to that of individuals. Essentially, it should be items that are losses or outgoings incurred while producing or gaining assessable income.... read more
The delivery of advice for SMSF changed on 1 July 2016 when specific amendments to the FOFA (Future of Financial Advice) legislation came into effect.... read more
Small Business is hard enough without the temptation of having a weak government system chase a key employee obligation.
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A new reporting regime for Self-Managed Superannuation Funds (SMSFs) commenced on 1 July 2018. It’s crucial that SMSF members understand the impact of this new reporting framework and get it right.... read more
Most people are unaware that temporary residents working in Australia are eligible for super guarantee (SG). It is vital that all businesses who employ temporary residents are aware of the relevant super requirements.... read more
SMSF Auditors now must: be registered with ASIC; be registered with the ATO; have enormous amounts of regular professional updates; and also be audited by their peak professional bodies, such as the Chartered Accountants ANZ and CPA Australia.... read more
A chance to catch up! If legislated, the Amnesty will provide a once-off opportunity for employers to disclose super guarantee (SG) shortfalls which occurred between 1 July 1992 and 31 March 2018 without penalty.... read more
Australians aged 65 and over who are downsizing for retirement can now contribute the proceeds from the sale of their main residence (up to $300,000) into super.
We take a look at what this could mean for you, bearing in mind that like with all important financial decisions, it’s a good idea to get financial advice before deciding what’s right for you.... read more