Why your Self Managed Super Fund needs to comply

By |2020-03-12T14:45:45+11:00February 27th, 2020|Accounting, Small Business, SMSF, Superannuation, Tax|

To maintain the benefit of concessional tax treatment, it is important for a self managed superannuation fund to be a complying fund ie it complies with all the necessary superannuation and tax laws.  If the fund loses its status as a complying fund it can result in both financial and administrative penalties being imposed by [...]

Understanding Your Preservation Age

By |2019-10-24T12:11:23+11:00November 1st, 2019|Accounting, SMSF, Superannuation, Tax|

What is your preservation age and what does it mean for you? There is a misconception out there that everyone’s preservation age is 55, however as of 2015 this has changed.  A person’s preservation age is now dependent on their date of birth, the table below details how to determine your preservation age. Date of [...]

Your Knowledge Update -September 2019

By |2019-09-09T14:32:14+10:00September 9th, 2019|Accounting, Small Business, SMSF, Superannuation, Tax|

Inside this month's Your Knowledge Update, the ATO is clamping down on undisclosed foreign income, what rental property expenses you can and can't claim and ATO concerns about the lack of diversity with SMSF investment strategies. Download this month's issue here - Your Knowledge Update - September 2019. rent online concept, woman using internet website for [...]

The Importance of keeping up to date Share records

By |2019-01-31T12:10:14+11:00January 31st, 2019|Accounting, Small Business, SMSF, Tax|

The ATO has announced that it will be extending its data matching program to include information relating to share sales.  ASIC will now be providing details on all share transactions (including price, quantity and date) dating back to 2014.  The ATO  previously received information from brokers, share registries and stock exchanges meaning this announcement now [...]

Topping up your Super by “Downsizing” your Family Home

By |2018-08-14T10:40:07+10:00August 14th, 2018|Accounting, SMSF, Superannuation, Tax|

Topping up your Super by “Downsizing” your Family Home From the 1st of July this year, it is possible for retirees to make an additional contribution to their superannuation from the proceeds of “downsizing” their family home. This is a fantastic opportunity for anyone aged over 65 to top up their super balance by up [...]