Preparing for 30 June

Home Blog Administration
Preparing for 30 June
  1. New ATO Penalties mean more likely cash fines!

    New ATO Penalties mean more likely cash fines!

    Historically, the ATO only had extremely harsh penalties in the form of Trustee Disqualification, or rendering a Fund Non-Compliant and imposing the loss of all tax benefits.  Because the “time” far outweighed most crimes, the ATO rarely took these courses of action. However from 1 July, the ATO will be providing either "education" or “rectification” directions along with fines for... More Information

  2. What Tax Deductions can your SMSF Make?

    Whether or not expenses are deductible is largely about common sense.  If the investment is allowable under the Superannuation Industry Supervision (SIS) Act, or the cost is genuine in running your fund, then chances are, it is a deductible expense.  It’s actually as much about remembering to record such expenses so that you can make the claim. You can get... More Information

  3. Government Postpones SuperStream Rollout

    It's been one of those regulatory requirements that has been a low priority, if even understood by employer groups.  From 1 July this year, large employer groups (defined by having more than 20 employees) were due to start remitting employer superannuation contributions to SMSFs using the Government’s "SuperStream Data and Payment Standard".  It is all part of the Government’s Stronger Super... More Information