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 ▶
June 30 falls on a Monday this year, which given bank timings, really means that Friday 27th should be what you consider the deadline for this year… If you’re keen on saving some tax just before the deadline, here’s some Super ways to do it! Pre-Tax Contributions (Personal Deductions and Salary Sacrificing) If cashflow permits, the most tax effective means... More Information ▶
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 ▶
Nearly 2 weeks after the Budget announcements, the news is ablaze with protests and opinions on the likelihood of the measures being legislated. But from a Superannuation perspective, it’s largely business as usual. Here’s our take: The government saw reason and has announced measures to allow Excess Non-Concessional Contributions to be withdrawn (along with any associated earnings) where a Non-Concessional Contribution Cap... More Information ▶
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 ▶
