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Preparing for 30 June

With 30 June only 2 weeks away its time to make sure you have everything in order for the end of the financial year.  Here are our top tips to help:

  1. Make sure you have taken your minimum pension for the financial year, we have been busy reviewing all our funds to make sure you know where you’re up to but if you are unsure feel free to give us a call and check in…we always love to hear from you!
  2. Bank your contributions early, preferable by Friday the 26th to make sure the deposit has time to clear before the cut off on Tuesday.
  3. If you are making an off market transfer of shares in or out of your fund make sure you submit the forms to your stockbroker or share registry well before the 30th June and keep a copy for the auditor.
  4. Start collecting documents to support the market value at 30 June for all unlisted investments, such as property, collectables and unlisted companies and trusts
  5. Now is a good time to check in with your financial planner or insurance broker to review your  insurance requirements, it is possible to hold life and TPD insurance inside your SMSF so this may be worth discussing with your insurance specialist.  One of your responsibilities as an SMSF Trustee is to consider whether the fund should hold life and/or TPD insurance for the members and document the decision as part of the fund’s investment strategy.
  6. Review your last year’s correspondence from the fund’s auditor and make sure that any issues identified during your audit have been fully rectified.  Depending on the nature of the issue, the auditor may be required to lodge a report, and with new ATO Penalties in place from 1 July 2014 you may be personally liable for any financial penalty imposed by the ATO
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