Tax Returns Tax Returns Have you lodged your 2015 tax return? Do you have a registered tax agent? Did you know that registered tax agents are the only people allowed to charge a fee to prepare and lodge your tax return? As Bottrell Business Consultants are registered tax agents we have special lodgment schedules and can […]
Cancelling SMSF registrations
By Bottrell Group on June 22, 2016 in Australian Tax Office Updates, Hints & Tips, Interesting Articles
Cancelling SMSF registrations Cancelling SMSF registrations The ATO is contacting trustees of newly registered SMSFs that have not lodged an annual return and where they have no records of them holding assets. The ATO is advising tax practitioners that, if their clients receive a letter, the practitioner should advise them that the ATO will cancel […]
ASIC accepts another enforceable undertaking
ASIC accepts another enforceable undertaking ASIC accepts another enforceable undertaking Editor: In 2012, in response to the growth in SMSFs, ASIC established the SMSF Taskforce, and the Taskforce continues to examine high-risk and emerging SMSF issues such as property spruiking to SMSFs, unlicensed conduct, and false and misleading advertising of SMSFs. ASIC has accepted an […]
SMSFs and dividend stripping arrangements
By Bottrell Group on June 21, 2016 in Australian Tax Office Updates, Hints & Tips, Interesting Articles
SMSFs and dividend stripping arrangements SMSFs and dividend stripping arrangements Editor: In November 2015, the ATO made an offer to SMSF trustees who may have implemented a dividend stripping arrangement substantially similar to the one described in Taxpayer Alert 2015/1 (TA 2015/1). SMSF trustees were invited to contact the ATO to make a voluntary disclosure […]
ATO warns against diverting PSI to SMSFs
By Bottrell Group on June 21, 2016 in Australian Tax Office Updates, Hints & Tips, Interesting Articles
ATO warns against diverting PSI to SMSFs ATO warns against diverting PSI to SMSFs The ATO is reviewing arrangements where individuals divert their personal services income (PSI) to a self-managed superannuation fund (SMSF) to minimise or avoid tax. Deputy Commissioner James O’Halloran said these types of arrangements are typically used by SMSF members at or […]
Super fund collectables
Super fund collectables The ATO is asking practitioners to review whether they have SMSF clients who hold investments in collectables or personal-use assets that were acquired before 1 July 2011. If so, they only have until 1 July 2016 to comply with the Superannuation Industry (Supervision) Regulations 1994 (SIS Regulations). From 1 July 2011, investments […]
ATO’s SMSF Auditor Independence questionnaire
ATO’s SMSF Auditor Independence questionnaire Editor: The ATO has become increasingly concerned about the ability of self-managed superannuation fund (SMSF) auditors to comply with the independence requirements contained within Accounting Professional and Ethical Standards (APES) 110, where the registered tax agent is also the SMSF auditor of a fund. It is therefore not surprising that […]
The ATO released latest SMSF statistics
The ATO released latest SMSF statistics The ATO has released its latest statistics on the SMSF sector. Assistant Commissioner Kasey Macfarlane said the annual Overview data shows that the sector continues to grow, with positive returns on assets and increasing fund and member numbers. In brief: In the five years to 2014/15, the number of […]
Recent advice regarding Zero Interest LRBAs and SMSFs
Recent advice regarding Zero Interest LRBAs and SMSFs Editor: Although the ATO originally indicated that LRBAs from related parties with non-commercial features, such as zero interest being charged, were “OK”, they changed this position last year. In particular, two IDs released late last year (IDs 2014/39 and 40) basically state that any income derived from […]
Increase ‘small lost threshold’ for super
By Bottrell Group on January 29, 2016 in Australian Tax Office Updates, Hints & Tips, Interesting Articles, Motivation, The Bottrell Office
Increase ‘small lost threshold’ for super The superannuation (Unclaimed Money and Lost Members) Act 1999 was recently amended* so that, from 31 December 2015, the small lost threshold for super accounts is increasing from $2, 000 to $4, 000. (*) Amended by the tax and superannuation laws amendment (2015 Measures No. 4) Act 2015, which […]
Recent advice regarding LRBAs and SMSFs
By Bottrell Group on January 29, 2016 in Australian Tax Office Updates, Hints & Tips, Interesting Articles, Motivation, The Bottrell Office, Uncategorized
advice LRBAs SMSFs advice LRBAs SMSFs In a recent meeting of the Superannuation Industry Relationship Network (involving the ATO and others in the industry), it has been reported that the ATO wants all SMSFs with non-commercial related party limited recourse borrowing arrangements (LRBAs) to put them on arm’s length terms as soon as possible, and […]
Tax Returns
Tax Returns Tax Returns Have you lodged your 2015 tax return? Do you have a registered tax agent? Did you know that registered tax agents are the only people allowed to charge a fee to prepare and lodge your tax return? As Bottrell Business Consultants are registered tax agents we have special lodgment schedules and can […]
Government scraps anti-detriment payments
By Bottrell Group on December 8, 2015 in Hints & Tips, Interesting Articles, Motivation, Uncategorized
Government scraps anti-detriment payments SMSF practitioners may need to reassess any anti-detriment payment strategies in place for clients with the government looking to remove the tax refund as part of its tax reform plans, says the SMSF Association. Speaking to SMSF Adviser, federal member for Deakin Michael Sukkar said he was calling for the anti-detriment […]
A million in the super fund won’t be enough for retirement
By Bottrell Group on August 24, 2015 in Hints & Tips, Interesting Articles, Motivation, Uncategorized
A million in the super fund won’t be enough for retirement A 30-year-old worker on an average salary of $60,000 a year would have an estimated $1.1 million in superannuation at age 65 in 2048. However, according to Russell Mason, $1.1 million would sustain a comfortable retirement only until age 77. For a comfortable retirement, […]
SuperStream standard for contributions
SuperStream standard for contributions 2015 SuperStream is a government reform aimed at improving the efficiency of the superannuation system. Under SuperStream, employers must make super contributions on behalf of their employees by submitting data and payments electronically in accordance with the SuperStream standard. All superannuation funds, including SMSFs, must receive contributions electronically in accordance with […]
