Bottrell Accountants, Financial Planners & Tax Agents

East Maitland Accountants & Financial Advisors, Newcastle Accountants & Financial Advisors

SMSFs and Collectables – last opportunity to comply!

SMSFs and Collectables – last opportunity to comply! SMSFs and Collectables – last opportunity to comply! From 1 July 2011, SMSF investments in collectables and personal-use assets have been subject to strict rules under regulation 13.18AA of the Superannuation Industry (Supervision) Regulations 1994 (SIS Regulations) Editor: Assets considered collectables and personal-use assets include things like […]

ATO warns against diverting PSI to SMSFs

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 […]

Are you a new or existing contractor?

Are you a new or existing contractor? If you are a contractor you are responsible for running your own business, this includes having and ABN, insurance coverage, paying personal income tax and superannuation contributions. As a contractor or sole trader, you will also be responsible for declaring all income and expenses incurred during the financial […]

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

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 […]

Tax Adviser Maitland

Tax Adviser Maitland Business & Personal Accounting, Taxation & Consulting Services, Tax Adviser Maitland Bottrell Business Consultants Pty Ltd – Incorporating – (Bottrell Accounting & Taxation), (Maitland Accounting & Taxation), (East Maitland Accounting Services) & (Coastal Accounting & Taxation). Looking for a new tax adviser in Maitland? Our Personal & Business Tax team are located at […]

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 […]

Glenn Stevens Below-trend growth shapes as the new trend without reform

Glenn Stevens Below-trend growth shapes as the new trend without reform Adrian Blundell-Wignall’s Anika Foundation lunch in July has become one of the more interesting whistle-stops for Reserve Bank governor Glenn Stevens. The Anika speeches are always anticipated by the markets, because they precede the August meeting of the central bank, one of the “live” meetings that […]

Superannuation Taxation Arrangements

Superannuation Taxation Arrangements  Superannuation taxation arrangements should be reformed to place policy settings on a more sustainable footing over the long term. Superannuation taxation arrangements should be targeted to achieve the objectives of the superannuation system, reduce the cost of the retirement income system to Government, better position Australia to meet the fiscal challenges of […]

Review of unlegislated tax measures completed

Review of unlegislated tax measures completed The Assistant Treasurer has announced the outcome of consultations over the backlog of 92 announced but unlegislated tax and superannuation measures. The government previously announced that 18 of those measures would proceed, 3 would be amended and 7 would not go ahead. Of the remaining 64 measures that were […]