There is a problem with the MyGov reporting where members have made large non-concessional contributions in the two years between 1 July 2015 and 30 June 2017. This has caused some alarming, though incorrect, messages to members. Essentially, prior to the reduction in the non-concessional limit from 1 July 2017, eligible members could contribute up to $540,000...
Real time transfer balance account reporting requires reporting to the ATO within a mandated timeline whenever a pension member creates a Debit or Credit to their Transfer Balance Account. The ATO’s goal for Real Time Reporting is to maintain current transfer balance account records so that they can detect any breach of the transfer balance cap...
We have been fielding a number of queries regarding CGT reset scenarios and losses when the relief is determined for an unsegregated, or pooled, arrangement. This is a confusing subject as capital losses are not applied in the same way as capital gains. Let’s consider the following example for an unsegregated fund which already holds a carried...
Our service supports accountants and financial planners but we acknowledge that sometimes they compete. We have received a number of requests from financial planners who have found their client base threatened by newly licenced accountants seeking to expand into the financial planner’s domain. In order to assist our alliance partner financial planners to “ring fence” their client...
We administer a number of SMSFs that contain real property. Because of the nature of this asset we often encounter issues that have the potential to make processing and audit more difficult. To avoid us annoying you for documentation and detail, particularly at year's end, we thought we would share some best-practice tips: All invoices must be...
A mandatory, minimum standard to which all SMSF administrators aspire is to lodge every SMSF with the ATO before their respective lodgement dates. The only way this can be achieved is for the administrator to be focused and to have the active cooperation of the auditor, actuary, adviser, trustee, investment houses and any other involved entity....
Given the currency of this topic it is worth reflecting on its relevance to superannuation. Essentially the superannuation rights of a defacto partner (including same sex couples) are much the same as those joined by marriage. They are not identical though. The difference can be significant when applied to death benefits. Couples joined by marriage hold indisputable proof...
As you know, we are always seeking ways of improving our service offering to you, our alliance partners. The SMSF administration process requires us to gather information and documentation to substantiate the Financial Statement data each year. We try to gather much of this independently with as little disruption to your team as possible but, on occasion,...
There has been a practical resolution to the argument surrounding the need for actuarial certificates for funds that have been in pension for the whole year except for a partial commutation on 30th June 2017 to satisfy the transfer balance cap. The ATO’s view is that all such funds require an actuarial certificate for the day and...
We are excited to announce a new product solution for your clients – E-PROCESS! With a fixed fee price of $990 ($82.50/mth) for administration and a reduced yearly audit fee of $250 it is an affordable product with the same high quality features you expect from us. E-Process is a wholesale, download only solution. This means it applies...