News

Domestic Violence & the Preservation Rules

Each week a woman dies due to domestic violence. Women often remain in abusive relationships for financial reasons. Submissions close on 12th Feb on a Treasury review of early release rules and includes this issue but states that the government already “provides support through timely and targeted assistance, including through the welfare system.” Unfortunately, this statement...

New Reporting Requirements

Under European rules, investment firms executing transactions in financial instruments must report complete and accurate details to their regulators. This requires a Legal Entity Identifier (LEI) to be held by both EU and non-EU market participants in a variety of circumstances in order to trade or clear.  Once a legal entity obtains an LEI code, the...

Total Super Balance Strategy

This strategy allows eligible members to make an additional $100,000 non-concessional contribution by adjusting their reported total super balance. A member cannot make a non-concessional contribution in any year where their previous 30 June total super balance (essentially the cash value of their member benefits where no defined benefit pensions are involved) was at least $1.6m. If...

MyGov Reporting Error

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 Pension Reporting

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...

CGT Reset for Loss Assets

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...

New Accounting Service

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...

SMSF Real Property Best Practice

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...