New push tax returns

The ATO has recently revealed that over a million Australians may be able to avoid filling in a tax return in 2014. As many as 1.4 million Australians could be offered new ‘push’ returns from as early as next year. Lodging a tax return will still be necessary; however the process of filling the tax…

Planning for the SG rate rise

The steady climb in the Super Guarantee (SG) rate requires employees to contribute more money into their employees’ superannuation fund. The SG rate has already increased to 9.25 per cent as of July 2013. The next increase to 9.5 per cent will come into play in July 2014. It is scheduled to increase further over…

Tax cheat crackdown

The Australian Crime Commission (ACC) and the ATO are working together to identify and catch tax cheats. The $2 million contract commenced on 26 August 2013 and will be in force for two years. The ACC will supply the ATO with static and mobile surveillance in an effort to catch individuals who are not fulfilling…

Self managed super fund audits

All SMSFs are subject to annual audit requirements.  Audits are an essential tool in maintaining the health and integrity of the SMSF system. The role of an auditor is to: -conduct a financial and compliance audit of a SMSFs operation for the income year -give the trustees an audit report in the correct form within…

Adding children to super funds

There are financial benefits to including children in a super fund, such as the increased pool of assets created over time that can allow for a greater diversification of assets. Parents also choose to invite their children to join their super fund as it allows them to provide their children with a financial education on…