Patane Accounting Pty Ltd is a CPA Practice
Self managed super fund (SMSF) trustees should be aware of the changes to the way they receive super contributions. From 1 July 2014, employers begin using the new Data and Payment Standard, also known as SuperStream, to make superannuation contributions to their employees. This means that SMSF trustees will be required to receive contributions electronically…
Employers who are not meeting their super obligations may lose the tax deduction they would normally receive for super contributions. They will also have to pay a superannuation guarantee charge to the ATO. From 1 July 2013 employers must be paying 9.25 percent of each eligible employee’s ordinary time earnings each quarter in super. From…
Older individuals often forget to perform checks on their retirement savings. It is essential that individuals check that their retirement savings are on track to finance their planned standard of living in retirement. Otherwise, they could be left short when they are ready to retire. A common time to perform these checks is in the…
As people get older they need to make arrangements on how to handle their estate, and their personal interests in the event of sickness or death. These include: Enduring guardianship A guardian is essentially a legally appointed substitute decision-maker. A guardian is granted powers only as is necessary to accomplish what an individual cannot do…
There are ramifications when a trustee in a self managed super fund (SMSF) becomes a disqualified person. An individual can become a disqualified person if any of the following conditions apply. If they: -have been convicted of an offence involving dishonesty -have been subject to a civil penalty order under the super laws -are insolvent…
Poor and inadequate record keeping are often recognised as a major problem for self managed super funds (SMSF). One responsibility of being a trustee of a SMSF is to keep proper and accurate tax and super records. It is important to keep updated records so that they can be made available to the fund’s auditor…
The ATO urges self managed super fund (SMSF) members to ensure they understand the differences between the two types of trustees-individual and corporate. The choice of trustee will affect the way the fund is administered and the type of benefits it is able to pay, so it is important to choose a structure that suits…
The Government has made reforms to supervisory levy arrangements for self managed superannuation funds (SMSF). Superannuation funds are required to pay an annual supervisory levy to the regulator of the fund. For SMSF’s, the regulator is the ATO. The changes made are: -the timing for collection of the levy -an increase to the levy ensuring…
A Will is an important part of keeping estates and finances organised, so it is important that individuals keep it updated to reflect their current circumstances. In the absence of a Will, the law dictates how an estate is managed. The government will use the estate to pay any outstanding bills, and then distribute the…
As waves of baby-boomers now reaching what was once a popular retirement age, as well as the rapid ageing of the population, the topic of retirement intentions is getting a lot of attention. The Government has further focused attention on this issue with its plan to progressively increase the age for pension eligibility from 65…
