Patane Accounting Pty Ltd is a CPA Practice
There are both legal and tax implications to be considered when former partners in a SMSF decide to split after the breakdown of the relationship. It is possible to transfer assets, such as property, from one super fund into another; however, there are four things individuals need to consider: 1. Separating couples need to work…
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…
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…
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…
The ATO is getting serious about the non-lodgement of self managed super fund (SMSF) annual returns. The ATO currently has a number of compliance strategies in place to address this issue; however, this year they are taking additional steps to engage the trustees of SMSF’s that have two or more overdue lodgement obligations. From September…
The Federal Government has introduced changes to the superannuation system designed to make Australia’s superannuation system stronger and more efficient. These reforms are called Stronger Super and have been introduced following a Government review of the country’s superannuation system in 2009. From now until June 2016 the legislated changes will aim to simplify the superannuation…
There has been a significant growth in the value of superannuation assets held in retirement products. As a result of this, regulators, super funds and super funds members are increasing their focus on superannuation pensions. This extra attention on superannuation pensions is reflected by the release of a series of rulings and other announcements regarding…
