The ATO has made a call to professional accountants to help identify and manage illegal early access to superannuation by members of
self-managed superannuation funds (SMSFs).
In general, access to your super is only possible if:
Early access to superannuation is only possible in very limited circumstances such as terminal illness, permanent incapacity, and severe
financial hardship and there are very strict protocols to follow before any amounts are paid out.
One of the benefits of an SMSF is the control that it provides to members. The flip side of full control is the temptation to dip into the
super account and approve transfers without proper controls.
There are two common ways illegal early access occurs:
Illegal access to the SMSF’s account or assets is not difficult to identify and generally will be picked up by your auditor. Where illegal
access has occurred, not only is it likely that your retirement savings have been lost or impaired, but you are likely to face additional
tax, penalties and interest, and be disqualified as a trustee. In addition, your name will be published online.
One of the signs that there is a problem is when SMSF annual returns are not lodged on time or at all so ensure you are up to date with your
SMSF compliance.
In the 2019–20 Budget, the government announced that Single Touch Payroll (STP) would be expanded to include additional information.
Inflationary forces continued to intensify in key regions, which suggested inter- est rates could be raised more quickly and more aggressively than previously anticipated. The likelihood of rising borrowing costs also appeared to spook equity markets, which performed poorly over the month.
Throughout March, the ATO sent letters to directors who are potentially in breach of their obligations to ensure that the company they represent has met its PAYG withholding, superannuation guarantee charge, or GST obligations.
It’s a great headline isn’t it? Spend $100 and get a $120 tax deduction. Days after the Federal Budget announcement that businesses will be able to claim a 120% deduction for expenditure on training and technology costs, we started receiving marketing emails encouraging us to spend now to access the deduction.
A series of reforms and changes will commence on 1 July 2022. Here’s what is coming up:
The Government temporarily halved the excise and excise equivalent customs duty rates for petrol, diesel and all other petroleum-based products (except aviation fuels) for 6 months from 30 March 2022 until 28 September 2022.
The ATO have issued a press release indicating their current approach on debt collection. They want taxpayers to engage with them, ie respond to calls, set up a payment plan or expect firm action.
Separating from your partner can be difficult and it can also be hard on your finances. Your post-divorce financial situation may
force changes regarding your total wealth and total liquidity.
As we approach the end of the financial year, there are a number of smart strategies you could consider to help streamline your finances and legitimately reduce your tax liability.
It can be lonely at the top of the food-chain when you're running your own business. As the owner manager, the buck stops with you and that can result in pressures from all aspects of the business.
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You can help make a difference for people in Ukraine. All donations made through SMART Business Solutions will be dollar matched through our
alliance with Count Charitable Foundation.
Taking time to ask yourself the big questions can be daunting and empowering at the same time. Understanding and prioritising your goals and needs is a valuable step.
The war in Ukraine overshadowed financial markets throughout the month, but hopes of a breakthrough in peace talks lifted sentiment towards risk assets. Solid gains among US-listed stocks helped the MSCI World Index rise more than 3%.
ATO getting about as serious as they can get with their non-public debt recovery measures.
Our new system enables us to download all ATO mail on behalf of our clients and distribute it in the most efficient manner possible.
This is a safe, ballot box friendly Budget as expected with a focus on jobs, cost of living, home ownership, and health.
I was looking for a business advisor to help me better understand my business and the story that the numbers are telling me. I thought
I knew my business and its strengths and weaknesses. Having the skilled team at SMART involved in my business and working
on regular financial reporting has helped me see a clearer picture of how my business is doing.
We were looking for a new accountant that would act more like partners in the business. We wanted a team that would guide us towards growth. We interviewed three different firms and were absolutely blown away by the team at SMART and what they could do for us. Five years on and we continue to be blown away.
A new report reveals rezoning the Mornington Peninsula as regional would not only unlock more funding but would fix social and economic inequalities.
10 March 2022 @ Mercetta, Mornington
Join our International Women's Day 2022 Fundraising Event. Enjoy a local wine and deliciously generous finger food, place your bids on the
silent auction packages including vouchers and products from some of Mornington Peninsula’s most coveted.
Two landmark cases before the High Court highlight the problem of identifying whether a worker is an independent contractor or employee for tax and superannuation purposes.
The ATO released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes as a result.
Recently we’ve seen some wild volatility in share markets across the world due to the pandemic and military conflict. We examine what’s going on, the drivers be- hind the price swings and how long they could last. Importantly, we consider what volatility could mean for your retirement savings.
With many of our business community made up of building companies, building suppliers and trades people, this is an issue bigger than ProBuild itself. The ripple effect of the demise of such a building giant will leave many of us asking the question ‘how secure is my business and my livelihood?’
ONLINE Webinar Session
3 March // 7:30pm
Unlike other purchases, it’s not possible to return a car if you get home and decide you don’t like it.
With interest rates at record low levels, many homeowners are considering the possibility of fixing their interest rate on the home loan.
Lenders Mortgage Insurance can be a great tool to help homebuyers get into a property that they otherwise might not be able to afford. However, it comes with a cost.
When buying a home, to live in or as an investment, most people will have the goal of eventually paying it off.
After a strong 12 months, industrial property is set to see further upside according to a leading valuer.
If you’re setting the goal of purchasing a home in the coming year, it might be time to start getting your financials in order ahead of time.
December saw an uptick in Covid infections worldwide. Daily case numbers in the US topped one million for the first time, underlining the ongoing challenge of the pandemic.
In this issue we discuss the changes in superannuation effective 2022, how to improve your longevity, and changes to the RBA that may affect your mortgage.
Up against over 600 nominations and 254 certified finalists, Shannon Smit, Founding Director and Financial Adviser at Mornington firm, SMART Financial Planning, won the coveted Financial Adviser of the Year Award as one of only 23 individual award winners.
In this webinar we will go through tax effective strategies that can achieve a net-benefit to your employees without costing you more.
Whilst retention payments are very common in the building and construction industry we continually see them being incorrectly accounted for, or not accounted for, and therefore often overlooked, resulting in advance payment of taxes and/or lost income.
We are heading into a period of opening up the economy after COVID, with the need to repair the budget, an election looming by May 2022, the threat of inflation and a withdrawal of central bank stimulus.
There was increasing discussion about the possibility of interest rate increases in key regions, to counteract gathering inflationary
pressures. This saw bond yields rise, and adversely affected the performance of fixed income markets.
The Victorian Government’s Business Costs Assistance Program Round Four - Construction provides one-off payments to eligible employing and non-employing businesses in the construction sector that operate in the specific local government areas.
Tax planning is more than just a financial necessity—it's a strategic advantage for businesses of all sizes. By proactively managing your tax strategy, you can significantly reduce your liabilities, enhance cash flow, and ensure full compliance with ever-evolving tax regulations.
