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Review and rectify any outstanding compliance issues

Most of all Talk to us is you need help or worried about it and how to rectify it? If your auditor has highlighted any breaches or issues in previous year fund audits, you should review and rectify these issues by 30 June. SMSF compliance is taken very seriously by the Australian Taxation Office (ATO) and they have a number of powers to address non-compliance: Education directions – require the trustee/director to complete an ATO approved education course …

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What is a downsizer super contribution?

The downsizer super contribution rules introduced by the Government were one of a number of measures introduced to help reduce pressure on housing affordability. But it can also help people top up their ability to live more comfortably and affordably. From 1 July 2018, individuals over 65 years of age may be eligible to contribute to super up to $300,000 from the proceeds of selling their home. Keep in mind that this only applies to contracts of …

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The ATO needs to know MORE about your SMSF

The ATO is constantly changing various aspects about what you need to disclose and 2018 is no different. When you lodge this year you need to report more data than ever and ensure your SMSF is in top shape going forward. From the 1st July 2017 superannuation reforms introduced a new reporting regime for funds. Funds now need to advise the ATO of key events within the fund that impact on retirement income streams (pensions): When you start a pension …

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All you need to know about single touch payroll

Single touch payroll (STP) is a new regulation that changes when and how small businesses report payroll activity to the Australian Tax Office (ATO). Businesses used to report this information to the ATO once a year. Now, they need to send a report after each payday. And those reports must be submitted digitally, using a very specific format. Changes to when you report payroll Small businesses used to finalise their payroll records at the end of the …

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