The ATO has issued a warning that there are various courses of action available to them when trustees of self-managed super funds (‘SMSFs’) have not complied with the super laws, including applying administrative penalties. To learn about administrative penalties that could be imposed. A number of factors determine the amount of the administrative penalty, including:
A recent rise in unlicensed advisers offering to assist SMSF trustees to invest in cryptocurrency assets has prompted the ATO to advise caution among trustees and recommend seeking advice only from licensed financial advisers. Acting on advice from unlicensed advisers means the usual consumer protections and access to the Australian Financial Complaints Authority will not…
The ATO will target SMSFs that fail to lodge annual returns or ignore ATO reminders with a targeted compliance campaign.
Multiple changes to superannuation legislation are now in place and the ATO has put Trustees of SMSFs on notice in relation to record keeping. If you are unsure of your obligations, it’s important to seek advice.
While it’s common for business owners to spend considerable time and effort focusing on business strategies for ongoing viability, it’s also important to make a dedicated effort towards building and protecting your own personal wealth.
Your accountant should be planning strategies to improve your business, tax and personal outcomes months in advance, not just doing your tax return. Even if ‘you’re not their biggest client’ your accountant should be working proactively for you. Tax savings are made through planning, not hoping. If you don’t have a handle on your tax…
If you’re dissatisfied with your industry or retail fund or it’s just time to re-evaluate your superannuation strategy, you might be considering a self-managed super fund (SMSF). While a SMSF may offer greater control of your retirement savings and more flexibility when it comes to investment options – including property – they also come with…
As a business owner, it’s likely you have spent many years building a solid business, but perhaps you have shown less discipline when it comes to paying yourself a regular salary, contributing to super and investing for your future. If you are considering building personal wealth for your life beyond business ownership, we can help.…
If you want to make the most of tax efficiencies or avoid an unexpected tax bill you might need to change the way you think about tax – Tax planning should start in July. Business owners commonly pay more tax than they need to by leaving their tax planning until the last minute. You can…
There is a worrying trend when it comes to Australian business owners planning for their retirement and personal financial future beyond life as a business owner.