Increase to six SMSF members
From 1 July 2021, the maximum number of members a Self-Managed Super Fund can have increased from four to six. Why would you have a fund with six members and what are the implications? Recently…
SMSF: When expenses and investments are not at arm’s length
We often get questions from clients about what they can and cannot do in their SMSF. Often the questions relate to related party transactions – that is, interactions between the SMSF, its assets, and its…
Road to Recovery: Budget 2020-21 Overview
The 2020-21 Federal Budget is a road to recovery paved with cash. Key initiatives include: Personal income tax cuts from 1 July 2020 A $4 billion ‘JobMaker’ Hiring Credit to encourage businesses to take on…
Retirement of Terry Collins
After almost 29 years working at PPT Accounting, Terry Collins has decided to retire. Terry has spent much of her time at PPT setting up and leading the Self-Managed Superannuation Fund Division. We wish Terry…
COVID-19 and your SMSF
COVID-19 has had an impact on many SMSFs. We look at the key issues. Early release of superannuation When a member of your fund wants to access up to $10,000 of their superannuation early under…
Is self-managed superannuation right for you?
Self-managed superannuation funds (SMSF) are a popular choice for individuals and couples looking for greater investment choice and control. We’ve put together a few questions you should consider before starting your own SMSF fund. What…
Super guarantee opt-out for employees with multiple employers
Employees with multiple employers can now opt-out of superannuation guarantee from all but one employer. Employers are required to pay 9.5% superannuation guarantee for all eligible employees. But what happens if you are an employee…
The Super Guarantee timing trap for employers
How employers are being caught out by the timing of superannuation guarantee payments. Employers can generally only claim a deduction for superannuation contributions in the income year in which the contribution is made. Super contributions…
ATO sends STP warning to non-compliant employers
The Australian Taxation Office (ATO) has revealed how it is going to use Single Touch Payroll (STP) data, acting as a warning to non-compliant employers. ATO Deputy Commissioner James O’Halloran indicated that the office is…
Super Guarantee Amnesty Resurrected
The Government has resurrected the Superannuation Guarantee (SG) amnesty giving employers that have fallen behind with their SG obligations the ability to “self-correct.” This time, however, the incentive of the amnesty is strengthened by harsh…
