Why your SMSF’s ‘rule book’ may be broken (and how to fix it)
by Hugo Furzer
As you probably know, every SMSF must have a corresponding Trust Deed. Think of it as the rule book every Trustee and Members of the SMSF must follow. And the rules cover pretty much every aspect of the SMSF’s operation, including such things as:
the powers and limitations of what the Trustee can do with SMSF assets
when and how members must apply to access their benefits
SuperStream represents the streamlining and standardisation of superannuation contributions made by employers. Employers and super funds have been transitioning for some time under this initiative to sending and receiving super contributions electronically (eCommerce) in accordance with a consistent regulated Superannuation Data and Payment Standard (the Standard).
For employers of 20 or more employees, SuperStream transitioning occurred over the 2015 financial year. If you are an employers with 19 or fewer employees you will need to transition to an electronic means of making super contributions and member updates, which comply with the Standard, between by 30 June 2016.
Fringe Benefits Tax (FBT) is a tax that many business owners try to forget until the deadline is upon them, but it is one that can have far reaching implications and costs. The end of year for FBT is 31 March 2016 – with the year running 1 April to 31 March. The Government introduced FBT many years ago to ensure that employees do not receive income disguised in another form and therefore avoid paying income tax. The deadline for lodging a FBT Return is 28 April 2016.
20 reasons why you should look for a new business accountant
by Christian Borkowski
Finding the right accountant to help out with your business’ financials is no easy task. While it’s easy to check their qualifications, it’s harder to know whether they’ll be the right ‘fit’ for your business. And just because an accountant is perfect for another business doesn’t mean it will be perfect for yours. It really depends on what you want out of the relationship.
As you can see, it’s a whole new look for us at Prime Advisory and signals an exciting new chapter for us, and for you.
Why also for you? Well, we’ll be sharing with you hints, tips and strategies on a range of topics all focused on keeping you on track in your financial affairs. Our aim with the new blog is to publish educational (and, who knows, sometimes even inspiring!) articles to help you get clear on where you want to be financially and by when, and how to achieve your goals.
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You’ll notice that the site is mobile-responsive so you can read it just as easily on a smartphone or tablet as you can on a laptop or desktop computer.
Let us know if you have questions about anything on our site, or suggestions for topics you’d like to see in our future blog posts. Just get in touch via the CONTACT section on the site.
We’re looking forward to getting a conversation going where you share with us your thoughts, questions and current financial challenges, and we then write articles that will shed light on the topic and provide you with actionable hints and tips.
For those of you in business – let us know what’s lighting your fire in business currently: The new technologies and apps you’re using to manage and monitor your finances? New business models and ways of resourcing your business? Trends in marketing and new ways of promoting your business and attracting new customers?
Whatever it is in terms of achieving your financial & personal or business goals, we want to hear about it! So, let’s get the conversation started…
Enter into the Comments below your answer to this question: “What is your No.1 business or personal financial challenge at the moment that, if successfully addressed, would make the biggest positive difference to your asset position, cash flow or stress levels? There’s no ‘right or wrong’ answer of course. Your comments will provide us with inspiration for our upcoming blog posts! Ask away…