In 2012, 30 June fell on a Saturday; this year it will fall on a Sunday. A number of people were caught out when they made their superannuation contributions on 30 June as it was not reflected in the bank until 1 July. The relevant legislative provisions dealing with when a superannuation contribution is made

Amendments to section 4.09 in the Superannuation Industry Supervision Regulations (SIS) 2012 now require the trustees of an SMSF to ‘review regularly’ their fund’s investment strategy. They must consider as part of their investment strategy ‘whether the trustees of the fund should hold a contract of insurance that provides insurance cover for one or more

Any amount that is illegally accessed early from a Self Managed Super Fund must be declared as income in the member’s individual tax return. The amount should be declared as ‘other income’ and will be assessed at the marginal tax rate plus the Medicare levy. Failure to declare early accessed super may result in interest

New data and payment standards legislation for Superannuation came into effect from 1 July 2012. Small employers – those with less than 20 employees – will have to use these standards for sending contributions to superannuation funds from 1 July 2015. Large and medium-size employers must use the standard from 1 July 2014. Under the new

The Personal Properties Securities Act 2009 (Cwlth) came into effect on 30 January 2012. The PPSA governs the registration of security interests in personal property (not land) and has changed the manner in which a supplier is able to assert a claim to assets it has sold, leased or lent to a third party. In

From 30 June 2012, the obligations imposed on directors for their company report and remit Pay As You Go (PAYG) withholding tax have been tightened. The Director Penalty Regime has also been amended to impose obligations and personal liability on directors when reporting and remitting superannuation guarantee charge liabilities. This legislation has been enacted to

A transition to retirement pension is a great way to supplement your income if you are moving from full-time employment to retirement. The benefit of this pension is that it allows you to supplement your income to maintain your lifestyle if you have chosen to reduce your working hours. It may also allow you to

In a post global financial crisis world, with low returns from investments and superannuation, many people are worried about their savings lasting through retirement. This has made investors even more vulnerable to fraud. Organisers of these scams are targeting any person with relatively large amounts of money to invest such as retirees or people nearing

The provision of a Christmas party to an employee may be a minor benefit and exempt from fringe benefits tax (FBT) if the cost of the party is less than $300 per employee and certain conditions are met. The benefit provided to an associate of the employee (ie partners and families if they attend) may

Choosing the right accountant for your small business shouldn’t be left up to chance. The Professional Association of Small Business Accountants unites some of the best and brightest small business accounting, payroll, and financial advisory experts in the country with one goal in mind, customer satisfaction. Organizations often need a way to keep score when

The Government has introduced a new super payment called the Low Income Super Contribution (LISC). The LISC payment took effect from 1 July 2012. Those eligible must have an adjusted taxable income not exceeding $37,000 of which 10% or more is derived from business or employment, and have made concessional contributions to a complying super

Accounting and finance are considered to be the most crucial and complicated part of any business. With such a high number of transactions taking place on the daily basis and so much money to control, it gets difficult for a single authority to perform all the tasks with ease and comfort. In addition, the chances