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How Financial Advisors Play An Influential Role

Financial advisors can make a huge influence on firms. Their nature of work is not complex but these are the individuals who give 100 percent of their efforts in helping firms and corporations to meet their financial objectives. Financial advisors enjoy a vast role. They help the firms and the individuals to determine and meet

All You Need to Know About Accountants

What does it take to be a great accountant? Accounting as a profession is a highly analytical role which requires meticulous attention to detail. A passion for numbers and a core understanding of their practical application is also vital. Moreover, all great accountants will recognise and understand the fundamental accounting principles. This will not only

Simplified Depcreciation

The new rules relating to simplified depreciation have been effective from 1 July 2012 and provide significant advantages to small business enterprise taxpayers who are defined as carrying on a business and have an annual net turnover of less than $2 million. These rules do not apply to rental property assets, low value pool and

Business Travel And ‘Otherwise Deductible Rule’

When an employer provides accommodation to an employee while they are away on business the benefit would be fully exempt from Fringe Benefits Tax (FBT) under the ‘Otherwise Deductable Rule’. Recently the ATO confirmed that when an employee’s spouse has accompanied an employee it is still exempt under the Otherwise Deductable Rule provided no extra

Making Superannuation Contributions

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

SMSF Investment Strategy Requirements

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

Taxation of Early Illegally Released Super

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 Processing Rules for Superannuation

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

Personal Properties Securities Act 2009

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

Amendments to the Director Penalty Regime

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

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