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Time to review SMSF investment strategies

February 2, 2009 By

deadline In these troubled financial times, the ATO has issued a timely reminder to trustees of SMSFs that they should regularly review their fund’s investment strategy, so that they can make the best possible investment choices.

Amanda Doyle from Professional Investment Services Pty Ltd is available to assist trustees with their SMSF investment strategy.

Trustees need to prepare and implement an investment strategy for their fund, and the investment strategy should be unique to the requirements of that SMSF and its members.

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Filed Under: Investing, Self Managed Super, Superannuation

Starting Your SMSF Audit

January 29, 2009 By

Overload2If you have recently established a self-managed superannuation fund (SMSF) then you are probably aware that your fund needs to be audited and a set of financial statements need to be prepared.

If you would like to reduce your auditor and accounting fees then we recommend you get your paperwork organised before you contact the auditor.

Essential information for every SMSF audit

We need the following from every client before we can begin.

  1. A copy of the trust deed and the date the fund was established
  2. Details of the fund’s Tax File Number (TFN)
  3. Details of the fund’s Australian Business Number (ABN)
  4. The name, date of birth and tax file number for every member
  5. The telephone, post and email addresses for every trustee
  6. A signed copy of your investment strategy
  7. A signed copy of every minute for every trustee meeting for the financial year
  8. Bank Statements for the period from 1 July 2007 to 30 September 2008
  9. ETP Rollover Documents

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Filed Under: Auditing, Self Managed Super, Superannuation

GST Audit: Are You Prepared?

January 22, 2009 By

taxoffice_audit

In troubling times, the last thing your business needs is a GST audit and a visit from the Tax Office.

Are your records up to date? Are there any gaps, holes or incorrect entries? Are you certain everything has been recorded correctly?

Arthur McInnes worked at the Australian Tax Office for 19 years. He spent 8 years there as a GST auditor.  Arthur knows and understands the system — and now that he’s joined Prouse Family Accountants, he’s available to help you!

GST CHECKUP FOR JUST $374

For just $374 Arthur will come to you and spend some time at your business premises reviewing your paper and electronic records and reports.

He will look for errors, gaps and incorrect information; explain how the ATO may view your business records; and provide suggestions for how you can improve your records and reduce your audit risk.

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Filed Under: Book Keeping, GST, News, Small Business, Tax Tips

SMSF: Audits to be completed by 31 March 2009

January 22, 2009 By

It’s that time of year again! If you have a self managed superannuation fund then January is the month to organise your paperwork and make an appointment to have your superfund audited and your tax return lodged with the ATO. 

sku2353

Every year, the trustees of every self managed fund must have financial and member statements; income tax returns and an independent audit report prepared for their superfund. Last year, this firm prepared the income tax returns and audit reports for more than 200 self managed funds.

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Filed Under: Auditing, Self Managed Super, Superannuation

10 Ways Not To Screw Up The Job Opportunity

January 22, 2009 By

0113_interviewbasics_04Given the current uncertainty in the job market, we thought we’d share a few tips for job seekers.

If recent changes in your employment circumstances have affected your financial position, it might be a good idea to come and see us – and prepare a new household or investment budget.

Don’t stretch the truth

Once a hiring manager starts asking questions, she’ll quickly discover if the candidate has exaggerated his accomplishments.

Be focused

Don’t create one résumé and send it out to dozens of employers. Tailor your résumé for each type of job. It’s better to send out fewer, more targeted ones than to spam hundreds of hiring managers with a single all-purpose version. Using keywords that appear in the job advertisement helps.

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Filed Under: Personal Finance
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