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.
If 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.
- A copy of the trust deed and the date the fund was established
- Details of the fund’s Tax File Number (TFN)
- Details of the fund’s Australian Business Number (ABN)
- The name, date of birth and tax file number for every member
- The telephone, post and email addresses for every trustee
- A signed copy of your investment strategy
- A signed copy of every minute for every trustee meeting for the financial year
- Bank Statements for the period from 1 July 2007 to 30 September 2008
- ETP Rollover Documents
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.
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.
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.
Given 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.
Just like the ATO, we are going to be taking a break over Christmas and New Year.
Both of our offices will be closed from Thursday 18 December 2008 until Monday 5 January 2009.
We’d like to wish all of our clients a very Merry Christmas and a safe, happy and prosperous start to the New Year.
Peace be with you.
Infochoice provides a family of websites focused on providing consumer information and reviews for financial products and services in Australia.
It features a number of very useful calculators and allows you to compare interest rates, fees, charges and options for credit cards, home loans, investment loans and other financial products and services.
If you are considering switching loans, shopping for a new credit card or investigating a variety of finance, banking and investment products – then infochoice is a great place to start.
Of course, don’t forget to call your Family Accountant if you have any unanswered questions or need information relating to the tax implications or tax deductibility of any financial product or service.
Media release 2008/59
The Tax Office will shutdown all IT and communication systems and applications over the Christmas and New Year period to complete essential maintenance at our data centres.
This means all systems and services will be unavailable from 4pm EDST Wednesday 24 December 2008 until 9am EDST Monday 5 January 2009.
There may also be some disruption to our systems and services after those dates.
If you think you will need to contact the Tax Office over this period please consider contacting us before 24 December.
The systems and services affected include the tax agent portal, business portal, electronic lodgment service, e-tax lodgment service, call centres, telephone services, the Tax Office website and internal business systems.
We apologise for any inconvenience this may cause.
For small business owners, the services of an accountant can be of significant importance. As accountants we are involved in more than preparing financial statements and tax returns – we can provide assistance on everything from estate planning to business financing.
To make the most of our skills, knowledge and experience, its best to come prepared to every meeting with a few questions.
Does your rental property have a tax depreciation schedule?
If it doesn’t and it was built or renovated after 1985, then you could be missing out on THOUSANDS of dollars worth of tax savings every year!
Regardless of the date of construction, all investment properties have depreciation in the form of depreciating assets, commonly known as Plant and Equipment. Over time, these assets wear out and decline in value.
Examples of Plant and Equipment include carpets, ovens, cooktop, dishwasher, clothes dryer, window blinds, air conditioner, heater and hotwater system.
RENTAL PROPERTY + DEPRECIATION SCHEDULE = MAXIMUM REFUND
