Accounting Partners

$1.6M Transfer Balance Cap – Commutation request must be submitted before 1 July 2017

The ATO has released Practical Compliance Guidelines PCG 2017/5 to provide much needed clarity about the process that SMSF members and trustees need to follow to comply with the $1.6M transfer balance cap.

2018 EOFY Checklist

As the end of financial year approaches, you need to know the key superannuation considerations your clients need to make prior to 30 June 2018.

A Game of Thrones guide to succession planning

Events outside of our own control occur all the time. Although we place plenty of emphasis on our entry into a business, very often this emphasis peters out when we begin to consider an exit strategy.

Are your clients aware of the upcoming changes to contributions?

One of the major superannuation changes coming into effect from 1 July 2017, is the lowering of both the concessional (pre-tax) and non-concessional (after-tax) contribution limits.

Are your clients looking to finance their next car purchase?

The majority of people considering buying a car today, whether looking at a brand-new car from a dealership or a second-hand car via a private sale, are likely to require a car loan to finance the vehicle.

Can your business survive the long-term impact of a cyber-crime? | October 2017

Client expectations and scrutiny on the products and services you provide are ever-increasing. This changing climate brings challenges and risks to your business that was once not thought possible.

Can your business survive the long-term impact of a cyber-crime? October 2017 2

Client expectations and scrutiny on the products and services you provide are ever-increasing. This changing climate brings challenges and risks to your business that was once not thought possible.

CGT relief | 31 October 2017 deadline!

The CGT relief allows trustees to elect to reset the cost base of assets that will no longer be eligible to support tax-exempt superannuation income streams from 1 July 2017 to their market value.

Changes to Exempt Current Pension Income from 1 July 2017

The ATO has confirmed that it will no longer accept methods for calculating ECPI, particularly when it comes to a SMSF that has switched from unsegregated to segregated during the course of the financial year.

Class reveal their latest SMSF insights

The latest SMSF Benchmark Report for the December 2017 quarter examines SMSFs in pension phase. Key outcomes of this report show that pension SMSFs make up half of the 600,000+ SMSFs.

Do you have clients that have in excess of $1.6m in pension phase?

Time might be running out to take appropriate action to bring your clients under the Transfer Balance Cap before 30 June 2017.

Documentation under scrutiny

The importance of reviewing existing SMSF documentation is more important than ever. The super reforms have placed particular importance on estate planning considerations and death nominations.

Don’t let your clients’ SMSF Estate Planning strategy suffer after 30 June 2017

he 30 June 2017 SMSF changes impact on your clients’ Estate Planning strategies. Clients falling into any of the following categories require their Estate Planning strategy to be reviewed.

Downsizer Contributions | What your clients need to know

The ‘downsizer’ contribution comes into effect from 1 July 2018 and allows those eligible to boost their superannuation savings, without the need to satisfy normal superannuation contribution eligibility criteria.

Draft LRBA legislation update – May 2017

The government has released new draft legislation addressing concerns over the potential for SMSF members to use Limited Recourse Borrowing Arrangements (LRBAs) to circumvent their contribution caps.

Driverless vehicles are here | December 2017

Autonomous driving promises more fluid and safe travel and could lower travelling costs. Such a saving would trigger a major shift in consumer-spending patterns, while upending industries.

Estate planning concerns with super reforms

The super reforms have seriously disrupted our ability to ‘set and forget’ estate planning strategies where SMSFs are involved.

Estate vs Non Estate Assets

Where there’s a will, there’s a way – familiar with that saying?

FASEA cut off for new and existing Advisors is fast approaching

Federal Budget 2017 – Key superannuation changes | May 2017

While there were only two significant changes announced in last weeks’ Federal Budget, there is still time to take advantage of changes delivered last year.

Getting your clients started on the property ladder with the First Home Super Saver Scheme

Federal Government introduced the First Home Super Saver Scheme, in response to the increasing number of first home buyers finding it difficult to enter the property market. So how does the scheme work, and should it be on your clients' radars?

How can you extract the most value from your Bookkeeper?

With the continuing advance of technology in accounting software, it is no longer a valuable spend to have a Bookkeeper just enter data – a lot of that can now be automated.

How would a three-year audit cycle impact the SMSF industry?

The Federal Government revealed plans to change the SMSF audit cycle in a bid to reduce the red tape and compliance burden for SMSF trustees where suitable.

Hugh Hefner lifestyle considered by new intestacy laws

Many people know that when you die without a Will, your estate is distributed according to a formula contained in legislation, but did you know that the legislation in Victoria changed on 1 November 2017?

Is superannuation still a magic pudding? May 2017

In the good old days, superannuation was like the Magic Pudding, a much-loved classic written and illustrated by one of Australia’s greatest artists, Norman Lindsay.

It’s Always Been a Matter of Superannuation Proceeds

Let's talk about Super Proceeds Trusts (SPTs) a simply a trust established by will or by deed solely to receive superannuation proceeds on the death of a fund member.

Largest income tax cuts in Australian history pass the Senate

Last week, the government secured the largest tax cuts in Australian history to come into effect from 1 July 2018.

Life after death: digital assets and estate planning

Have your clients considered what happens to their digital assets when they pass away? Do they know the value of their digital estate? Partners Legal outline some important considerations for estate planning.

Limited Recourse Borrowing Arrangements | January 2018

Earlier this month the Australian Government released a consultation paper containing proposed amendments to LRBA legislation. If successful, the proposed amendments would come into effect from 1 July 2018.

LRBA update | July 2017

It is important to review any superannuation funds that have limited recourse borrowing arrangements financed using related party loans operating within the ATO’s safe harbour terms.

Major insolvency reforms – what does this mean for your clients?

The Federal Government will introduce significant reforms to Australia’s corporate and personal insolvency laws this year following the commencement of the Insolvency Law Reform Act 2016 (Cth).

New pension advice requirements | December 2017

From 1 July 2018, SMSFs with members who have over $1M total superannuation balances will have to report transfer balance cap credits and debits within 28 days after the end of the quarter that they occur in.

Pensions reporting | no time to rest on your laurels

The ATO has recently come out with the reporting requirements for the transfer balance cap for funds paying ‘retirement pensions’.

Save up to $10,000* on your SMSF accounting software cost

Faced with the incoming Super Reforms, 2018 was a year of change for the accounting industry. As a result, many of you may have changed to new SMSF administration software to help you keep up with the changes, and shifting client expectations.

SMSF Auditor held liable for SMSF Investment losses?

A judgement released earlier this year from the NSW Court of Appeal has the SMSF industry talking.

SMSF Death Benefits

Death benefits under the new super reforms have heightened the importance of estate planning considerations in relation to superannuation.

SMSF residency issues – September 2017

We have recently received questions around SMSF residency rules and what funds need to do, in order to remain compliant.

SMSF Valuation Guidelines | under the Super Reforms |July 2017

On the back of the CGT relief options, we have also received many enquiries about the valuation of assets.

Super Support Service

To help you navigate the complex minefield of SMSF advice, Partners Wealth Group are pleased to introduce our new Super Support Service.

Surcharges for absentee owners and foreign purchasers of land – how does it impact on discretionary trusts?

There has been a lot of discussion lately regarding the changes to the absentee owner surcharge under the Land Tax Act 2005 (Vic) and the stamp duty surcharge for foreign purchasers under the Duties Act 2000 (Vic).

The Advisor of the Future

The impact of offshoring SMSF audits

We thought it timely to explore the ethical requirements of outsourcing work to overseas providers, either by sending data or allowing access to data hosted in Australia.

Time to report! Quarterly or Annual TBAR?

From 1 July 2018, all SMSFs must report events that affect their members' transfer balance cap either annually or quarterly.

To TRIS or not to TRIS?

With the super reforms resulting in a lot of pre 30 June advice requirements for your clients, we are now operating under the new regime.

Transfer Balance Account Reporting - Fast Approaching!

With 30 June 2018 fast approaching, many advisors and tax agents have been continuing to grapple with the superannuation changes.

Transition to Retirement Income Streams

There is only five months left for your clients to review their superannuation affairs and ensure they are best positioned to receive the maximum benefits from 1 July 2017.

Transition to Retirement Income Streams – Important Update

The Australian Government released a consultation paper containing proposed amendments to TRIS legislation, which if implemented would be backdated to 1 July 2017.

Use of reserves by SMSFs

SMSF trustees have utilised reserves for many purposes over the years, whether it be for investment smoothing, strategic purposes or anti-detriment.

What does the 2017 budget mean for property transactions? June 2017

The 2017 budget announcement has raised many questions around property transactions for foreign and Australian resident.