Accounting Partners

Can your client exclude someone from their will?

When making a will, it can be just as challenging for your client to decide who to leave out of their estate as it is to decide who is to benefit from it.

Six member funds – what your clients need to know

In June 2021, the Treasury Laws Amendment (Self-Managed Superannuation Funds) Bill 2020 received royal assent, which means that SMSF funds will be able to expand to six members from 1 July 2021.

Sold and severely overpriced

In many cities around Australia, there is a trend of property demand being higher than the supply.

2021-22 Budget Announcements and Statutory Demands

In recognition that the recovery from the impact of COVID-19 is going to be a long and winding road, the government has announced that “further insolvency reforms [are coming] to support business dynamism” in its 2021/22 budget.

How the 2021 budget affects your clients' SMSF

Enduring Powers of Attorney and Self-Managed Super Funds

Enduring Powers of Attorney (EPOA) are well-known as an important estate planning tool whereby a person can nominate who will make key decisions on their behalf. However, EPOA documents are also an essential tool for the management of SMSFs.

Aged Care Royal Commission findings

After 24 months of Royal Commission hearings there is a public consensus that the aged care system is in need of improvement but what is uncertain is the willingness and ability of the public to pay the price required either through higher taxation or gre

Directors beware - Illegal Phoenixing

New laws with regards to resignations of company Directors came into effect in February 2021, to combat the practice of illegal phoenixing.

Key focus areas for your SMSF in 2021

Despite a focus on dealing with the pandemic during 2020, several key legislative initiatives have either been recently introduced or are before parliament now

ATO cracking down on late lodging SMSFs

From 1 October 2019, if an SMSF is more than two weeks overdue on any annual return lodgement due date and hasn't requested a lodgement deferral, we will change their status on Super Fund Lookup (SFLU) to 'Regulation details removed'.

A Letter from Santa (aka your Lawyer)

Whether you celebrate Christmas or not, you are never too old to get excited about the magic of this time of year. Even once your children are all grown up and no longer believe in Santa, there is nothing like seeing their faces light up when they see wha

LRBA bill passes parliament with effect from 1 July 2018

If the bill receives royal assent it will become law, impacting LRBAs that were established on or after 1 July 2018.

Breakfast Bootcamp | A technical work-out for Accountants

Over 90 minutes, you will be put through your paces as our team of specialists challenge you to get technically fit!

Look out for insurance changes from 1 July 2019

It is important that you inform your clients that could be impacted to take necessary steps as soon as possible.

Five key reasons your clients should review their SMSF Trust Deed today

Our experienced team will ensure that your clients receive a robust, flexible and easy to understand Trust Deed.

Audits – why they can cost you more than money

Working in partnership with Guild Insurance, Partners Wealth Group are proud to make available to our valued Accounting network an innovative and customer centric Tax Audit solution

SMSF member increase from four to six | technical update

The government introduced the bill to increase the SMSF member limit from four to six in February 2019.

Provide your clients market leading commercial lending solutions

Getting the right commercial lending advice upfront can save your clients thousands of dollars in the long term.

Why superannuation death benefits advice is so important

Superannuation death benefits disputes are on the rise, resulting in superannuation death benefit litigation cases becoming increasingly common.

Estate Planning considerations for young people

Here are a few excellent reasons for young people to have their own estate plan

The Federal election - What lies ahead?

Here are some examples of what your SMSF clients should be looking at in the lead up to the federal election

APRA’s removal of interest only loan caps - Implications for the residential investor

The Australian banking regulator, Australian Prudential Regulation Authority (APRA) has removed interest only lending restrictions.

Are you meeting TBAR requirements?

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

SMSF Death Benefits

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

Estate vs Non Estate Assets

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

The Advisor of the Future

FASEA cut off for new and existing Advisors is fast approaching

At its October meeting, the Board of the Financial Adviser Standards and Ethics Authority (the Standards Authority) approved a structured approach to the task of establishing Standards under its legislative obligations.

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.

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.

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.

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.

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.

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.

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?

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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’.

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?

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

$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.

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.

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.

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).

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.

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.

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).

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.