Advisers struggling to get a contribution into an SMSF ahead of 30 June should consider the use of a promissory note (PN) to avoid funds being held over until the new financial year, according to an SMSF strategist.
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While the taxpayers who incorrectly received excess determinations for non-concessional contributions have been given an extension for their election due date, some of these clients had already paid for advice to deal with the determination, says an industry law firm.
Greater numbers of accountants are partnering with financial planners to service the SMSF sector, according to new research from Investment Trends, which also found trustees rank expertise ahead of fees.
Trust deeds containing clauses that cause reversionary pensions to override binding death benefit nominations are exposing SMSF professionals to legal risks and resulting in poor outcomes for the client, an industry law firm has warned.
The ATO has reminded auditors about some of the specific requirements that trustees must meet when winding up an SMSF and the checks that SMSF auditors need to undertake for the final audit.
Labor MPs continue to defend the proposed cap on the deductibility of accountants’ fees, as accountants, software vendors and associations alike pick up the pace with their lobbying.
As previously advised, the Australian Electoral Commission found a last minute minor hurdle with our registration application late on the Friday evening before PM Morrison called the election, so we were left high and dry.
Bill Shorten has made a pitch to small business, helping them to employ younger and older workers but he has also cheesed off their trusted accountants. What is he smoking?
Small businesses remain confused about the impact of Labor’s policy on family trusts as the election looms.
Stage two of the ATO’s operational framework is here with more accounting apps being mandated with Two Factor Authentication. This means imminent changes to the way accountants and their teams manage and control access to an ever increasing suite of cloud apps.
This article will help you understand what’s coming from an operational perspective and how to prevent these changes from impacting on your firm’s productivity.
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