2018/19 Federal Budget
2018 Federal Budget Update Quick links Changes affecting business taxpayers Superannuation related changes Changes affecting companies Other changes Personal income tax changes Personal income tax plan The Government will introduce a seven-year, three-step, Personal Income Tax Plan, as follows: Step 1: Targeted tax relief to low and middle income earners The Government will introduce the […]
Superannuation pensions
New reporting requirements for superannuation pensions With the new super rules beginning on 1 July 2017, your requirement to report information about your SMSF and the pensions it pays you and other fund members may be changing. This is driven by the introduction of the new $1.6 million transfer balance cap which limits the amount […]
Fair’s fair for blended families
A blended family can have a huge impact on your finances Whether it’s buying a home with your new partner or ongoing child support. But, one of the most important areas that is often overlooked, is the impact of a newly formed family structure on your estate plan. A fair solution means your wishes are […]
SMSF investing in cryptocurrencies
Bitcoin and cryptocurrencies like bitcoin are not money but are capital gains tax (CGT) assets If an SMSF transacts in cryptocurrencies, SMSF trustees and members need to be aware of the tax consequences. In each case these will depend on the nature of the SMSF’s circumstances. SMSFs involved in acquiring or disposing of cryptocurrency must […]
Peta Berry, Manager SMSF Solutions
Meet Omnis Group Manager, Peta Berry Working across Omnis Group’s Accounting and Financial Planning businesses, Accountant Peta Berry has a strong background in self-managed super fund (SMSF) accounting and administration. She joined Omnis Group in 2008 to run the SMSF Solutions Department, specialising in: SMSF Administration SMSF Preparation of Annual Financial Statements & Tax Returns SMSF […]
2016–17 SMSF return extension
ATO extends due date for 2016–17 SMSF returns This week the ATO announced that it will extend the due date for lodgment of self-managed superannuation fund (SMSF) annual returns for 2016–17 to 30 June 2018. Deputy Commissioner James O’Halloran said “We recognise there are some major new considerations and decisions for SMSFs and their advisers to […]
ATO releases position on SMSF event-based reporting
ATO finalise position on SMSF event-based reporting for transfer balance cap Following extensive consultation with the super industry, from 1 July 2018: SMSFs with members with a total super balance of less than $1 million will report events that impact their members’ transfer balances at the same time that the SMSF lodges its annual return SMSFs that […]
