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What's in the News

 

Trumans Staff Announcement

With mixed emotions, Trumans announce that the Manager of our Katoomba Office, Ms Jenny Goris, and her cat Abigail, will be leaving us at the end of the year.

While we are sad that Jenny will be leaving us after 15 years of dedicated service, we are excited for her as she moves into the next phase of her life.  Jenny has no plans at this stage to do anything other than to relax, look after her 6 cats, and continue her volunteering work with the RSPCA Blue Mountains Shelter.

Jenny has been the cornerstone of the Trumans Katoomba office over the last 15 years and the Partners really appreciate all that she has done for Trumans and the clients during her time with us.

Please feel free to contact Jenny to join with us in wishing her all the best for the future.

The Trumans Katoomba Office, and the whole Trumans Team, will continue to be available to achieve the best outcomes for all of our Katoomba clients.

When we return from our Christmas/New Year office closure on 17 January 2022, we can be contacted for all of your tax and accounting requirements.

 

New ATO Penalties for Self Managed Super Funds

The ATO has introduced new penalty powers which it can impose on you if your fund breaks certain superannuation rules.

The new rules apply from 1 July 2014 and allow the ATO to fine you and require you to rectify the mistake that has been made.  They can also direct you to take further education on self-managed superannuation funds if they are not satisfied you understand your role as trustee of your self-managed fund. 

Tax Office warning on the use of trust funds

The Tax Office has issued a media release to warn ‘anyone with a trust fund to avoid considerable tax debts, penalties and prosecution by making sure they aren’t making an easily identifiable attempt to avoid tax’. The media release is based on the recently released Taxpayer Alert TA 2013/1.

The practice tries to exploit mismatches between trust income and taxable income. Click on the link above for further information.

ASIC releases Small Business booklet

ASIC has released a booklet to make complying with your legal obligations easier. It is the first of a series of tools and resources being developed to make compliance a less daunting task. 

Your obligations as a small business operator covers key topics such as:

  • ASIC’s regulatory role and functions
  • types of business structures regulated by ASIC
  • responsibilities for managing businesses under a company or business name structure, and
  • obligations under key ASIC-related laws.

The release of the booklet follows ASIC’s National Small Business Survey last year and consultation with other regulatory agencies, small business associations and business advisers. 

Superseeker

It is important to keep track of your super. If you've ever changed your name, address or job, you may have lost track of some of your super. Having several super accounts could mean that fees and charges are reducing your overall super investment.

There are a number of ways to keep track of and manage your super. Click on the link above for more information.

Due Dates for Lodgement and Payment

Click on this link if you are looking for your Activity Statement lodgement dates

Valuation Guidelines for Self Managed Super Funds

This guide is designed to help you as a self -managed superannuation fund (SMSF) trustee when valuing assets for super purposes. It is not a comprehensive handbook about valuations.

This guide does not take away your responsibility to manage investments prudently. You must ensure the fund's investment strategy is reviewed regularly and takes into account the retirement goals of its members.

If you need assistance, please contact our SMSF specialist John Tsolakis.

Latest News & Alerts

August Newsletter

out now

 

 

  • ATO focus on rental property income and deductions

  • Wash sale arrangements under scrutiny

  • Switching home loans

    ... and more


 

 
         

  Check out our SMSF Toolkit here