This year has seen many legislative changes to Superannuation, this is why we have decided to focus on Superannuation this month.  On Thursday 24th November 2016 we will be holding a Free Seminar for our clients and associates, you can read more about this below.

We have tailored our November Newsletter with articles relevant to this topic and of importance to all of our clients.  We invite you to contact us for a personal and confidential discussion regarding this topic or any questions you may have from the articles in our newsletter.

Leon Stephan

Managing Partner

Monthly team member profile
Jenny Rodrigo (Manager)
Superannuation Specialist

We would like to introduce our in-house Superannuation Specialist, Jenny Rodrigo.  Jenny has been caring for the accounting and compliance needs of Self Managed Superannuation Funds (SMSF’s) for the last 19 years, over the last nine of those years operating her own business in SMSF administration.  She enjoys working with and educating trustees as they grow their funds in the accumulation phase and then move into retirement where they then have the opportunity to enjoy the benefits of what they have worked so hard to achieve.

We are excited to have Jenny on board with her wealth of knowledge in this area and commitment to helping our clients manage their SMSFs.

Read Jenny’s latest Blog regarding Auditors Expectations here.

Jenny will be presenting at our upcoming FREE SEMINAR, details below.

Upcoming Free Seminar

Have you registered for our upcoming Free Seminar ‘Let’s talk Super’?  On the 24th of November we will be presenting a Superannuation Fund Seminar,

Presenting on the night will be Advivo Partner, Chris Morris, Advivo’s Superannuation Specialist, Jenny Rodrigo, Guy Thompson and James Farrelly. Jenny will share her personal and professional experience, and the knowledge she has gained through working in both superannuation and compliance. James will talk about his role as a Financial Advisor and Account Resource Manager as well as provide insights on the investment and insurance opportunities available SMSF’s.

It is sure to be a very informative night so we look forward to seeing you! Register Now

Event Details:                                                     Venue:
Date: November 24th                                          United Service Club Queensland
Time: 5:45pm, for a 6pm start                          183 Wickham Terrace, Spring Hill QLD 4000


ATO Data Matching

The Australian Taxation Office (ATO) have recently introduced Data Matching programs, which relate to online selling, share transactions and credit and debit transactions.

The ATO are seeking data on share transactions from 20 September 1985 to 30 June 2018 from a number of sources, this data includes share sale prices and quantities, identities of buyers and sellers & shares acquired or disposed of.

This is important information for all of our clients and highlights the importance for Audit Insurance in the event that you are audited by the ATO, if you haven’t already, please consider taking up our Audit Shield Service and for further information please contact us.

Foreign Resident Capital Gains Withholding Clearance Certificate (required for property transactions with a price tag of over $2m)

There has been a recent Media Release from the Tax Practitioners Board (TPB) advising that conveyancers may need to register with the TPB when assisting clients in buying or selling property if they engage or assist their client in applying for a Clearance Certificate in relation to the property transaction. The reasoning of the TPB in this is that they consider some of the fields within the Clearance Certificate form can constitute the provision of “Taxation Services”.  If completed by someone (other than the taxpayer themselves) who is not properly registered to provide suitable “Taxation Services” the person completing the form may risk exposure to legal challenge (as well as voiding your PI Insurance) should there be faults with the answers provided.  This is something that really needs professional accounting assistance to complete.

Some of the information asked for on the Clearance Certificate application includes whether tax returns are up to date for the entity selling. The only people who can positively confirm this will be the taxpayer themselves and their registered tax agent who can confirm this with an ATO search.

One of our recent experiences when applying for a Clearance Certificate was that we encountered a usual, not unexpected, “wall of silence” from the Australian Taxation Office when we followed them up on the progress of an application. After half an hour on hold transferring to the right department, we were met with their usual, “this is still within our 28 day Service Standard and so we are unable to tell you the progress of your application.” Oh to be a government department and not have to be accountable for progress of service. The Clearance Certificate did issue within a fortnight of when we had applied for it, however it would be wise if applying to advise all parties to the transaction that there may be some uncertainty around the turnaround time for these as if there are problems you may not be able to talk to the ATO about them until nearly a month from lodging the application.

Case Studies

Advivo is excited to share our most recent Case Study, for work completed for Concut Pty Ltd!

Concut Pty Ltd is a well-established concrete, sawing and drilling business and has been using Advivo for finance management and corporate advisory since their inception in July 2014, and Advivo has helped Gary to transition into the role of Managing Director with ease. To read more, click here.

November Blogs

  • Superannuation 101 – At Advivo, we believe that understanding how super works will put you in a better position to make the best choice when it comes to super and your retirement. That is why we have decided to make it our focus …Read More
  • Lost Super and How to Find It – As at 30 June 2016, there is over $5.7 million in lost super waiting to be claimed. Given this, the ATO is keen to re-unite members with any lost super they may have accumulated over the years…Read More
  • SMSF Audits – why is my fund audited? – If you run a SMSF, it is a statutory obligation under the Superannuation Industry (Supervision) Act (SISA) and Superannuation Industry (Supervision) Regulation (SISR) that your SMSF is audited annually by an approved independent auditor… Read More

Key Events/ Dates:

  • 21 November – Lodge and pay October 2016 Activity Statement
  • 24 November – Advivo Free Client Seminar ‘Let’s Talk Super’
  • 25 November – Lodge and pay July – September 2016 quarter 1 paper activity statements (when lodged through a Tax Agent)

Tips and Updates

SMSF Income Stream – ATO Case Study

Generally, a self-managed superannuation fund (SMSF) can only pay a member’s superannuation benefits when the member reaches their “preservation age” and meets one of the conditions of release, such as retirement. The payment may be an income stream (pension) or a lump sum, depending on the circumstances.

The ATO has prepared a case study discussing differing outcomes for three individuals (all 60 years old) old who want to start receiving an income stream from their SMSFs. Full Article

Beware Super Funds Offering Incentives: ASIC

The Australian Securities and Investments Commission (ASIC) has updated its guide to help employers select a default superannuation fund for their employees. The guide sets out a range of factors for employers to consider when deciding about a default super fund for employees (eg fees, investment options, fund performance and insurance).

ASIC also encourages employers to be wary of trustees offering inducements for the employers to pick their funds. Inducements may take any form, including corporate hospitality, holidays and discounted rates on products or services. Full Article

Tax Deductions for Meeting Employer Superannuation Obligations

Employers are entitled to a tax deduction for contributions made to a complying superannuation fund or a retirement savings account (RSA) for the purpose of providing superannuation benefits for their employees. The contributions are only deductible for the year in which they are made. To maximise the deductions available, employers should ensure that the contributions are paid to their employees’ superannuation funds or RSAs before 30 June. Full Article