Welcome to this month’s issue of One 2 One and what a month it has been.
The ATO has kept us busy with their 31st October 2014 lodgement deadline. Their attitude is one of urgency to have late lodgers up to date. They are putting emphasis on lodgement compliance with the result being revenue raising. They’re being ruthless with payment arrangements of tax debts and have been unreasonable with their expectations. We urge any of you with outstanding lodgements, of tax returns or activity statements, to contact our office immediately to remedy.
We have had a number of enquiries from SMSF trustees regarding the ATO’s new penalty regime. Our earlier correspondence has highlighted the importance of converting to a corporate trustee. Please consider your options and contact our office to discuss.
We encourage you to contact Optima Partners if there are any topics you would like us to include in future issues.
All the best!
The Benefits of a Corporate Trustee
In light of the new Australian Tax Office (ATO) penalty regime that will apply to Self Managed Superannuation Funds (SMSF) Optima Partners highly recommend assessing a move from individual trustees to a corporate (company) trustee.
The new regime has the ability to levy penalties of $10,200 on all trustees, so if an SMSF has four members and the trustees are individual members then the total penalties imposed would be $40,800 as opposed to $10,200 where the trustee is a company.
Apart from the change in the penalty regime there are additional benefits in having a company act as trustee. In a document published this year ASIC provided five reasons why a corporate SMSF trustee is better than individual trustees.....MORE
ATO Lodgements for November
21 November 2014
Monthly activity statement for October due for lodgement/payment
25 November 2014
Quarterly activity statement for July to September 2014 due for lodgement/payment if we lodge on your behalf
28 November 2014
Due date for lodging Superannuation Guarantee charge statement - quarterly and paying the super guarantee charge for July to September 2014, if the employer did not pay enough contributions on time.
WHAT'S HAPPENING OUT THERE ???
Optima Partners’ chief economist (hahaha!!) Enrico De Pietro talks to One2One about business and consumer confidence and what is happening in the Australian economy right now
As business advisers, one question we get asked all the time is “What’s happening in the economy at the moment?” ... MORE
PROJECT DO IT !!
The time to declare is running out – Act Now! These benefits are available only to eligible taxpayers who come forward by 19 December 2014.
Taxpayers with undeclared offshore assets or income are running out of time and need to act now if they want to take advantage of the rare opportunity provided by the ATO’s offshore voluntary disclosure initiative, Project DO IT (Disclose Offshore Income Today)..MORE
ESTATE PLANNING IN A SELF MANAGED SUPERANNUATION FUND 7 Things you can do right now
Increasingly superannuation is the next major asset after the family home and sometimes it is the clients most significant asset.
It is therefore imperative that any estate planning includes the Self Managed Superannuation Fund (SMSF).
Here are seven things that you can do now...MORE
SMSFs BUYING OVERSEAS PROPERTY
Overseas property investment sounds exotic and exciting. Investors are buying properties in Paris, Bali, and the US where properties seem unbelievably cheap compared to WA. There appears to be a misconception that these properties must be a good investment for an SMSF. However, SMSF purchasers must address a number of compliance issue which add huge administrative burdens and costs on the trustee..MORE
Are your employees more stressed this year?
You could be losing up to 3.2 days per year in productivity per employee – according to a survey by the Australian Psychological Society (APS).
52% Personal financial issues
47% Family issues
43% Personal health issues
41% Maintaining a healthy lifestyle
38% The wellbeing of close acquaintances
Some alarming data:
1 in 7 reported severe to extremely severe depressive symptoms
1 in 10 reported severe to extremely severe anxiety
Over 70% said stress was impacting physical health
1 in 5 say stress is having a strong to very strong impact on physical health
Surprisingly young adults report much higher levels of stress and distress with 1 in 7 reporting severe depressive symptoms
What can you do?
The APS suggests employers can improve productivity and employee well-being by being aware of the mental and physical health of their employees and providing a safe working environment. Those employers who have clearly defined job descriptions, strong leadership and recognise and reward high performance are more likely to have happier, healthier and more productive employees.