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Our people

Joe Salomone, CPA – Director

B.Bus, Grad.Dip. (FP)

 

Joe Salomone is the founding member of Salomone Accountants. After gaining a Business degree majoring in Accounting from the Queensland University of Technology, Joe went on to pursue a Graduate Diploma in Financial Planning at the Securities Institute of Australia. Since then he has become a qualified CPA, and has over 20 years experience working in business services and taxation.

 

Joe specialises in assisting Small Business clients in the areas of taxation, financial accounts, tax planning and restructuring. He also has vast experience in assisting clients who have investment and rental properties and share investments.

 

Professional and Administrative Staff

 

Salomone Accountants is a flexible workplace employer. This flexibility allows staff the opportunity to fulfill a work/life balance which creates a happy work environment.

 

Investment has been made in the professional development of all staff at Salomone Accountants and the experienced staff are able to offer clients a friendly and professional approach. All staff endeavour to provide professional and accurate advice to clients in a timely manner.

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News

Proactive consolidation with ILBAs

November 13, 2019

Inactive low-balance accounts (ILBAs) are a new category account that needs to be reported and paid to the ATO. This was introduced in the Treasury Law Amendment (Protect Your Superannuation Package) Bill 2019 that came into effect on 1 July 2019 after first being announced in the 2018-19 Federal Budget.

ILBAs are designed to protect accounts from fee erosion. Where possible, the ATO will proactively consolidate super on behalf of an individual.

A superannuation account is considered an ILBA if the following criteria are met:

Funds are required to identify ILBAs on 30 June and 31 December each year, then report and pay them to the ATO by the statement date.

Individuals that have an account that they do not want to be transferred to the ATO as an ILBA, can consolidate super accounts using ATO online services through myGov, contact their super fund for more information or authorise their super fund to provide a written declaration to the ATO.