Responsiveness We recognise that financial growth can only be achieved through mutual values and understanding. That’s what makes us flexible enough to respond to the needs of the client whilst offering comprehensive assistance to your financial queries.
Reliability We understand the time pressures facing your business. That’s why we strive to provide up-to-date, accurate and timely service solutions to your financial growth issues as a crucial element of our firm culture.
Aptitude For a business to grow, it is of utmost importance to be at the forefront of industry trends. Therefore, as a firm we continually familiarise ourselves with our surrounding business environment in order to maintain a lead in accounting initiatives and services.
There is a number of changes to the 2017-18 Self-managed super fund annual return (SAR) thanks to the super changes which came into effect on 1 July 2017.
Transition to retirement income stream (TRIS) account The ATO has included a new label for the number of TRIS accounts an SMSF member has in accumulation phase.
A TRIS account is in accumulation phase unless the SMSF member has reached 65 years of age or has met another ‘nil’ cashing restriction condition of release (i.e., permanent incapacity, retirement or a terminal medical condition) and has advised their fund.
Limited recourse borrowing arrangements (LRBA) New questions focused on the use of LRBAs and extra borrowings have been added to section H, items 15e and 16. SMSFs that hold assets under LRBAs will be required to complete these questions.
Correct calculation of a member’s total superannuation balance (TSB) New labels to allow the make-up of the ‘closing account balance’ to be reported to support a more efficient calculation of a member’s TSB have been added.
The member’s TSB may affect their non-concessional contributions cap as well as other super caps from 30 June 2017.
Cessation of the temporary budget repair levy Certain tax rates for superannuation entities have been reduced in line with the cessation of the temporary budget repair levy (payable by some individuals for 2014-15, 2015-16 and 2016-17).
These rates affected those individuals that applied to the taxable income of non-complying superannuation funds (47 per cent to 45 per cent) as well as the non-arm’s length component of the taxable income of a super fund (47 per cent to 45 per cent).
CGT relief A new label has been added to the capital gains tax (CGT) schedule for the purpose of reporting deferred notional gains where the gain has been realised.
Early stage venture capital limited partnership tax offset The ATO has added a new label to enable SMSFs to report the amount of unused early stage venture capital tax offset carried forward from the previous year.
