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The importance of keeping good superannuation fund records

The ATO have confirmed that trustees are responsible for keeping good records in relation to their Self Managed Superannuation Fund. Good record keeping usually ensures accurate and up to date financial statements, audit and lodgement of tax returns. 

The penalties for trustees for not complying can be very serious. The ATO has encouraged trustees to view video’s available on their website (refer to QC23333). There are also educational courses (refer to QC 41142) to give trustees additional information and knowledge to allow them comply with the ATO requirements. This also ensures that their fund performs well. 

Temporary loss carry back measure has been extended

The loss carry back measures were initially implemented in 2020 to assist businesses impacted by Covid-19. They provide a cashflow boost for companies that were previously profitable but were subsequently making losses due to Covid 19. 

This measure allows companies to carry back tax losses from 2020 through to 2023 financial years, and allow them to receive a credit for previously paid company tax. 

It is possible for companies who do not elect to use this measure, to carry forward tax losses as they would normally do.

Superannuation Changes

We confirm the following changes;

  • $450 super guarantee threshold has been removed, which now means that all employees are able to receive 10% superannuation guarantee regardless of income. 
  • The downsizer super contributions eligibility age for people choosing to sell their home and make a downsizer contribution (maximum $300,000 into superannuation), has been reduced from 65 years of age to 60 years of age. 
  • Changes for those aged between 67 and 75 to remove the requirement for the work test up to age 75 and also allow individuals up to age 75 to access the bring forward rule for superannuation non concessional contributions. 

How to work effectively with your accountant

Want to know how to work effectively with your accountant? Making the most of your accountant’s expertise is essential in driving your business forward. You may only speak with your accountant once a year, or you may speak with them regularly. The best client/accountant relationships clearly consider and articulate the level of involvement you would like your advisor to have in your business. 

Here are some tips of how to make the most of your relationship with your accountant. 

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Covid 19 Coronavirus Pandemic Payments

Test Isolation Payment Scheme in WA introduced from 5 February 2022 

  • The Western Australia COVID-19 Test Isolation Payment – $320
  • The Australian Government’s Pandemic Leave Disaster Payment – up to $750 per seven days

Please find other relevant links below.

https://www.wa.gov.au/organisation/department-of-communities/covid-19-coronavirus-test-isolation-payment-scheme

https://www.mediastatements.wa.gov.au/Pages/McGowan/2022/02/COVID-19-Test-Isolation-Payments-for-eligible-workers-and-carers.aspx

https://www.servicesaustralia.gov.au/if-you-need-payment-during-coronavirus-covid-19?context=60352

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