Financial advice including wealth creation, insurance and lending services
Cyber threats are everywhere – and they’re only getting worse. Having a dedicated cyber hygiene routine is the most effective way to stay protected. Download this desktop background as your quick reference guide for security best practices. Brad Lynch...
Sometimes we hear a few misconceptions about the tax audit insurance offering, Audit Shield. Here are a few common myths and explanations. Myth 1: “Audit Shield only covers audits” The comprehensive policy covers all audits, enquiries, investigations and reviews...
This question can be expected. It helps to have a prepared document setting out the Advantages and Disadvantages of each situation. The document can also explain the role of a Trustee of a SMSF. A document is so much easier to email, or hand across, then you can...
We are continually surprised by individuals who transfer ownership of their property (usually the family home) to a co-owner or family member for no consideration or for consideration of less than market value who when they subsequently become bankrupt think that such...
Compliance is a vital part of running any SMSF. Here are some of my top tips to ensure you reduce your risks. Record - keeping – Make sure you keep proper records for at least 10 years. Lodge your annual return on time. ATO can apply fines and penalties apply from 1...
Interestingly, some SMSFs have good and detailed annual accounting records, but their Permanent File is almost non-existent or quite often incomplete. Then it becomes necessary to track down what actually exists of the Permanent File. This can become quite time...
Some firms have anguished and resolved this issue. I suspect in days gone by, most accounting firms did some audit. Now, many small to medium firms don’t. Why? I recall Robert Gallagher, a practice consultant from Pittsburgh saying “Audit is the only work for which...
