June 2015 Newsletter

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LAST MINUTE TAX TIPS

Tax planning is a year-round activity at Stanley & Williamson, but June is the time to double check that any critical actions are taken before 30 June.

Click here to find out what you need to attend to before the new year rolls around.

SUPERANNUATION. WHAT TO DO BEFORE 30 JUNE

With 30 June fast approaching, it is important that you ensure all your superannuation needs are looked after before year-end.

Our full article covers information about contributions, pensions, investments and insurance, so click here to find out the steps you need to make before the end of this financial year.

HOW TO SPOT A SCAM

A client recently received a phone call, which purportedly came from the ATO, threatening legal action for so called irregularities in her tax return. Luckily she was not home and a message was left on her answering machine, so she had time to call us before responding.

This was a scam to try and gain access to her private information, which in turn could have been used for identity theft.

Click here to read more about threats like this, and for our tips on how to spot fake emails.

LIFE INSURANCE HELD BY AN SMSF FOR A BUY-SELL AGREEMENT

It is a very common practice for a self-managed superannuation fund to purchase a life insurance policy where the purchase is pursuant to a business buy-sell agreement the member has entered into with their business partners.

However, the Tax Office has stated that they believe this common practice is now a breach of the legislation.

Click here to find our more.

 SUPER STREAM

Will you be paying and reporting your staff’s super correctly from 1 July 2015?

Is your payroll/super software SuperStream ready? Employers will be required to use SuperStream to send contribution data and make payments electronically (using e-commerce standards) for all their staff.

The ATO can impose administrative penalties for those failing to comply with the new SuperStream standard.

Click here to find out more.

QUOTE

Someone’s sitting in the shade today because someone planted a tree a long time ago.

– Warren Buffett