Tag Archives: Berwick

NEWS – ATO may soften on proposed event-based reporting SMSF rules

Controversial and laborious event-based reporting rules for Australia’s army of DIY super fund operators may be softened by the tax office in coming weeks. Under current plans the Australian Taxation Office wants all SMSFs (self-managed super funds) to report much … Continue reading

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MASTERCLASS Investment – Cash and Accrual Accounting – What is the difference?

Cash and Accrual accounting are the 2 ways companies report on their financial statements. And when planning for SMSF investing, understanding them is a foundation to reading the financials of a company. Cash accounting records receipts are recorded during the … Continue reading

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NEWS – ATO watch list 2017 – SMSF items on radar to note – property development, second SMSF, excess contributions, reserves

A report at SMSF Advisor by Katarina Taurian, highlights new ATO watch list items on their radar to take note of (our emphasis added) – The tax office has added a series of new items of concern to its watch list … Continue reading

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Masterclass SMSF – What happens when a member dies and what are SMSF dependents?

When a member of a SMSF dies, SIS Reg 6.21(1) directs that the member’s benefits must be ‘cashed’ as soon as practicable. The money is then paid by either a lump sum payout to dependants or to the estate, or … Continue reading

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MASTERCLASS Investment – What is GAAP – ie What are Generally Accepted Accounting Principles (GAAP)?

Companies listed on the Stock Exchange in Australia finish half-year reporting at the end of February and August. A common phrase “Generally Accepted Accounting Principles” (GAAP) consists of three important sets of rules: (1) Basic accounting principles and guidelines; (2) … Continue reading

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Basics about Super – How superannuation works, by ASIC

There are lots of sites with information – where can you learn about how superannuation works for someone who can be trusted? ASIC the Australian Securities and Investment Commission can help – Here’s some from their site – How super … Continue reading

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NEWS – Insurance in Super to closer meet Member needs at different life stages

Rod Myer writes at The New Daily – Insurance cover in superannuation could be redesigned to closer meet the financial needs of members, research house Rice Warner believes. Because insurance in super needs depend on age and family situation, insurance … Continue reading

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