[av_section min_height=’custom’ min_height_pc=’25’ min_height_px=’230px’ padding=’default’ shadow=’no-border-styling’ bottom_border=’no-border-styling’ bottom_border_diagonal_color=’#333333′ bottom_border_diagonal_direction=” bottom_border_style=” custom_margin=’0px’ custom_margin_sync=’true’ custom_arrow_bg=” id=” color=’main_color’ background=’bg_color’ custom_bg=’#ffde59′ background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’diagonal_tb’ src=” attachment=” attachment_size=” attach=’scroll’ position=’center center’ repeat=’stretch’ video=” video_ratio=’16:9′ overlay_opacity=’0.6′ overlay_color=’#084a79′ overlay_pattern=” overlay_custom_pattern=” av_element_hidden_in_editor=’0′ av_uid=’av-145nae’ custom_class=”]

[av_one_full first min_height=” vertical_alignment=’av-align-top’ space=” custom_margin=’aviaTBcustom_margin’ margin=’0px’ margin_sync=’true’ link=” linktarget=” link_hover=” padding=’0px’ padding_sync=’true’ border=” border_color=” radius=’0px’ radius_sync=’true’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation=’left-to-right’ mobile_breaking=” mobile_display=” av_uid=’av-jgf3pjem’]

[av_heading heading=’The News Brief_20210303′ tag=’h1′ style=’blockquote modern-quote modern-centered’ subheading_active=’subheading_below’ show_icon=” icon=’ue800′ font=” size=’6vw’ av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” subheading_size=’20’ av-medium-font-size=” av-small-font-size=” av-mini-font-size=” icon_size=” av-medium-font-size-1=” av-small-font-size-1=” av-mini-font-size-1=” color=’custom-color-heading’ custom_font=’#000000′ icon_color=” margin=’0′ margin_sync=’true’ padding=’0′ icon_padding=’10’ link=’manually,http://’ link_target=” id=” custom_class=” av_uid=’av-klrnmysq’ admin_preview_bg=’rgb(34, 34, 34)’][/av_heading]

[/av_one_full][/av_section][av_one_third first min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ row_boxshadow=” row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=” title_attr=” alt_attr=” padding=’0px’ highlight=” highlight_size=” border=” border_color=” radius=’0px’ column_boxshadow=” column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=” av_uid=’av-g8cs0t’][/av_one_third]

[av_one_third min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ row_boxshadow=” row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=” title_attr=” alt_attr=” padding=’0px’ highlight=” highlight_size=” border=” border_color=” radius=’0px’ column_boxshadow=” column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=” av_uid=’av-hh2n9p’]
[av_social_share title=’Share this story to your friends’ style=’minimal’ buttons=” av_uid=’av-k7zlpjtt’ custom_class=” admin_preview_bg=”]
[/av_one_third]

[av_one_third min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ row_boxshadow=” row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=” title_attr=” alt_attr=” padding=’0px’ highlight=” highlight_size=” border=” border_color=” radius=’0px’ column_boxshadow=” column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=” av_uid=’av-jhgqpp’][/av_one_third]

[av_section min_height=” min_height_pc=’25’ min_height_px=’500px’ padding=’no-padding’ shadow=’no-border-styling’ bottom_border=’no-border-styling’ bottom_border_diagonal_color=’#333333′ bottom_border_diagonal_direction=” bottom_border_style=” margin=’aviaTBmargin’ custom_margin=’50px’ custom_margin_sync=’true’ custom_arrow_bg=” id=’tax1′ color=’main_color’ background=’bg_color’ custom_bg=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” attachment=” attachment_size=” attach=’scroll’ position=’top left’ repeat=’no-repeat’ video=” video_ratio=’16:9′ overlay_opacity=’0.5′ overlay_color=” overlay_pattern=” overlay_custom_pattern=” av_element_hidden_in_editor=’0′ av_uid=’av-qet8u’ custom_class=”]

[av_one_full first min_height=” vertical_alignment=’av-align-top’ space=” custom_margin=’aviaTBcustom_margin’ margin=’0px’ margin_sync=’true’ row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=’opacity80′ title_attr=” alt_attr=” padding=’0px’ padding_sync=’true’ highlight_size=’1.1′ border=” border_color=’#f2f2f2′ radius=’3px’ radius_sync=’true’ column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’diagonal_bt’ src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation=’left-to-right’ mobile_breaking=” mobile_display=” av_uid=’av-9wkhy’ custom_class=”]

[av_heading heading=’Scott Morrison to consider new aged care tax’ tag=’h1′ style=” subheading_active=” show_icon=” icon=’ue800′ font=” size=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” subheading_size=’15’ av-medium-font-size=” av-small-font-size=” av-mini-font-size=” icon_size=” av-medium-font-size-1=” av-small-font-size-1=” av-mini-font-size-1=” color=” custom_font=” icon_color=” margin=” margin_sync=’true’ padding=’10’ icon_padding=’10’ link=’manually,http://’ link_target=” id=” custom_class=” av_uid=’av-kls280z7′ admin_preview_bg=”][/av_heading]

[av_textblock size=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” font_color=” color=” id=” custom_class=” av_uid=’av-kb8nf8y1′ admin_preview_bg=”]
Released on Monday, the aged care royal commission final report contained 148 recommendations aimed at bringing about a “paradigm shift” within the sector.

To achieve the vision of high-quality aged care, both commissioners Tony Pagone and Lynelle Briggs believe some form of aged care levy should be introduced.

Mr Pagone, a taxation lawyer who was the national co-ordinating judge of the Federal Court’s Taxation National Practice Area, believes there is merit in introducing an additional tax similar to the current Medicare levy.

“One way in which this mechanism could work would be to require the payment of an additional percentage of each personal taxpayer’s income tax,” Mr Pagone said.

“The additional percentage rate could be uniform (a flat levy, like the Medicare levy) or there could be graduated rates for different taxable income brackets (a progressive levy).”

Should Australia go down the path of a flat-rate levy, modelling based on current aged care services would mean a levy of 2.61 per cent.

Alternatively, a progressive levy could be applied to current tax brackets, starting at 2.1 per cent for those earning up to $37,000 and rising to 5.1 per cent to those earning more than $180,000.

Mr Pagone said that while nobody would enjoy paying extra taxes, an aged care levy would be the best way to “engender stability and confidence in the future of aged care financing”.

“I also consider it likely to change the way the community perceives aged care for the better, towards it being seen as something valuable in which we all have stake, and that it will lead to greater scrutiny and accountability in the way money is raised and spent on aged care into the future,” he said.

Commissioner Briggs, however, believes there shouldn’t be a hypothecated levy towards aged care, arguing that it would be a “tax on frailty” and has instead urged the government to restore funding that has led to the current poor state of care. She also considers that a Medicare-style “aged care improvement levy” could help raise revenue to fund the commission’s recommendations.

Mr Morrison said the report would “test my government, the budget and test the Parliament”, while agreeing to contemplate the proposed new tax.

“We’ll consider those things,” Mr Morrison said. “You know our government’s disposition when it comes to increased levies and taxes. It is not something we lean in to.

“As Treasurer, I once sought to increase the Medicare levy by 0.5 [of a percentage point] to support the National Disability Insurance Scheme and I wasn’t supported in that by the Labor Party or the Greens, for that matter.

“So, that’s something that I’ve seen in other contexts that the Parliament hasn’t supported before. So, you’d forgive me for being a little wary at this point.”

CPA Australia general manager of external affairs Dr Jane Rennie said it was more important to understand how any increased revenues raised through a levy would be used.

“Throwing more money at the problem won’t address the root causes,” Dr Rennie said. “We need to make the funding system simpler and easier to use.”
[/av_textblock]

[/av_one_full][/av_section][av_section min_height=” min_height_pc=’25’ min_height_px=’500px’ padding=’no-padding’ shadow=’no-border-styling’ bottom_border=’no-border-styling’ bottom_border_diagonal_color=’#333333′ bottom_border_diagonal_direction=” bottom_border_style=” margin=’aviaTBmargin’ custom_margin=’50px’ custom_margin_sync=’true’ custom_arrow_bg=” id=’property’ color=’main_color’ background=’bg_color’ custom_bg=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” attachment=” attachment_size=” attach=’scroll’ position=’top left’ repeat=’no-repeat’ video=” video_ratio=’16:9′ overlay_opacity=’0.5′ overlay_color=” overlay_pattern=” overlay_custom_pattern=” av_element_hidden_in_editor=’0′ av_uid=’av-qet8u’ custom_class=”]

[av_one_full first min_height=” vertical_alignment=’av-align-top’ space=” custom_margin=’aviaTBcustom_margin’ margin=’0px’ margin_sync=’true’ row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=’opacity80′ title_attr=” alt_attr=” padding=’0px’ padding_sync=’true’ highlight_size=’1.1′ border=” border_color=’#f2f2f2′ radius=’3px’ radius_sync=’true’ column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’diagonal_bt’ src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation=’left-to-right’ mobile_breaking=” mobile_display=” av_uid=’av-9wkhy’ custom_class=”]

[av_heading heading=’House prices surge in February’ tag=’h1′ style=” subheading_active=” show_icon=” icon=’ue800′ font=” size=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” subheading_size=’15’ av-medium-font-size=” av-small-font-size=” av-mini-font-size=” icon_size=” av-medium-font-size-1=” av-small-font-size-1=” av-mini-font-size-1=” color=” custom_font=” icon_color=” margin=” margin_sync=’true’ padding=’10’ icon_padding=’10’ link=’manually,http://’ link_target=” id=” custom_class=” av_uid=’av-kls28xak’ admin_preview_bg=”][/av_heading]

[av_textblock size=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” font_color=” color=” id=” custom_class=” av_uid=’av-kb8nf8y1′ admin_preview_bg=”]

The strength in the Australian property market has continued for another month, with strong gains in all capital cities.

According to the latest data from CoreLogic, capital city house prices increased by 2.1% in February, the fastest rise in 17 years.

Hobart and Sydney were the strongest capital city housing markets, gaining another 2.5% in February, while Melbourne’s market continues to keep moving higher since the end of the lockdowns, gaining 2.1%.

House prices across the country are now 4.0% higher than they were this time last year, prior to the start of the COVID-19 pandemic.
[/av_textblock]

[/av_one_full][/av_section][av_section min_height=” min_height_pc=’25’ min_height_px=’500px’ padding=’no-padding’ shadow=’no-border-styling’ bottom_border=’no-border-styling’ bottom_border_diagonal_color=’#333333′ bottom_border_diagonal_direction=” bottom_border_style=” margin=’aviaTBmargin’ custom_margin=’50px’ custom_margin_sync=’true’ custom_arrow_bg=” id=’mortgage’ color=’main_color’ background=’bg_color’ custom_bg=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” attachment=” attachment_size=” attach=’scroll’ position=’top left’ repeat=’no-repeat’ video=” video_ratio=’16:9′ overlay_opacity=’0.5′ overlay_color=” overlay_pattern=” overlay_custom_pattern=” av_element_hidden_in_editor=’0′ av_uid=’av-qet8u’ custom_class=”]

[av_one_full first min_height=” vertical_alignment=’av-align-top’ space=” custom_margin=’aviaTBcustom_margin’ margin=’0px’ margin_sync=’true’ row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=’opacity80′ title_attr=” alt_attr=” padding=’0px’ padding_sync=’true’ highlight_size=’1.1′ border=” border_color=’#f2f2f2′ radius=’3px’ radius_sync=’true’ column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’diagonal_bt’ src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation=’left-to-right’ mobile_breaking=” mobile_display=” av_uid=’av-9wkhy’ custom_class=”]

[av_heading heading=’What to do when your mortgage holiday ends’ tag=’h1′ style=” subheading_active=” show_icon=” icon=’ue800′ font=” size=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” subheading_size=’15’ av-medium-font-size=” av-small-font-size=” av-mini-font-size=” icon_size=” av-medium-font-size-1=” av-small-font-size-1=” av-mini-font-size-1=” color=” custom_font=” icon_color=” margin=” margin_sync=’true’ padding=’10’ icon_padding=’10’ link=’manually,http://’ link_target=” id=” custom_class=” av_uid=’av-kls2br3d’ admin_preview_bg=”][/av_heading]

[av_textblock size=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” font_color=” color=” id=” custom_class=” av_uid=’av-kb8nf8y1′ admin_preview_bg=”]
It’s been an unusual 12 months across the globe, and this time last year, most people would never have imagined that they would have ever needed a mortgage deferral.

In what was a very tricky time for borrowers, banks and lenders stepped up and offered their customers the opportunity to defer their mortgage payments until things turned around. 

Now that the Australian economy is getting back on track, a lot of borrowers will be forced to make a decision as to what to do with their deferred mortgages.

These are some of the options for those who need to start making repayments.

Go back to Normal Repayments

If you’re in a position to do so, you can simply start making your regular mortgage repayments again. It’s important to note that the mortgage holiday was just that. A break. You will still have to pay the full loan amount plus interest back to the lender. Getting started again is a good idea if you’re in a position to do so.

Push Out Loan Term

If you have some income coming back in, but it’s not at the previous level, there are still some options. You could possibly adjust your loan term in a bid to lower your repayments in the short term. For instance, by changing a 25-year loan to a 30-year loan, your payments might come down. Just note that you could be paying more interest overall.

Get Another Deferral

If you are still not making enough to cover your repayments, it’s important that you communicate this to both your lender and your mortgage broker. Mortgage deferrals are at the discretion of the lender and it might be possible to push it out further.

Refinance

If you have an income coming in that will allow you to refinance, you might be able to lower your repayments. You could look at options like an interest-only loan for a period of time or you could even take up an introductory offer from a different lender. Again, talking to your mortgage broker is the best starting point.

Time to Sell

If you’re still in your mortgage holiday period, it might actually be a good time to sell your property. Across the country, many suburbs and areas are seeing very healthy demand and good prices, so selling your property is an option. It’s worth assessing all the possibilities before going down this path, but if you’re not confident that your income can recover, this is still a viable option.
[/av_textblock]

[/av_one_full][/av_section][av_section min_height=” min_height_pc=’25’ min_height_px=’500px’ padding=’no-padding’ shadow=’no-border-styling’ bottom_border=’no-border-styling’ bottom_border_diagonal_color=’#333333′ bottom_border_diagonal_direction=” bottom_border_style=” margin=’aviaTBmargin’ custom_margin=’50px’ custom_margin_sync=’true’ custom_arrow_bg=” id=’tax2′ color=’main_color’ background=’bg_color’ custom_bg=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” attachment=” attachment_size=” attach=’scroll’ position=’top left’ repeat=’no-repeat’ video=” video_ratio=’16:9′ overlay_opacity=’0.5′ overlay_color=” overlay_pattern=” overlay_custom_pattern=” av_element_hidden_in_editor=’0′ av_uid=’av-qet8u’ custom_class=”]

[av_one_full first min_height=” vertical_alignment=’av-align-top’ space=” custom_margin=’aviaTBcustom_margin’ margin=’0px’ margin_sync=’true’ row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=’opacity80′ title_attr=” alt_attr=” padding=’0px’ padding_sync=’true’ highlight_size=’1.1′ border=” border_color=’#f2f2f2′ radius=’3px’ radius_sync=’true’ column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’diagonal_bt’ src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation=’left-to-right’ mobile_breaking=” mobile_display=” av_uid=’av-9wkhy’ custom_class=”]

[av_heading heading=’ATO tipped to pounce once JobKeeper ends’ tag=’h1′ style=” subheading_active=” show_icon=” icon=’ue800′ font=” size=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” subheading_size=’15’ av-medium-font-size=” av-small-font-size=” av-mini-font-size=” icon_size=” av-medium-font-size-1=” av-small-font-size-1=” av-mini-font-size-1=” color=” custom_font=” icon_color=” margin=” margin_sync=’true’ padding=’10’ icon_padding=’10’ link=’manually,http://’ link_target=” id=” custom_class=” av_uid=’av-kls2dfbo’ admin_preview_bg=”][/av_heading]

[av_textblock size=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” font_color=” color=” id=” custom_class=” av_uid=’av-kb8nf8y1′ admin_preview_bg=”]
“While the ATO has been very quiet for almost 12 months, that won’t last,” said Bradd Morelli, national managing partner at Jirsch Sutherland, a national insolvency firm. “And that’s when we expect to see the insolvency wave building.”

With the ATO’s debt book growing to $53 billion over the last year, Mr Morelli expects the Tax Office to start pursuing outstanding debts once businesses receive their last JobKeeper payments in April.

“It’s crucial for business owners and directors to be proactive and to act early if they’re in financial distress,” he said. “There’s a huge difference between early intervention, a controlled process, a reactive process, and a forced winding up.”

The federal government’s JobKeeper stimulus is set to expire on March 28, three days before the temporary restructuring relief — related to absolving eligible directors of personal liability for insolvent trading — ends on 31 March. 

Businesses should, Mr Morelli said, heed the opportunity to act early and be aware of their options, after doing a simple self-assessment and determining whether, once JobKeeper ends, they will have the ability to pay staff wages, tax, rent and super.

“Put simply, will your business be able to keep its head above water post-stimulus? If the answer is no,” Mr Morelli said, “then it’s crucial to speak to a trusted adviser like an accountant or business turnaround/insolvency specialist.

“JobKeeper has been a godsend for many businesses, and while many no longer need the support, there are still countless others that have been relying on it.

“Its conclusion may be a trigger for financial distress, as many businesses have exhausted their cash resources and won’t be able to stand on their own two feet and pay staff wages.”

As the economy bounces back, Treasurer Josh Frydenberg on Wednesday referred to the Treasury’s review of the scheme from last June, which found the subsidy would disincentivise work, keeping otherwise untenable businesses afloat. 

“While JobKeeper has been a remarkable program, it is no longer fit for purpose post-March,” Mr Frydenberg said.

The federal government is, however, considering options for further support for businesses and industries crippled by the pandemic.

If it were to materialise, it would be announced in the “coming weeks”, Mr Frydenberg said, and would need to be temporary, “accompanied by an exit strategy”.
[/av_textblock]

[/av_one_full][/av_section][av_section min_height=” min_height_pc=’25’ min_height_px=’500px’ padding=’no-padding’ margin=’aviaTBmargin’ custom_margin=’50px’ custom_margin_sync=’true’ color=’main_color’ background=’bg_color’ custom_bg=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” attachment=” attachment_size=” attach=’scroll’ position=’top left’ repeat=’no-repeat’ video=” video_ratio=’16:9′ overlay_opacity=’0.5′ overlay_color=” overlay_pattern=” overlay_custom_pattern=” shadow=’no-border-styling’ bottom_border=’no-border-styling’ bottom_border_diagonal_color=’#333333′ bottom_border_diagonal_direction=” bottom_border_style=” custom_arrow_bg=” id=’super’ custom_class=” aria_label=” av_element_hidden_in_editor=’0′ av_uid=’av-qet8u’]

[av_one_full first min_height=” vertical_alignment=’av-align-top’ space=” custom_margin=’aviaTBcustom_margin’ margin=’0px’ margin_sync=’true’ row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=’opacity80′ title_attr=” alt_attr=” padding=’0px’ padding_sync=’true’ highlight_size=’1.1′ border=” border_color=’#f2f2f2′ radius=’3px’ radius_sync=’true’ column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’diagonal_bt’ src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation=’left-to-right’ mobile_breaking=” mobile_display=” av_uid=’av-9wkhy’ custom_class=”]

[av_heading heading=’Avoid these top five errors in your SMSF annual return’ tag=’h1′ style=” subheading_active=” show_icon=” icon=’ue800′ font=” size=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” subheading_size=’15’ av-medium-font-size=” av-small-font-size=” av-mini-font-size=” icon_size=” av-medium-font-size-1=” av-small-font-size-1=” av-mini-font-size-1=” color=” custom_font=” icon_color=” margin=” margin_sync=’true’ padding=’10’ icon_padding=’10’ link=’manually,http://’ link_target=” id=” custom_class=” av_uid=’av-kls2f1zb’ admin_preview_bg=”][/av_heading]

[av_textblock size=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” font_color=” color=” id=” custom_class=” av_uid=’av-kb8nf8y1′ admin_preview_bg=”]
Everyone makes mistakes. When it comes to preparing and lodging your self-managed super fund (SMSF) annual return (SAR), you want to get it right. Below are the top five mistakes we’ve identified and some tips on how to avoid them.

1.Not including a bank account in your funds name

You need a bank account in your fund’s name to manage the SMSF operations and to accept contributions, rollovers of super and income from investments. You need to report this account when lodging your SAR.

The account must be separate from your trustees’ individual bank accounts and any related employers’ or advisers’ bank accounts. This will protect your fund’s assets and ensure super payments can be made to your SMSF.

2. Providing an incorrect electronic service address (ESA)

An ESA allows your SMSF to receive electronic remittance advice and contributions if you have members receiving super from non-related employers.

An ESA consists of alphanumeric characters with a combination of upper and lower case characters and is case sensitive. It’s not an email address or the contact details of the SMSF messaging provider.

3. Not valuing SMSF assets at market value

SMSF assets need to be reported at market value as at 30 June to prepare your fund’s accounts, statements and SAR. If you follow our valuation guidelines, we’ll generally accept the valuation you provide.

Accurate asset valuation is important to ensure your SMSF retains its complying fund status. Penalties may apply for inaccurate valuations as these can have an impact on your members’ balances.

4. Trying to lodge with zero assets

An SMSF is not legally established until the fund has assets set aside for the benefit of its members. We won’t accept a SAR from an SMSF that has no assets unless the fund is being wound up.

If this is your SMSF’s first year and you have no assets set aside for the benefit of your members, you can ask us to either cancel your fund’s registration or flag the SMSF’s record as return not necessary (RNN).

5. Incorrect or no auditor details in SAR

Your SMSF must have its financial statements and records audited each year by an approved SMSF auditor prior to lodging the SAR. The approved SMSF auditor must be appointed no less than 45 days before your SAR is due.

Make sure you:

If the auditor details are incorrect, you may also be penalised for making a false and misleading statement.
[/av_textblock]

[/av_one_full][/av_section][av_one_full first min_height=’av-equal-height-column’ vertical_alignment=’av-align-middle’ space=’no_margin’ custom_margin=’aviaTBcustom_margin’ margin=’0px,70px’ link=” linktarget=” link_hover=’opacity80′ padding=’40px’ padding_sync=’true’ border=” border_color=’#f2f2f2′ radius=’3px’ radius_sync=’true’ background=’bg_color’ background_color=’#f7f7f7′ background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’diagonal_bt’ src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation=’left-to-right’ mobile_breaking=” mobile_display=” av_uid=’av-9wkhy’]

[av_textblock size=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” font_color=” color=” id=” custom_class=” av_uid=’av-jgrx3l5f’ admin_preview_bg=”]

Sources: Accountants Daily and CFH Partners
Disclaimer: This is general information only and is subject to change at any time. Your complete financial situation will need to be assessed before acceptance of any proposal or product. The Content provided herein has been prepared for informational purposes only. The Content does not constitute tax, legal or accounting advice and should not be relied upon as such. You should seek tax, legal or accounting advice before acting or relying on any Content.

[/av_textblock]

[/av_one_full][av_section min_height=” min_height_pc=’25’ min_height_px=’500px’ padding=’default’ shadow=’no-border-styling’ bottom_border=’no-border-styling’ bottom_border_diagonal_color=’#333333′ bottom_border_diagonal_direction=” bottom_border_style=” margin=’aviaTBmargin’ custom_margin=’0px,70px’ custom_arrow_bg=” id=” color=’main_color’ background=’bg_color’ custom_bg=’#ffde59′ background_gradient_color1=’#094978′ background_gradient_color2=’#105e96′ background_gradient_direction=’diagonal_bt’ src=” attachment=” attachment_size=” attach=’scroll’ position=’top left’ repeat=’no-repeat’ video=” video_ratio=’16:9′ overlay_opacity=’0.5′ overlay_color=” overlay_pattern=” overlay_custom_pattern=” av_element_hidden_in_editor=’0′ av_uid=’av-qet8u’ custom_class=”]
[av_one_full first min_height=’av-equal-height-column’ vertical_alignment=’av-align-middle’ space=” margin=’0px’ margin_sync=’true’ row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=” title_attr=” alt_attr=” padding=’0px’ padding_sync=’true’ highlight_size=’1.1′ border=” border_color=” radius=’0px’ radius_sync=’true’ column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=” av_uid=’av-lsyke’ custom_class=”]

[av_heading heading=’Any more questions? ‘ tag=’h1′ link_apply=” link=’manually,http://’ link_target=” style=’blockquote modern-quote modern-centered’ size=’27’ subheading_active=’subheading_below’ subheading_size=’15’ margin=” padding=’30’ color=’custom-color-heading’ custom_font=’#000000′ custom_class=” admin_preview_bg=’rgb(34, 34, 34)’ av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” av_uid=’av-2hdg3k’]
Click the button below and talk with us!
[/av_heading]

[av_button label=’Get in touch’ link=’page,851′ link_target=’_blank’ size=’x-large’ position=’center’ label_display=” icon_select=’yes-right-icon’ icon_hover=’aviaTBicon_hover’ icon=’ue879′ font=’entypo-fontello’ color=’custom’ custom_bg=’#ffffff’ custom_font=’#000000′ av_uid=’av-jgf4ovnq’ custom_class=” admin_preview_bg=”]

[/av_one_full]
[/av_section]

[av_one_third first min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ row_boxshadow=” row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=” title_attr=” alt_attr=” padding=’0px’ highlight=” highlight_size=” border=” border_color=” radius=’0px’ column_boxshadow=” column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=” av_uid=’av-1waoal’][/av_one_third]

[av_one_third min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ row_boxshadow=” row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=” title_attr=” alt_attr=” padding=’0px’ highlight=” highlight_size=” border=” border_color=” radius=’0px’ column_boxshadow=” column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=” av_uid=’av-3suqlp’]
[av_social_share title=’Share this story to your friends’ style=’minimal’ buttons=” av_uid=’av-k7zlpjtt’ custom_class=” admin_preview_bg=”]
[/av_one_third]

[av_one_third min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ row_boxshadow=” row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=” title_attr=” alt_attr=” padding=’0px’ highlight=” highlight_size=” border=” border_color=” radius=’0px’ column_boxshadow=” column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=” av_uid=’av-6lbunh’][/av_one_third]