Saturday, 10 January 2015
Self Managed Superannuation fund obligations
Make sure you meet all your Self Managed Superannuation fund obligations before lodging your fund's annual return.
Tuesday, 6 January 2015
Is The Lower Dollar Doing Australia Any Good?
The Australian dollar has dropped by around 25 per cent since its
2011 peaks — some 30 cents or so — an event widely celebrated among
policy circles and some in industry.
Indeed, official attempts at lowering the dollar have been extremely
frequent. The government (both sides of politics), the RBA, Treasury
and a number of economists have all called for weaker currency and
actively pursed that outcome. The hope was that a lower dollar would
help rebalance the economy and in particular, help lift the
currency-sensitive industries — manufacturing, tourism and education
(via exports).
However, the costs associated with the exchange rate target have been
significant. Monetary policy has been completely hijacked by the
currency concerns, while, conversely, issues to do with financial
stability and inflation have been given secondary consideration. In
trying to achieve this outcome, policymakers have had a clear and
unequivocally detrimental influence on business and consumer confidence,
creating, whether deliberately or not, a sense of perpetual fear
throughout the nation.
Unfortunately the evidence doesn’t suggest a weaker currency has done
much good in terms of lifting those currency-sensitive sectors. Indeed
it’s quite clear the program has been a complete and utter failure.
http://www.businessspectator.com.au/article/2014/12/29/australian-news/lower-dollar-doing-australia-any-good
This news story is reprinted from
www.businessspectator.com.au
Read more details on Brisbane Accountants
Tuesday, 23 December 2014
What are super contribution caps
What are super contribution caps? Learn about the types and limits on super contributions and SMSF trustee responsibilities.
BBW Business Services company is Leaders in finance and accounting outsourcing services and bookkeeping in the world. Along with services mentioned above the company also provides smsf auditor for citizen of Australia. The company is direct to Businesses and Accountants & known for its service commitment in terms of low-cost, reliable and efficient outsourcing services.
SMSF Stats Show Huge Growth In The Sector
The ATO’s SMSF statistical report throws light on super funds scenario in Australia. The report has summarised all the data and various factors that influence the investment pattern, number of members, level of smsf audit and other specific things.
The report says that out of total superfunds during year 2010-2011:
1. Superfunds have over 913000 members.
2. The total value of assets in smsf sector is $440 Billion.
3. Every year, 26000 new smsf are reported to be established since 2008.
4. In recent years, the ratio of member to employee contributions has reached 2:1.
5. Majority of superfund’s hold their assets in cash and term deposits and Australian listed shares.
6. Smaller super funds prefer cash and term deposits.
7. The average balance for a member is $506,000.
8. The operating expense ratios have declined from 0.65% to 0.54%.
9. Over 64% of smsf are in accumulation mode but the trend is shifting towards superfunds that can arrange payment pensions sooner.
Smsf advice is very important and all the care must be taken to make the most out of your superfund. To know more about smsf Brisbane, please visit BBW Business Services
The report says that out of total superfunds during year 2010-2011:
Super System Changes Affect All smsf auditor
1. Superannuation Guarantee Rate (SG): The government has increased the Australia superannuation guarantee rate. This will affect the savings made by all superfund contributors. It will increase from 9% to 9.5% with effect from 1st of July, 2013. This guarantee is expected to rise to 12% until 2019-20.
2. Super Guarantee Age Restriction: Another significant change is in the relaxation in the upper age limit for the superfund contributors all over Australia. The employees aged upto 70 can now get benefit from their employers. The employers are now responsible to contribute in the senior worker’s superfund. This benefit will help those citizens who are working in their later life and they can now be assured of a decent amount after retirement.
3. Effective from: 01/07/2013: You must be thinking when these changes will actually come into effect? So readers, as per Super CEO, Brendan O’ Farrell, these changes will apply from 1st of July, 2013.
4. Introduction of MySuper: The Super industry is also introducing a flexible and low cost superfund called “MySuper”. This is aimed to provide decent savings in the end to employees who either work on part time basis or keep on fluctuating in their jobs. This smart Superfund will help in ensuring that type of employee has some savings and contribution from their employers.
5. Introduction of Super Stream: The Government is also introducing an online service called Super Stream. This will help in making super transactions easier. This service will be available after middle of the year.
Around 12 million Australians contribute towards superfunds every year. The above-mentioned changes in legislation may or may not affect your actual superfund scenario. If you feel unsure about the actual status of your superfund, Get low cost smsf auditor
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