SMSF Benchmark Report – Class
Class provides detailed analysis of newly established SMSFs, delivering revealing insights on key characteristics and trends. Background- The Class SMSF Benchmark Report, released for March 2019, is a statistical analysis of approximately 170,000 Self Managed Super Funds administered on Class Super, representing around 28% of the estimated number of SMSFs in Australia today. The quarterly […]
Single Touch Payroll – Do it Once, do it Right
IN BRIEF The new Australian Single Touch payroll system is coming into effect in 2019, making way for a more efficient and secure system of payroll filing. While the impact for businesses already using online accounting software will be minimal, those employing desktop software or spreadsheets will notice the difference. Australia’s Single Touch Payroll (STP) […]
Solicitors Trust Account Audit March 2019
For any Law Practitioner, the Law Society requires an audit of the trust records at 31st March each year under the Law Professional Uniform Law (NSW). The Law Society website sets this out as follows: Appointing an external examiner Your law practice must appoint an external examiner to complete a written external examiner’s report on […]
ATO Benchmarks A Handy Business Check-up
The ATO has released its latest benchmark data to help businesses in over 100 industries compare their performance against competitors. These valuable benchmarks can help you assess measures like your cost of sales or total expenses, among others, which can greatly assist in gauging business performance and spotting tax compliance risks. How can I use this […]
Compulsory Super: How Can You Speed Up Your Retirement Savings?
“Superannuation guarantee” (SG) contributions are the minimum superannuation contributions that employers must make for their employees. The SG rate is currently 9.5%, which means employers must make contributions equal to 9.5% of the employee’s salary or wages. SG contributions are capped for high-income earners. Effectively, an employer is only required to make SG contributions to the […]