The key SMSF audit issues for 2026, including ATO auditor scrutiny, valuation evidence, pension shortfalls, related-party transactions, Division 296 and changes to LRBAs and contribution caps.
Most small associations and community organisations assume that if someone has an ABN and sends an invoice, superannuation isn’t their problem. It’s one of the most common — and most costly — misunderstandings in the not-for-profit sector, and it comes up constantly wherever organisations engage performers, contractors, or casual help: community associations booking bands for…
If you’re an employer, the big superannuation change this year isn’t a rate rise – the super guarantee rate stays at 12%. The real change is Payday Super, which starts from 1 July 2026 and changes how and when you need to pay your employees’ super. What Is Payday Super? Until now, you’ve been able…
If you run a self-managed super fund, you’re required by law to have it audited every single year – and it’s easy to see this as just another compliance box to tick. But a good audit does more than satisfy the ATO: it gives you real confidence that your fund is being run correctly and…
I recently attended the Institute of Public Accountants (IPA) webinar led by Tony Greco and Letty Chen on the crucial topic of the non-deductibility of the General Interest Charge (GIC) and Shortfall Interest Charge (SIC) — effective from 1 July 2025. This significant change impacts individuals, businesses, and advisers across the tax landscape. Here’s a…
Dispute resolution procedures and Remuneration disclosure https://www.qld.gov.au/law/laws-regulated-industries-and-accountability/queensland-laws-and-regulations/associations-charities-and-non-for-profits/incorporated-associations/law-changes/july-2024 The Queensland Government has announced law changes for incorporated associations. From 1 July 2024 associations are required to adopt dispute resolution procedures from the model rules or adopt another compliant procedure to their constitution. This does not mean all associations need to change their constitutions as the model…
Directors who have resigned from their position prior to 1st December 2022 will be exempt from the director ID requirement. The ATO has recently drafted a legislative instrument regarding the director ID requirements, to enable resigned directors to be exempt from the obligation. Previously if you were a director on or before 31 October 2022,…
Small business operators don’t get caught out from the 1st July 2022 the Super Guarantee (SG) rate has increased to 10.5% from 10% on Ordinary Times Earnings (OTE). I have recently been assisting a client who’s payroll software did not adjust for the increase and it can be costly and time consuming to navigate through…
Accountants Daily have reported on the results of the 6th Annual Ethics Index completed by The Governance Institute of Australia and Accountants have come out on top. The survey indicates that Australians perceive their Accountant to be the most ethical of all of the professionals working in the Finance and Banking sector. Accountants have come…
Is your business eligible? $5,000 Business Support Grants will be made available to small and medium businesses across Queensland that were affected by the lockdown that commenced on Saturday 31 July 2021. The Grant may be used to pay for business expenses. To be eligible your business must have had a 30% reduction in turnover…