News

Super Lookup ‘status’ will change if SMSF annual returns are late

The ATO considers the lodgment of an SMSF’s annual return on time to be a fundamental part of an SMSF trustee’s obligations.

Consequently, from 1 October 2019, if an SMSF is more than two weeks overdue on anyannual return lodgment due date and hasn’t requested a lodgment deferral, the ATO will change their status on Super Fund Lookup (‘SFLU’) to ‘Regulation details removed’until any overdue lodgments have been brought up to date.

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Creative Accounting in 2019

Given the rise in AI (artificial intelligence) and automated number crunching software systems, the need for creative accounting has become stronger than ever.

Whilst these platforms are more efficient in terms of time and cost, and help to remove human error, it is more important than ever foraccountants to help clients holistically witha “creative interpretation of the data” based on their own professional knowledge and experience.

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$30,000 instant asset write-off

The ATO is reminding businesses that are looking to expand or improve their business and thinking of buying new or second hand assets, that medium sized businesses with a turnover up to $50 million (but at least $10 million) are also eligible for the instant asset write-off, as well as small business entities (SBE) with a turnover of less than 10 million).

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