Latest SMSF News

May 5, 2015

ASIC ramps up focus on SMSF property spruikers
"The judgement did confirm our view that those who promote and make recommendation to investors about establishing an SMSF or using an existing one to recommend that they manage their assets in a particular way or dispose superannuation assets are …
Read more on SMSF Adviser

ATO cracks down on rich older SMSF members avoiding tax
The Tax Office is cracking down on what it's described as "contrived arrangements" that allow hundreds of wealthy individuals with self-managed superannuation funds (SMSFs) to pay no tax on income from shares. Cases are still being reviewed and it's …
Read more on Sydney Morning Herald

Josh Frydenberg flags crackdown on SMSF borrowing
Assistant Treasurer Josh Frydenberg said the government will crack down on borrowing by self-managed superannuation funds but will not follow a recommendation of the financial system inquiry to ban it outright. An increase in SMSF borrowing to purchase …
Read more on The Australian Financial Review

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Michelle Mone's former accountant who sued bra boss for £20k settles out of

May 4, 2015

Michelle Mone's former accountant who sued bra boss for £20k settles out of
An accountant who sued bra tycoon Michelle Mone's firm for £20,000 has settled out of court for an undisclosed sum. Hugh McGinley, 53, quit his job at Mone's old company MJM Inter-national claiming he was caught in the middle of her split from husband …
Read more on Scottish Daily Record

Greenwich and Woolwich accountant provides advice for small businesses for
Small business accountancy specialist Yogesh Pathmanathan who runs TaxAssist Accountants in Woolwich and Greenwich has provided advice for local businesses for the start of the 2015/2016 tax year. Yogesh said: “We want to ensure that busy, …
Read more on The Wharf

Businessman 'swindles' accountant of N1.3m
He said the accused induced Mr Olushola Sonaike, an accountant, to part with N1.3 million under the guise of helping him to buy a second-hand Toyota Corolla car from the Republic of Benin. Okoye said Moruf failed to buy the car after receiving the money.
Read more on The Nation Newspaper

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CPA:18 – Global Acquires Dallas Office Building Leased to Intuit

CPA:18 – Global Acquires Dallas Office Building Leased to Intuit
NEW YORK, April 30, 2015 /PRNewswire/ — W. P. Carey Inc., a global net-lease REIT specializing in corporate sale-leaseback financing, build-to-suit financing and the acquisition of single-tenant net lease properties, today announced the acquisition of …
Read more on CNNMoney

A CPA Answers: 'How Should Someone Estimate Taxes When Filing For An
In our “Ask a CPA” Q&A series, we're ceding the floor to a certified public accountant to help address some of the trickiest tax topics out there. Today, we pose a common conundrum—how to estimate taxes when filing for an extension—to PJ Wallin, CPA …
Read more on Forbes

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Six tips to maximize deductions, minimize mistakes

Six tips to maximize deductions, minimize mistakes
Whether entrepreneurs seek a professional or use software to prepare their taxes, adequate preparation is key. We asked three tax pros to suggest tips for small businesses on maximizing deductions, minimizing costly mistakes and reducing the risk of an …
Read more on The Globe and Mail

Taxes getting more complicated, says Regina accountant
He says there's a long list of tax exemptions and expenses you can claim that are tailored specifically for individual needs. For example, people who are diagnosed with Celiac disease can technically claim the difference in the cost of gluten-free food …
Read more on News Talk 980 CJME

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Oppose the witch hunt on unions

Oppose the witch hunt on unions
The intended outcome of the Abbott government's Royal Commission into trade unions can be expressed in the scenarios of working weekends and night shifts without penalty rates, on a reduced minimum wage; no access to dismissal appeal; your union …
Read more on The Guardian (Australia)

CPA Ireland Calls For Tax Help For Start-Ups
The unfair tax treatment of Irish entrepreneurs means that they could be better off starting a business in the UK or the US, Brian Purcell, the new President of the Institute of Certified Public Accountants in Ireland (CPA Ireland), has said. Purcell …
Read more on Tax-news.com

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May 3, 2015

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Tax Havens – Investigating International Finance – Episode 1

Used by wealthy individuals and companies to shift huge sums of money around the world in secret, tax havens cost governments and ordinary taxpayers billions of pounds. International efforts to tackle tax havens to date have been feeble, but there’s no reason why action can’t be taken. How can we put a end to such widespread tax evasion?

This is the first in a series of four videos investigating different areas of the international finance system. Each is a short introduction to a major challenge we face if we want to reform global finance and make it work for people and the planet.
Video Rating: 4 / 5

The Tax Free Tour (vpro backlight – 2013)

“Where do multinationals pay taxes and how much?” Gaining insight from international tax experts, Backlight director Marije Meerman (‘Quants’ & ‘Money & Speed’), takes a look at tax havens, the people who live there and the routes along which tax is avoided globally.

Those routes go by resounding names like ‘Cayman Special’, ‘Double Irish’, and ‘Dutch Sandwich’. A financial world operates in the shadows surrounded by a high level of secrecy. A place where sizeable capital streams travel the world at the speed of light and avoid paying tax. The Tax Free Tour is an economic thriller mapping the systemic risk for governments and citizens alike. Is this the price we have to pay for globalised capitalism?

At the same time, the free online game “Taxodus” by Femke Herregraven is launched. In the game, the player can select the profile of a multinational and look for the global route to pay as little tax as possible.

research: William de Bruijn
camera: Jean Counet
montage: Bart van den Broek
geluid: Tim van Peppen, Benny Jansen, Joris van Ballegoijen
productie: Marie Schutgens
animaties: Bitcaves & Motoko

International Sales for this documentary are handled by NPO Sales: http://www.nposales.com/?s=backlight

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Learn Accounting in 1 HOUR First Lesson: Debits and Credits

The ultimate video for new accounting students to learn basic accounting principles and accounting mechanics. This video assumes you know NOTHING and by the end of it, has you reading fortune 500 company financial statements.

Accounting 1
Program #2
Chapter 1
“Basic Accounting Concepts”
dkrug@jccc.edu
Video Rating: 4 / 5

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SMSF Strategies – How to setup a Self Managed Super Fund

May 2, 2015

SMSF Strategies - How to setup a Self Managed Super Fund

Hi, I’m Grant Abbott and I’m chairman of the Australian SMSF Members Association or ASMA for short. I want to talk to you today about how to establish a self-managed super fund. We’re now almost approaching 500,000 self-managed super funds in Australia and many more people are asking us on our website, how do we go about setting up one of these funds? Let me give you the simple details.

The first one and foremost, we need to work out who is going to be the Trustee of our self-managed super fund. All members must be Trustees and we can either act as individual Trustees, or alternatively we can have a company and all the directors will then be members of the superannuation fund. So either have individuals or a company trustee, we establish that first.

The second stage is we need to then get a trust deed or a set of rules, and it’s important to understand that with a self-managed super fund or the laws that relate to superannuation, they effectively tell you what you can’t do. The trust deed is the real set of rules that actually tells you what you can do. You need to make sure you get the best trust deed in the market. Certainly don’t scrimp and save and cut back strategies simply to save a few dollars up front.

Once we have that all established we then need to get an ABN, we then need to get a tax file number, and then virtually we’re in business. The next thing is to then establish a cash account, whether it’s a Macquarie CMT, an ANZ V2 account, a Westpac account or NAB account to actually operate all transactions through there.

Following that, what we need to do is then start to get some money in and that could be employer contributions, SGC, it could be salary sacrifice contributions or it could be rollover from other funds such as industry funds or retail superannuation funds or even another self-managed super fund. Once we then go ahead and we effectively put our money into the fund, it’s time to sit down and invest, so what we do is we build an investment strategy. That investment strategy says, well this is where we are taking our self-managed super fund, and from there we monitor our investments, we look at all the strategies that are possible, we keep ourselves educated and then we’re off building this wonderful self-managed super fund, that if we’ve done it right, spent that time up front — look and get a good advisor if that’s absolutely necessary — if we do it up front and get it right, it’s going to last us the test of time, at least 40, 50, 60 years, possibly if you do it well, it’s going to last 100 years. Anyway, it’s Grant Abbott discussing how to set up a self-managed super fund. I’m signing off.
Video Rating: 4 / 5

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