Continuum Accounting

If you employ less than 20 people you need to get Superstream ready now. The ATO provides information to help you meet your obligations¹. Many of the superannuation funds you are contribute may offered their services for your superstream requirements.

Review the options, including those that may be provided by the accounting software provider, and see which one works best for you.

A common request from most of the superstream providers is to pay your SGL 10 days in advance to allow processing and allocation to the superannuation funds.

Don’t forget your SMSF employees. They need to provide you information for their contributions² which includes:

• SMSF’s ABN
• SMSF’s BSB and bank account number for payments
• an electronic service address for contribution data

Call us for more information on 02 9413 1056.

1. https://www.ato.gov.au/Super/Superstream/Employers/Employer-checklist--a...
2. https://www.ato.gov.au/Super/SuperStream/In-detail/Compliance/SuperStrea...

Have you set up your MyGov account? The government has linked all your government accounts including the ATO and Centrelink for sending you mail¹. We can’t help set up this account for you, you need to do this yourself. You will need an email address and a mobile telephone number for security numbers and passwords.

As your Tax Agent we receive a copy of your ATO related mail even if it goes to your MyGov account (no paper copies any more). We will let you know by email if you have a letter you need to read.

1. https://www.ato.gov.au/general/online-services/in-detail/transact-online...

Many of government agencies we report on your behalf to have moved to electronic mail. We are doing the same.

Your client manager should check with you that we have a current email address in our data base. Ideally you will provide an address that you can receive confidential information relating to your tax affairs from us (password protected).

If you want to check we have all your details up to date please ring Alice on 02 9413 1056 and she can check the information we currently have.

In July 2016 we will lose the accountants exemption to provide limited financial advice. We have been preparing ourselves to be ready to transition to the new regulations by undertaking the training required to become certified as limited financial advisers under RG146.

Starting in July 1 2016 we will continue to provide limited financial advise however it will be treated as a separate service as we will be joining a financial advisory group specifically set up to allow accountants to continue to provide this advise (we are not becoming financial planner - so not product advise).

This will mean you will get two invoices from us now - your regular invoices for accounting and taxation services and an invoice from the Financial License Holder for the limited financial advise we provide.

The invoices will be the only change you notice (along with a smart new folder and lots of additional paper work) as we intend that our service remains the same.

We will be sending out a letter to you for shortly that you need to discuss with your financial planner. We have provided a summary of your possible minimum and maximum drawings based on your current superfund balance, age and legislative entitlement.

We need to let you know this letter shall not be inferred or used for any purpose other than for which it was specifically prepared being to advise you of the ATO published information relating to pension minimum and maximum amounts based on your current superfund balance. Accordingly, this letter includes a disclaimer to this effect. We advise that this is not advice, we recommend any decisions you may make as a result of reading this letter should be done in consultation with your financial planner.

Your account manager’s workflow diaries are filling fast with bookings to prepare, review and lodge income tax work for the tax year ending 2015. You should have received a call in work letter by now via email or normal mail (and perhaps even a follow up email and telephone call).

If you have not heard from us please contact our office and arrange an appointment. If you have been contacted don’t delay getting your work in. It is important that you give yourself enough time for your work to be processed by us, reviewed by yourself allowing time for any year end planning before you sign and we lodge.

Please note:

• If you are late lodging your income tax return you may incur late lodgement and payment penalties with the ATO. Unless there are extenuating circumstances we may not be able to help you have these remitted.
• The end date of 16/5/16 is not for everyone. Some clients have earlier reporting dates, check with your account manager for your end date.
• The end date of 16/5/16 is for clients whose work was lodged on time in 2015, if you were late the ATO required you to have lodged by 2/11/15.