Bad super funds are named and shamed by APRA’s heat map

The blowtorch has been applied to bad MySuper superannuation funds with the launch of a new colour coded heat map from the superannuation fund regulator, APRA. APRA’s heat map makes it easier for superannuation fund members to identify superannuation funds with high fees and chronically low investment returns. There are currently around 100 MySuper funds but it…

What accounting method do I use to report my GST?

From the ‘Small Business Newsroom”… If you have an aggregated turnover of less than $10 million, or use cash accounting for income tax, you can use one of two methods for accounting your GST. 1. Cash accounting GST is reported on the activity statement for the period in which you either: receive payment for your…

Investment diversification requirements for SMSF strategies

Extracted from article in the ATO Newsroom 20 Aug 2019 At the end of August 2019 the ATO will send letters to approximately 17,700 self-managed super fund (SMSF) trustees and their auditors where the ATO believe the SMSF investment strategies may not meet the diversification requirements under regulation 4.09 of the Superannuation Industry (Supervision) Act…

Who Processes your Payroll ? Are you STP Compliant?

Payroll can be complex and is specialised in nature, which is why it’s considered a specific bookkeeping task. Because it is high risk from a compliance perspective,payroll requires a lot of experience and is classified as a niche service when outsourced. A Girl Friday, provides outsourced payroll services, and we are qualified (BAS) agents and…

Are you compliant with new STP legislation?

Single Touch Payroll (STP) changes how you report your employees’ end of financial year (EOFY) information to your employees and the ATO. STP is an Australian Government initiative to streamline business reporting obligations, and ensure employers are reporting and paying their employees’ super entitlements.  If you do not have STP set up in your accounting…

1 July 2019 super changes

Money Magazines, Susan Hely recently wrote about the new superannuation rules starting on 1 July 2019. She notes that the super changes, called Protecting Your Super, were set up to stop Australians’ super accounts from being eroded by insurance fees and premiums they don’t need. This is a great move for young people who were losing…

What is the Australian financial year?

The Australian financial year (Australian tax year) runs from 1 July to 30 June. At midnight on 30 June, the financial year ends, your business books are closed, and you report your financial situation to the Australian Tax Office (ATO). They use this information to figure out how much tax you owe. You can submit…