News
Thursday, 26 August 2010
In the news...
Opez Managing Director Cindy McDonald gives comment to the Adelaide Advertiser and Queensland's Courier Mail on the Cooper Review's bid to ban exotic goods. For more information on this issue, contact Opez.
Adelaide Advertiser Article.pdf Courier Mail Article.pdf
Tuesday, 6 July 2010
Completion of Estate Planning Series
The final instalment in our estate planning series Topic 3 Estate Planning for SMSFs concluded what was a very successful launch of boardroom lunches for our clients.
Attendees praised presenter and estate planner Angela Gaffney for her in-depth presentation about the importance of estate planning.
As a result of the positive feedback and requests from those who missed out ,Opez will re-run them. We would welcome you to come along.
Best Regards
Cindy McDonald
Managing Director
Testimonials from Topic 3
A very informative and well presented seminar. The professional delivery by Angela demonstrated her vast subject knowledge and practical experience.
It was clear that Angela was well versed in her field. Obviously this is of paramount importance.
For a more detailed account of Topics 1 – 3, please click on the link below:
Review of boardroom lunches topics 1 - 3
Tuesday, 30 March 2010
High Court Decision Triggers Surcharge Refund
The Australian Taxation Office recently announced that following the High Court Decision in "Ralph Desmond Clarke v Commissioner of Taxation & Anor", members of Parliament who were members of Constitutionally Protected Superannuation Funds (CPSF) can now make an objection against Surcharge Tax levied on their super benefits.
Surcharge Tax was introduced in 1997 and was abolished in 2005. The system levied additional tax where a super fund members' Adjusted Taxable Income exceeded a certain level.
Taxpayers who were members of parliament in that time frame may be eligible to have Surcharge Tax refunded.
"We have several clients affected, and we are liaising with the ATO on their behalf in an effort to have their situation reviewed and appropriate refunds of Surcharge Tax issued," Opez Managing Director Cindy McDonald said.
“Former members of parliament who meet the criteria are welcome to contact us for assistance, providing you were in a CPSF during that time frame, or part thereof, you can lodge an objection.”
Please note that not all members of CPSFs qualify. The ATO Decision Impact Statement is available on our site and outlines who the ATO considers to fall within that membership.
DIS Clarke (A 35 of 2008)
Tuesday, 30 March 2010
Estate Planning Boardroom Lunches
We are pleased at the response we have had to date on our recently launched series of boardroom lunches. Aimed at educating and informing our clients on various aspects of estate planning, the lunches have been very well attended, and the issues covered by Estate Planner, Angela Gaffney have resonated with the audience.
With ageing parents living well into their nineties the sometimes difficult subject of ‘Enduring Powers of Attorney’ was particularly relevant, with clients grappling with how to assist their elderly parents manage not just their financial affairs, but their medical needs. Topic 2 covered the ‘Role of the Executor’, and brought home for some the importance of selecting the right person for the role. Having both acted as Executor for clients, as well as advisor to those nominated to act, Angela is well-versed in the practical issues that an Executor faces. Angela is one of the few practitioners in Perth who has acted as Executor for an estate where the deceased was also a member of their own SMSF.
Both topics linked strongly to SMSFs, with Managing Director Cindy McDonald helping to link estate planning concepts back to key documents such as the SMSF Trust Deed, and pension documentation.
Topic 3 will cover broader estate planning issues, including strategies on how to structure to your estate, what happens to entities that don't fall into the estate (such as a SMSF), and ways in which wealth can be effectively transferred to your chosen beneficiaries.
Invites for this event will be sent out in the coming weeks. If you are interested in attending, please contact Tina Whittle T: (08) 9282 7100.
Tuesday, 30 March 2010
Borrowing in SMSFs - your advisor must now be licensed
The Government issued an announcement regarding the relatively recent changes to the borrowing rules in SMSFs. To improve regulation around the advice being given to SMSF trustees, these types of structures are deemed to be a financial product, and advisors will now need to hold an Australian Financial Services License (AFSL) or be licensed under another provider. SMSF trustees seeking advice in this area will need to ensure their accountant or advisor is appropriately authorised.
"The announcement goes a long way towards improving this area of advice, but we are keen to receive further clarification from Government as to what type of license is required," said Opez Managing Director Cindy McDonald, “Opez currently holds an AFSL and with it comes certain obligations. Opez can confidently say we provide up-to-date and relevant information to trustees in this area."
Tuesday, 23 February 2010
DIY Super - Reap the Tax Benefits
Super's not an easy thing to get your head around and it's not the most exciting of topics. But there are some serious tax benefits to self-managing your super. So could it work for you?
Cindy McDonald's article in the Dynamic Business magazine February 2010.
Dynamic Businss Article- DIY Super Reap the Tax Benefits Feb 10
Wednesday, 3 February 2010
Wednesday, 6 January 2010
Henry Tax Review
The Henry Tax Review, due to be released by the end of 2009, is set to change the tax landscape and layout a blueprint for the direction of reform over the next 25 years. Opez will be keeping a close watch on the results coming from the report and will advise clients accordingly if the changes will affect their SMSFs.
Watch this space for more information.
Wednesday, 6 January 2010
A win for the SMSF industry
The Federal Government has formally recognised the Self Managed Super Fund Professionals’ Association of Australia’s (SPAA) accreditation process for SMSF specialist auditors.
“The SPAA Specialist Auditor Program mandates a minimum eligibility criteria including having completed 1,000 hours of practical SMSF audit experience in the past 3 years of which 500 hours must be in a senior or supervisory role. Alternatively the auditor must have signed off as the “Approved Auditor” on 75 or more SMSF audits in the past 12 months.” (SPAA, Dec 2009)
Opez chief executive officer Cindy McDonald said it was a step forward for the industry.
“Auditors are the ‘first line of defence’ in ensuring SMSF compliance, and the Federal Government’s formal recognition of SPAA’s qualification will ensure the highest level of auditing standards. SMSF compliance is key in protecting retirement benefits,” Ms McDonald said.
“It’s a great endorsement by the ATO and reaffirms SPAA plays an important role in setting the ‘best practice’ benchmarks for the SMSF Industry."
For more information, visit the SPAA website: www.spaa.asn.au