• I've just started up my own business as a sole trader: what do I need to know about tax?

    Starting up as a sole trader changes the way you report income and pay your taxes. We can make sure that you're ready for the transition, no matter which industry you're from.

    Book a consultation
  • Need accounting software advice and support?

    Our extensive expertise in all aspects of accounting software means you can concentrate on what you do best – running your business. We are accredited Xero specialists and have been MYOB, Intuit and Reckon Partners for many years.

    Learn more about Our Services
  • We want to start our own business: how do we set up the company?

    At PBA Financial Group we specialise in the setting up of start-up and new businesses. We'll set up a solid foundation for your new business so that you can hit the ground running!

    Learn more about Our Services
  • I've always done my own tax returns without the help of an accountant

    More often than not, people who do their own tax returns will miss out on valuable deductions simply because they didn't know what they were entitled to claim, or they incorrectly claim expenses.

    Are you sure your tax return is as accurate as it could be?

    Book an appointment

Latest News

SMSF trustees told to take action on contributions

With 30 June 2017 now looming, the SMSF Association has urged trustees looking to make concessional or non-concessional contributions not to delay until the last minute.

 

 

SMSF Association chief executive John Maroney says SMSF trustees who want to take advantage of the higher contributions that end on 30 June 2017 need to ensure any additional money is in their SMSF bank account before the end of the financial year.

“Trustees sometimes leave it until the last minute to make either concessional or non-concessional contributions, only to discover they have left it too late and those contributions become part of the following financial year’s contribution cap,” Mr Maroney said.

“This year, it’s particularly important they move early with the lower contribution caps taking effect on 1 July 2017. Remember, too, 30 June falls on a Friday, so don’t leave contributions till the end of the last week of June to make a deposit because transactions can take up to two or three days to clear and your funds could become a 2017-18 financial year contribution.”

Mr Maroney said SMSF practitioners need to ensure their clients are still within their current caps for either concessional or non-concessional contributions.

“It can happen that trustees can make a mistake with their contributions, so take the opportunity before 30 June to make sure you are inside the legal limits,” he said.

“Although excess contributions, either concessional or non-concessional, do not have the strong tax penalties that they used to have, going over the caps is still an unneeded compliance issue that is best avoided with the right planning.”


STAFF REPORTER
Tuesday, 6th June 2017
www.smsfadviser.com