Written by: Sean Howard Technical Services Manager Challenger Most people are not prepared for entry into residential aged care because it is typically not considered until there is an immediate requirement. Aged care advice is usually not sought until there is an unexpected incident such as a stroke or fall and there is need for aged care. This can be a challenging and daunting process and one that the individual’s adviser can provide assistance with. Some of those areas include: Accessing residential aged care To access residential aged care, a person must register with My Aged Care ..read more

Written by: Mark Ellem Head of Education (SMSF) Accurium Understanding the intricacies of income protection insurance within a self-managed superannuation fund (SMSF) is crucial to navigate the compliance requirements and taxation rules effectively. While income protection insurance is typically held outside of superannuation due to tax deduction advantages, some opt to include it in their SMSF for various reasons. However, doing so requires careful consideration of temporary incapacity benefit regulations.  Income protection insurance proceeds received by an SMSF are not assessabl ..read more

Written by: Mark Ellem Head of Education (SMSF) Accurium As the landscape of Self-Managed Superannuation Funds (SMSFs) continues to evolve, trustees, accountants, and advisors face a multitude of challenges, particularly when it comes to property investments within these funds. One such challenge revolves around the critical audit issues associated with valuing SMSF assets accurately. The Australian Taxation Office (ATO) has recently underscored the paramount importance of valuing SMSF assets at market value every income year (refer ‘Valuing fund assets correctly for the SMSF annual ret ..read more

Written by: Lee-Ann Hayes Head of Education (Tax) Accurium The interaction between the main residence exemption (MRE) rules in Subdivision 118-B of the ITAA 1997 and the rules regarding the death of a taxpayer in Division 128 of the ITAA 1997 can provide some interesting outcomes with respect to timing. While clearly much of this timing cannot be changed, some of it we can influence, such as when to sell. Other factors that determine the tax outcome are whether the dwelling was a pre or post CGT asset of the deceased or whether it was income producing as at date of death (DOD). The foll ..read more

Today marks a significant milestone for Count as they announce the completion of the acquisition of Diverger Limited. Diverger is a diversified professional services business that includes services businesses Knowledge Shop, TaxBanter and Priority Networking.   As a member of the Count network, Accurium extends a warm welcome to the Diverger teams, and in particular to Knowledge Shop and TaxBanter whose services are so well regarded across the accounting industry.   For Accurium’s valued actuarial certificate, advice and education clients it remains business as usual. Howe ..read more

Written by: Anthony Cullen Senior SMSF Educator Accurium For many individuals, a Self-Managed Superannuation Fund (SMSF) is a vital component of their retirement savings strategy. However, there comes a time when one must consider winding up their SMSF, whether due to reaching a certain age, changing circumstances, or simply that the SMSF no longer suits their needs.  Did you know that around 16,000 SMSFs wind up each year? Winding up an SMSF is a critical process that involves various compliance, taxation and practical considerations.  Winding up an SMSF is a crucial process ..read more

Written by: Lee-Ann Hayes Head of Education (Tax) Accurium On 31 January 2024 Treasury handed down the 2023‑24 Tax Expenditures and Insights Statement (TEIS). This is an annual statement that provides a detailed picture of how features of the tax system affect individuals, businesses and other entities, as well as the pressures these features place on the budget.   The TEIS estimates the revenue forgone from tax expenditures due to concessional (or some other favourable) tax treatment and includes a distributional analysis showing which individuals, households or businesses be ..read more

This blog shows you how easy it is to add colleagues to the actuarial certificate portal. For example, if Anna from ABC Accountants orders certificates from Accurium, she can invite John from ABC Accountants who is the company accountant (and doesn’t have anything to do with actuarial certificates) to join the office in the Accurium portal and gain access to all of these benefits.  An organisation who orders actuarial certificates from Accurium can invite any member of staff to join their office by following the steps below. 1.    Login to your office account in the Accuriu ..read more

Written by: Lee-Ann Hayes Head of Education (Tax) Accurium Australia’s income tax system is built on the foundational concepts of residence and source. Individual residency status is the first step in determining how the income tax laws apply. Much of the tax law applies differently to residents and non-residents, (for example, which types of income and capital gains are assessable and which rates of tax apply) and as such, it is of fundamental importance to the system that individuals know their residency status when interacting with the income tax system. Board of taxation report: Ref ..read more

Written by: Lee-Ann Hayes Head of Education (Tax) Accurium Bamford, Guardian, or much more historically, Whitfords Beach. These are iconic tax decisions that all caused disruption to our collective tax understanding and resulted in change to the tax landscape. As of last week we may have a new name to be added to the list: Bendel. On 28 September 2023 the AAT handed down a decision that is completely at odds with the ATO’s long-held view that an unpaid present entitlement (UPE) to a corporate beneficiary can be a form of financial accommodation, such that it attracts the general operati ..read more