Self Managed Super magazine’s Post

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Analysis of ATO guidance has identified how an SMSF could potentially use significant capital losses to reduce a NALI tax liability. https://ow.ly/cI8450SVxNz DBA Lawyers William Fettes #SMSF #financialplanning #financialservices #ausbiz #accounting #superannuation #smsmagazine

We’re looking forward to seeing you at the Accounting & Tax Symposium - ATS 2024, hosted by The Educational Foundation of the Nassau Suffolk Chapter of NCCPAP! Our founder, Leslie H. Tayne, Esq., will be speaking on "Debt Consolidation: What You Need to Know for Clients in Debt" on Friday, November 22, at 11:55 AM. Don’t miss this opportunity to gain critical insights. See you there! #DebtManagement #DebtConsolidation #AccountingAndTaxSymposium #NCCPAP #FinanceExperts #TaxPlanning #DebtSolutions #FinancialEducation

🚨 Important Reminder 🚨 The deadline for the submission of audited financial statements for FY 2023 is June 30. ⏳ Ensure your financial documents are in order and submitted on time to avoid any penalties. For assistance, call us now at +973 3877 5880. #accounting #financialstatements #deadline #avoid #penalties #gspu #EfficiencyBoost #success #tips 

✨🛄 Don't let CRA Interest Add Up - Take control of your Finances Today and Secure your Financial Future! #BTS #BTSTax #BTSAccounting #BusinessGrowth #AccountingExcellence #CRAInterest #FinancialPeace

In our recent webinar, ATO acting deputy commissioner Paul Delahunty highlighted critical issues with SMSF auditors' use of trustee management letters, particularly around asset valuations and compliance with SIS Regulation 8.02B. Missteps here can lead to significant audit deficiencies and ASIC referrals. Ensure your audit processes meet regulatory expectations. #SMSF #AuditCompliance #AssetValuation #SISRegulation

The fact loans to members is the most common compliance breach appearing in auditor contravention reports shows trustees have a misunderstanding of the super rules. https://ow.ly/7Org50QKz7e Colonial First State Craig Day SMSF Association #SMSF #financialplanning #financialservices #ausbiz #accounting #superannuation #smsmagazine #NC2024

✨🛄 Don't let CRA Interest Add Up - Take control of your Finances Today and Secure your Financial Future! #BTS #BTSTax #BTSAccounting #BusinessGrowth #AccountingExcellence #CRAInterest #FinancialPeace

Understand the complexities of accounting for government-provided funds post-business reorganisation. Learn to distinguish between equity contributions and government grants in compliance with AS 12. 𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬: ‣ 𝐎𝐰𝐧𝐞𝐫 𝐂𝐨𝐧𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧𝐬 – When the government acts as an owner, such funds should be classified as equity, not income ‣ 𝐀𝐒 𝟏𝟐 𝐆𝐮𝐢𝐝𝐞𝐥𝐢𝐧𝐞𝐬 – Ownership-related contributions are excluded from classification as deferred income under AS 12 ‣ 𝐀𝐯𝐨𝐢𝐝 𝐌𝐢𝐬𝐜𝐥𝐚𝐬𝐬𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧 – Improper treatment can inflate profits and misstate liabilities For An In-depth Guide on Government Contributions and Grant Accounting, Visit: https://lnkd.in/dNqZZ5pR 𝘛𝘩𝘪𝘴 𝘤𝘰𝘯𝘵𝘦𝘯𝘵 𝘪𝘴 𝘣𝘳𝘰𝘶𝘨𝘩𝘵 𝘵𝘰 𝘺𝘰𝘶 𝘣𝘺 𝘵𝘩𝘦 𝘯𝘦𝘸𝘭𝘺 𝘭𝘢𝘶𝘯𝘤𝘩𝘦𝘥 𝘛𝘢𝘹𝘮𝘢𝘯𝘯.𝘤𝘰𝘮 | 𝘗𝘳𝘢𝘤𝘵𝘪𝘤𝘦 #TaxmannUpdates #TaxmannPractice #GovernmentGrants #AccountingTreatment #Equity #AS12 #AccountingStandards

The Division 296 tax could lead to particularly unfair outcomes in situations where SMSFs hold certain equities that experience significant fluctuations. https://ow.ly/azNP50U4631 Tactical Super Deanne Firth The Auditors Institute LTD #SMSF #financialplanning #financialservices #ausbiz #accounting #superannuation #smsmagazine