LBW Business & Wealth Advisors | Latest News and Updates

Matthew Grapsas

For the past 6 years the ATO have been delivering a statistical snapshot of the vast amount of data they collate each year from Self-Managed Superannuation Funds (SMSFs). The most recent of which was based on 2013-14 financial year data and was released in late December 2015. As always with the ATO there is a lot of data and information given, although when it is broken down it allows us to gain an insight into what the current industry trends are. Some of the more interesting points are:

SMSF Market Share

SMSFs have yet again proven they are fast becoming one of the options of choice for financing retirement.

There is inherent strength in numbers, and the number of SMSFs in Australia does not lie; they now exceed a total of 550,000, with more than 1,000,000 Australians choosing to be a member of an SMSF.

The assets held inside of these funds now make up over 29% of the total $2 trillion held within superannuation assets. This is a result of SMSF’s going through almost as much change as our Prime Ministership over the past 5 years. This is shown through the value of SMSFs growing by a considerable 44% or $180.9 billion, the number of SMSFs has expanded by more than 100,000 and over 200,000 people have become members during that period. This amazing growth has seen SMSFs become a new addition to the million dollar club; the average assets per SMSF hit over $1 million for the first time in their history!

However despite all of the growth and expansion SMSFs have experienced over the last 5 years approximately only 0.2% of Tax Agents who lodged an SMSF return in the 2014 financial year lodged more than 250 funds. LBW are proud of the fact that we are a part of this 0.2% and acknowledge this puts LBW Chartered Accountants right at the forefront when it comes to SMSF compliance and administration. We not only have the knowledge and experience to be able to guide you through the ever changing and sometimes tricky world of SMSFs, but the scope and capability to handle a greater number than over 99% of Tax Agents.

Stay tuned for more statistical snapshots from the powerhouse which is the ATO.

Leigh Harry

If it has not happened yet just wait a while and pretty soon (if you have primary school aged children) the school will send home a notice to say that your child requires his/her own i-Pad as part of the curriculum for the year they are about to enter.

At my son’s school alone there are 58 grade four children this year all needing their own i-Pad along with ‘bomb proof’ protective casing. This means that on top of other school related costs there is now another $750 to devote to his education this year.

For some families, particularly those with multiple children subject to the same requirement, this can be financially onerous. It is rare that these words are ever said but the tax system can help.

Section 58X of the Fringe Benefits Tax Assessment Act 1986 provides an exemption from fringe benefits tax for certain eligible work related items where the item is acquired primarily for use in the employee’s employment.

This exemption generally applies to:

a) a portable electronic device (laptop computer, Tablet, Mobile phone);
b) an item of computer software;
c) an item of protective clothing;
d) a briefcase;
e) a tool of trade.

In general terms the exemption can only be applied to one item each year for items with substantially identical functions.

FULL ARTICLE ...

Simon Flowers

The 2016 Powercor Geelong Business Excellence Awards (the Awards) are being officially launched on Wednesday 10th February 2016 at White Rabbit Brewery in South Geelong.

2016 marks the 31st year that the Awards will recognise and celebrate business excellence across the Geelong region. The Awards are one of the most cost effective and thorough forms of business development you will ever undertake. Its also an easy way to draft your own business plan.

The independent judging panel consists of experienced Geelong business leaders as well as many past winners of the Awards.

LBW Chartered Accountants believe the Awards are extremely important especially in current economic times and as a result remain a category sponsor of the Large Business category.

We encourage all businesses to enter the Awards as they will definitely benefit from the experience. We strongly suggest that you attend one of the information sessions that will be held across the greater Geelong area for four weeks following the launch.

More information in relation to these Awards can be found at www.gbea.com.au or go to the Geelong Business Excellence Awards Facebook page http://on.fb.me/Kzzeud or the Awards Twitter page https://twitter.com/GBEAwards to receive information and updates as they are posted.

Kelli Finlayson