PNGX’s Post

One of the most critical and often overlooked aspects of personal financial management in PNG is ensuring that personal contact details—such as phone numbers, addresses, and email addresses—are regularly updated with financial institutions. Whether it's a company listed on PNGX, a bank, superannuation fund, or insurance company, keeping this information current is essential to ensuring that individuals remain connected to their funds and avoid the fate of unclaimed or "lost" monies.

The ATO has issued a warning to trustees of self managed superannuation funds (SMSFs) about inaccurate valuation practices. Many SMSFs have been reporting assets such as residential or commercial Australian property as having the same value for three consecutive years, which has prompted the ATO to look into the issue more closely. Inaccurate valuations can impact on member balances and the amount you can contribute, and will greatly affect those with super balances above $3million once the new 30% tax rate comes into effect on 1 July 2025. It is also important to note that different assets have to be valued differently, but most valuations should be done every 3 years (at a minimum). To learn more about valuing your SMSF assets or to contact our superannuation team, read our latest blog here: https://lnkd.in/eKTidMKJ

#ATOAUSTRALIAUPDATE 08th May2024 "Staying on top of your super guarantee payment due dates?" Super guarantee payments were due by 28 April. Missed the deadline? There are extra obligations you need to meet. As an employer, it’s important to remember that your employee’s super contribution is only considered ‘paid’ on the date it’s received by the super fund, not when it’s received by the commercial clearing house. Remember to check the processing times required for your clearing house prior to your super guarantee (SG) payment due dates to ensure timely payments. Processing times vary, and some clearing houses may take up to 10 days to process payments. SG payments were due by 28 April. If you didn't pay an employee's SG amount in full, on time (including delays due to processing times) and to the right fund, you’ll need to lodge a superannuation guarantee charge (SGC) statement and pay the SGC to ATO by 28 May, or penalties may apply. Reminder: The SG rate will increase to 11.5% on 1 July 2024. For more details visit this link: https://lnkd.in/dJtbi8ya

APRA's strict guidelines present a challenging dilemma for financial leaders in the Australian superannuation industry. Ensuring operational safety is crucial, but the push for flexibility remains. https://lnkd.in/dn2JkRiD #financialservicesonline #APRA

As a trustee of a Self-Managed Superannuation Fund (SMSF), it's very important to regularly assess and report the value of assets based on their current market worth. This isn't only a rule you must follow, but it's also vital for avoiding extra taxes and fines. The Australian Taxation Office (ATO) pays close attention to this, so it's imperative to provide clear evidence to the SMSF auditor during the yearly audit. According to the ATO, 'market value' is defined as the amount a willing buyer could reasonably be expected to pay for the asset from a willing seller. Ensure compliance with SMSF regulations! Contact us today for expert assistance. #SMSF #Superannuation #AssetValuation #ATOCompliance #FinancialAudit #PresidioSuper

Australian expats often have misconceptions surrounding Self Managed Superannuation Funds or SMSF's. We often speak to people who have some "rule of thumb" regarding the timing and length of their absence from Australia, and there are numerous others. This is a good article, and here is a summary to help navigate the common issues. SMSF Residency Rules for Overseas Trustees (the 3 tests) 1. Establishment Test The SMSF must be set up in Australia or hold investments here. Existing SMSFs usually meet this requirement. 2. Central Management and Control Test Definition: High-level decisions about the SMSF must be made in Australia. Ordinary administrative tasks done overseas don’t count as central management and control. Temporary Absences: Short trips (e.g., three months) abroad typically don't affect the SMSF if there's a clear intention to return to Australia. Longer Absences: For longer stays (e.g., one year), trustees must show plans and timelines for returning to Australia. Permanent or Indefinite Absence: Leaving Australia permanently or without a return date creates immediate residency issues. Managing Extended Absences Appointing a Local Trustee: Trustees can appoint a local person, like a family member, via an enduring power of attorney. This person takes over management, ensuring it remains in Australia. The replacement trustee cannot be paid. 3. Active Member Test Requirement: The majority of member balances must be held by Australian tax residents if contributions are made. Strategy: Avoid making contributions to the SMSF while overseas. Use a public offer super fund for contributions, then transfer to the SMSF upon returning to Australia. Key Takeaways: Implement strategies before leaving Australia. Maintain clear records to demonstrate compliance. Seek professional advice to navigate the rules effectively. #australianexpats #superannuation #Financialadvice #wiseguru #unicorppartners

#ATOAUSTRALIAUPDATE 08th May2024 "Staying on top of your super guarantee payment due dates?" Super guarantee payments were due by 28 April. Missed the deadline? There are extra obligations you need to meet. As an employer, it’s important to remember that your employee’s super contribution is only considered ‘paid’ on the date it’s received by the super fund, not when it’s received by the commercial clearing house. Remember to check the processing times required for your clearing house prior to your super guarantee (SG) payment due dates to ensure timely payments. Processing times vary, and some clearing houses may take up to 10 days to process payments. SG payments were due by 28 April. If you didn't pay an employee's SG amount in full, on time (including delays due to processing times) and to the right fund, you’ll need to lodge a superannuation guarantee charge (SGC) statement and pay the SGC to ATO by 28 May, or penalties may apply. Reminder: The SG rate will increase to 11.5% on 1 July 2024. For more details visit this link: https://lnkd.in/dDkiGuPe

From SMSF reporting to NALI and indexation, stay informed on the latest superannuation changes with specialist insights. Whether you’re managing it yourself or with a fund, listen now to stay informed in 2024.

From SMSF reporting to NALI and indexation, stay informed on the latest superannuation changes with specialist insights. Whether you’re managing it yourself or with a fund, listen now to stay informed in 2024.

On the 1 July 2023, the TBAR reporting process for all Self-Managed Superannuation Funds (SMSFs) was streamlined. It is now mandatory for all SMSFs to report transfer balance account events no later than 28 days following the conclusion of the quarter in which the event transpired. Read this week's blog to find out more about what this means for you: https://lnkd.in/gQzA-y3u #BrentnallsSA #accountingfirm #business #smallbusiness #businessowners #accountants