The title to this blog is a common refrain these days and most of us don’t blink an eyelid when someone says data is an asset.

Potentially, but this will depend on why your client is receiving the lump sum, their age, the amount paid and the components of the lump sum.

With the 1 July 2017 introduction of the $1.6m Transfer Balance Cap came a new obligation on superannuation fund trustees to report certain member “events” to the ATO.

Leveraging digital data commercially is often described as a “data play”. They are easier to pull off when one party understands the value of data and the other party does not.

Like any business that wants to thrive and remain relevant to its clients, Heffron is always looking for ways to improve how we do our work.

In the May 2018 Federal Budget, the Government proposed that SMSFs with three years of clean audit reports and returns lodged in a timely manner would be eligible to move to a three-yearly audit cycle rather than being audited every year.

With the 1 July 2017 introduction of the $1.6m Transfer Balance Cap came a new obligation on superannuation fund trustees to report certain member “events” to the ATO. These events are reported using a “Transfer Balance Account Report” or TBAR.

Prior to 1 July 2017, as a general rule, where an individual was age 60 or over and wanted to draw monies from their pension account in excess of their minimum pension requirements, the excess was simply treated as an additional pension payment.

Must the fund issue a PAYG summary? Does the individual need to report the payments in their personal tax return? Are they still eligible for the untaxed element tax offset?

Data is the mother of all knowledge and as we all know - knowledge is power.

Full Federal Court decision in the Aussiegolfa case may have resulted in a significant setback to the ATO in its thinking on the sole purpose test.

The majority of SMSFs lodged their Transfer Balance Reports to report the 30 June 2017 value of the members’ pension accounts in the final days of the 2018 financial year. ETB determinations then began issuing three to four days later.