As we approach the end of another financial year there are some housekeeping matters to be attended to:
Contributions
If your fund is receiving contributions from your personal funds or your own business ensure you bank them prior to June 30.
Pension Payments
If you are receiving pension payments from an account based pension make sure the minimum pension payment has been made during the year. As a result of the COVID19 Stimulus measures the pension requirement has been halved for this year. If you are unsure of the amount or how to calculate it we are happy to assist.
Valuations
Ensure you have reviewed all your investments and for those investments that are not cash or listed on a stock exchange please obtain a valuation.
If you hold real estate contact a local real estate agent and obtain a written market appraisal.
If you have an investment in a private company or trust please obtain a set of Financial Statements to assist in the valuation.
The introduction of the $1.6 million cap on Superannuation Accounts and Pensions has necessitated additional focus on the value of your investments.
Carry Over Matters
If you had matters brought to your attention in the 2019 Financials that required attention please ensure these have been addressed appropriately. Failure to address them may result in a qualified audit report and further action by the Australian Tax Office.
If you need any clarification of any of these matters please do not hesitate to contact our office for assistance