
Take action on valuations now to avoid delays, says ATO
The ATO is urging SMSFs to get their asset valuations done before their annual audit to help avoid delays and late lodgements.
The ATO is urging SMSFs to get their asset valuations done before their annual audit to help avoid delays and late lodgements.
There is quite a bit of truth to the old adage “there is no free lunch in life” or its more recent equivalent “if you’re not paying for the product, you’re the product” because pretty much everything in life comes at a cost these days.
The ATO is paying closer attention to attempts by accountants to “patch up” mistakes by SMSF clients involving the removal of money from the fund.
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To avoid additional costs (including the superannuation guarantee charge (SGC)), you must pay the right amount of super for all your eligible employees by the quarterly due date.