Robin and his team offer a value added service where every interaction and meeting seems to only improve things. They take on the various challenges we have and ameliorate our financial situation and spend however long it takes to make sure we understand what actually is happening. If you are looking for an accounting firm that wants to work together with your business, listens to your concerns and develop tailored solutions - then you won't regret engaging RA Advisory.
Having known Robin personally before availing his accounting services, I was fully aware what I was getting into. Seriously, he thinks in numbers and is the one of the most organized and meticulous person that I know. Guess that's an occupational hazard however that did give me a preview of what sort of accounting experience I was signing up for.This was the first time, I considered doing my taxes with the help of professional. If you are someone, who's got only one source of income and not many ongoing investments other than a savings account then you are better off doing it yourself. (This is the exact advice I got from RA advisory before they agreed to help me with my taxes). However, having gone through them, I can see the difference a professional service makes. If you are after an accountant, you won't go wrong in choosing them. Affordable fees, detailed advice and fast returns.
I was referred to RA Advisory by two of my friends, and I have known Robin personally before my interactions with him as a potential accountant.Robin is methodical, very detail oriented, and gives sound advice without the "marketing speeches" commonly seen from many other accountants. He advised me that forming a company was a great idea for my situation along with clear reasons and has helped me form this company and manage the book keeping and accounting. I found him to be very knowledgeable in all aspects of personal and company tax and would highly recommend RA Advisory and his team as accountants for both personal and business situations.If you want a clear cut and to the point accounting practice, this is the place to go to.
Robin and the team at RA Advisory are professional, hold you to account but most importantly authentic. They’re passionate about helping you whether, it be personal or business related financial matters, and put in the extra leg work every time. I recommend RA to anyone who ever asks ‘Do I Know a good accountant?’ My reply is always, ‘No I don’t, I know a GREAT accountant.’
COVID-19 has had an impact on many SMSFs. We look at the key issues.
Early release of superannuation
When a member of your fund wants to access up to $10,000 of their superannuation early under the COVID-19 measures, there are some additional steps that trustees need to take. Trustees will need to ensure their deed allows for early release, the member has met the eligibility criteria for release, and ensure that no funds have been released until the release authority from the ATO has been received. This will be a 2019-20 audit area of focus.
Tenant Rent Relief
Setting rent for a tenant that is less than market value in an SMSF is usually a breach of superannuation laws. If the rental relief is provided to a related party, then the situation can become trickier as the difference between the rent charged and the market value can amount to a loan and potentially put the fund in breach of the in-house asset rules.
However, to manage COVID-19 rent reductions for SMSF landlords, the ATO has stated that for the 2019-20 and 2020-21 financial years it will not take action where the rental relief is provided on arms-length terms. That is, the relief is in line with the National Cabinet Mandatory Code of Conduct for commercial leasing principles, has a set timeframe to it, and the reason for the relief and the relief provided is documented.
Relief for related party loans
If your SMSF has a limited recourse borrowing arrangement in place with a related party, and that related party provides repayment relief, this would ordinarily be a breach of the superannuation rules. The ATO however will accept the relief if it is provided on reasonable terms similar to commercial banks (see the Australian Banking Association’s website for comparison), the relief and the reasons for it is documented, and is for a set period of time.
A fall in asset values
If the assets of your SMSF have fallen in value, you should consider whether the current asset allocation is consistent with the fund’s investment strategy, and if the long-term goals of the fund continue to be met.
If you need to sell assets and make a capital loss, such as a loss on residential real estate, this loss can be offset against any capital gains. If the capital loss exceeds any gains, this loss can be carried forward and applied against future capital gains.
No deductions are available for unrealised gains (a fall in value for assets the fund continues to own).
Minimum pension payments
For funds drawing a pension, minimum draw down rates for the 2019-20 and 2020-21 years has been halved.
Default min. drawdown rates
2019-20 & 2020-21 reduced rates
95 or more
The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.[/vc_column_text][vc_empty_space][vc_custom_heading text=”by RA Advisory Team” font_container=”tag:p|text_align:left” use_theme_fonts=”yes” el_class=”post-name-of-author”][/vc_column][/vc_row]
Book Free Consultation
Book your free 15 or 30-minute phone consultation at a time that suits you.