The Ultimate Guide to Establishing a Self-Managed Super Fund (SMSF): Process, Costs, and Compliance

The accounting industry is evolving rapidly with new regulations, emerging technologies, and shifting market dynamics. Whether you're a CPA, tax professional, or finance expert, staying ahead of industry trends is crucial. One of the best ways to gain insights and network with top professionals is by attending a CPA Conference 2025 in Australia. Why Attend CPA Conferences? CPA and accounting conferences offer more than just keynotes—they provide opportunities to gain Continuing Professional Development (CPD) credits, explore the latest in fintech, and build connections with industry leaders. Here’s why these events should be on your radar: Stay Updated on Tax & Compliance Changes – Regulatory updates directly impact your practice. Events like CPA Congress 2025 offer exclusive insights from policymakers. Networking Opportunities – Meet like-minded professionals, potential clients, and industry leaders at Australia’s top CPA conferences. Tech & Innovation Insights – AI, au...

Staying ahead of Business Activity Statement (BAS) due dates is crucial for Australian businesses. Timely lodgment and payment help avoid penalties and ensure smooth financial operations. Whether you report monthly or quarterly, understanding your obligations is key to compliance. What is BAS and Why is it Important? The BAS is a mandatory tax reporting document for businesses registered for Goods and Services Tax (GST). It includes details on: GST: Reporting collected and claimable GST PAYG Withholding: Declaring withheld employee taxes Other Taxes: Luxury car tax, fuel tax credits, and more (depending on business type) 2025 BAS Lodgment & Payment Due Dates For Monthly Lodgers If your business reports BAS monthly, lodgment is due on the 21st of the following month : January 2025: Due by February 21, 2025 February 2025: Due by March 21, 2025 … and so on for each month. (Missing deadlines? Learn what penalties apply in our full guide! ) For Quarterly Lodgers Businesses lodging ...

Working from Home Tax Deductions to Claim in Australia (2025) With remote work becoming increasingly common, many Australians are looking for ways to maximise their work-from-home tax deductions. The Australian Taxation Office (ATO) has clear guidelines on what can and cannot be claimed, making it essential to understand the rules to ensure you receive the full benefits. Understanding Work from Home Tax Deductions To be eligible for deductions, you must perform your job duties from home, not just occasionally check emails. You must also incur additional work-related expenses that your employer has not reimbursed. Keeping proper records is crucial to substantiate your claims. Methods for Claiming Deductions The ATO offers two main methods: Fixed Rate Method: As of 2025, the rate remains 67 cents per hour worked from home. This covers electricity, internet, phone, stationery, and depreciation of office equipment. Actual Cost Method: This method requires detailed calculations and allow...

The ATO SMSF Supervisory Levy 2025 is a mandatory fee that self-managed super fund (SMSF) trustees must pay annually to cover regulatory oversight. With 638,411 SMSFs managing over $1.02 trillion in assets , the Australian Taxation Office (ATO) ensures strict compliance through this levy. Understanding who pays, how much, and key deadlines can help trustees avoid penalties and claim tax deductions . Let’s dive into what you need to know. What Is the SMSF Supervisory Levy? The levy is paid annually as part of an SMSF tax return . ✔ Existing SMSFs – $259 per year. ✔ New SMSFs – $518 in the first year (covers two years). ✔ No levy required if the SMSF is wound up, provided previous levies are paid. Why Is the Levy Charged? The levy funds SMSF compliance monitoring, audits, and enforcement to ensure: ✔ Superannuation laws are followed. ✔ Trustees receive guidance & education . ✔ Penalties are enforced for non-compliance. Is the SMSF Supervisory Levy Tax-Deductible? ...

Payroll is more than just paying employees—it involves tax compliance, superannuation obligations, and accurate reporting . Mistakes can lead to ATO penalties, legal risks, and unhappy employees . So, how can accountants streamline payroll processing while staying compliant with ever-changing regulations? Here are six essential payroll tips to help accountants manage payroll efficiently in 2025. 1. Stay Updated on Payroll Compliance With frequent updates to minimum wages, Fair Work regulations, and tax laws , staying compliant is a challenge. ✔ Regularly check the Fair Work Ombudsman website for wage updates. ✔ Ensure employees receive the correct tax and super contributions . ✔ Use ATO-compliant payroll software to stay up to date automatically. 2. Master Single Touch Payroll (STP) Reporting STP reporting is mandatory for Australian businesses. Every payroll cycle, businesses must report wages, PAYG withholding, and super contributions to the ATO . ✔ Use STP-enabled payrol...

Managing superannuation fees effectively is essential for individuals and SMSFs looking to maximise tax benefits. A common question arises: Are superannuation fees tax deductible in 2025? The answer depends on the nature of the expenses and whether they directly relate to generating taxable income. Understanding which fees are deductible can help reduce costs and optimise tax savings . But which expenses qualify? Let’s explore. Which Superannuation Fees Are Tax Deductible? Superannuation funds incur various costs, but not all are tax-deductible. Here’s a breakdown: Administration Fees – Ongoing costs for managing the fund are generally deductible. Investment-Related Expenses – Portfolio management fees may qualify. Actuarial & Audit Fees – Required for compliance and typically deductible. ASIC Fees – Generally not deductible for SMSFs. Are SMSF Setup Costs Deductible? One of the biggest questions for SMSF trustees is whether setup costs are tax-deductible. Unfortunatel...

As we step into the 2025 financial year in Australia, staying informed about crucial dates and financial strategies is essential for individuals and businesses. Whether you're an entrepreneur, freelancer, or simply managing your personal finances, knowing the financial year timeline can help you stay ahead of tax deadlines and make the most of tax-saving opportunities. Key Dates You Should Know The 2025 financial year runs from 1 July 2025 to 30 June 2026 . Here are some important deadlines to keep in mind: Tax Filing Deadline: If lodging your own return, the due date is 31 October 2026 . Those using a registered tax agent may have extended deadlines. BAS Filing Deadlines: Business owners registered for GST need to file their Business Activity Statement (BAS) every quarter: Q1: 1 July – 30 Sept (Due: 28 Oct 2025) Q2: 1 Oct – 31 Dec (Due: 28 Feb 2026) Q3: 1 Jan – 31 Mar (Due: 28 Apr 2026) Q4: 1 Apr – 30 Jun (Due: 28 Jul 2026) These deadlines are crucial to avoid penalties and...