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Australians Highlight China’s Economic Importance, But Place Greater Weight On US Ties

Australians Highlight China’s Economic Importance, But Place Greater Weight On US Ties | Accountants Brisbane | Scoop.it
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Australians are conflicted in their attitudes towards China, seeing the country as a great economic opportunity while at the same time feeling uneasy about growing Chinese investment, according to a Lowy Institute poll on public opinion and foreign policy issued yesterday.

The poll also found that more Australians place higher importance on the country's relationship with the United States, even though they recognise China is the most important economy for Australia.

 

Dr Michael Fullilove, executive director of the independent Australian think tank, was quoted as saying by the institute that the poll "illustrates why a central policy issue for future Australian governments will be managing the Australia-US-China strategic triangle".

A total of 76 per cent of 1,002 respondents identified China as the most important economy to Australia at the moment. This is 13 percentage points up since 2009.

However, strong economic ties do not necessarily mean a harmonious relationship, with sentiment towards China having cooled slightly. The poll showed that 57 per cent of Australians thought their country was allowing too much investment from China, up from 56 per cent last year.

As well as fear of Chinese investment, more than half of Australians see China as a military threat, unchanged from last year's result and down from a 2009 peak.

Rory Metcalf, director of the institute's international security programme, said China had an "opportunity … through its public diplomacy, to put a lid on those threat perceptions".

A reflection of that fear was increased support for the US alliance, which the poll's author, Alex Oliver, said remained "the bedrock of Australian security".

The poll revealed that 82 per cent supported the Australian-US relationship, the highest percentage since polling began in 2005. More than half agreed with hosting US troops on Australian soil. "Support for the US basing forces [in Australia] is firming and perhaps we can balance that against the military threat from China," Oliver said.

Shen Shishun, director of the department of Asia-Pacific security and co-operation at the China Institute of International Studies, said the fear was unfounded.

"I don't see any tendency in China's military organisation and development aimed towards Australia," Shen said, adding that China saw Australia as an "extended neighbour" and that there was "no intention at all of military action".

Professor Kerry Brown, executive director of the China Studies Centre at the University of Sydney, said that perceiving China as an economic opportunity and a military threat was an ambiguity derived from the speed of China's rise and fear of a different economic system.

"It creates a certain amount of confusion and a lack of comprehension about how to interpret the situation, which is not helped by the fact that China is not very good at explaining what it is up to," Brown said.

Nevertheless, the vast majority of those polled - 87 per cent - said it was possible for Australia to have good relations with both China and the US, and 62 percent disagreed with the statement that "Australia should support US military action in Asia, for example in a conflict between China and Japan."

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Superannuation And Other Barriers To Older People Working Need To Go

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The older workforce in Australia may now be able to stretch its working life to few more years. A recent report released by the federal government reflects the same. The report titled “Access All Ages – Older Workers and Commonwealth Laws” was created by Australian Law Reform Commission. The commission believes that strict policies on social security and superannuation contribution have discouraged older workforce from continuing their profession after ageing upto 65 years. Many argue that loosing this experienced population is a kind of loss of human resource for small as well as bigger firms. These human resources can be utilised to coach new workforce.

Various aspects of a working individual were taken into consideration for research conducted by the law commission. These are shown in the flowchart below:

The report recommends loosening the strict laws which directly affect older workforce. These areas are:

1) Superannuation
2) Social Security
3) Employment
4) Insurance
5) Compensation Law
Employment Minister, Bill Shorten said that “the Australian government has relaxed the super guarantee maximum age limit. Due to this, people aged 70 and over would be able to contribute to their Australian superannuation retirement savings. He also told that the government will consider all aspects of the report released by Australian Law Reform Commission and would make sure that the experience and knowledge of senior professionals is properly utilised.

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Transparency at core of SMSF growth

Transparency at core of SMSF growth | Accountants Brisbane | Scoop.it
Transparency of process has been at the heart of SMSF growth, according to Multiport’s Phil La Greca.
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What Is The Tax Difference Between Single And Married?

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Taxation obligations differ drastically for a single person and a married person in Australia. The Australian taxation office offers the married people a wide variety of rebates that are beneficial for them and their families. In this blog, we will discuss how the tax requirements differ for both categories in Australia.

• Single person will file a single form meant for Australian taxation obligations while a married couple would need to submit two forms which show their income related details.

• Single people would not be able to avail any family tax deductions whereas a married couple would be able to avail various rebates or deductions, these are as follows;

• Combined deductions to available maximum tax offset;
• Combine one or more categories of deductions together as applicable through the form;
• Claim deductions based on medical and dental expenses;
• Claim deductions based on gifts;
• Claim deductions based on financial loss due to theft;
• Spouse superannuation;
• Private health insurance;
• Net medical expenses;
• Government benefits (for example, government pensions or Centrelink payments);
• low income (such as part time participation in the workforce);

Single people would be able to show deductions but their own only. Also, having a Tax File Number (TFN) is the mandatory requirement, if you are applying for a rebate or deduction during a financial year.

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QLD gas industry fee restructure: have your say — Pipeline Plant & Offshore — News & Projects

QLD gas industry fee restructure: have your say — Pipeline Plant & Offshore — News & Projects | Accountants Brisbane | Scoop.it
Queensland’s petroleum and gas industry is being asked by the State Government for its views on a new fee structure that “aims to make compliance simpler and provide a stable funding base to deliver critical safety and health functions”.
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Whiting Petroleum Corp (WLL), and These Six States Tax Retirees the Hardest - Insider Monkey (blog)

Whiting Petroleum Corp (WLL), and These Six States Tax Retirees the Hardest - Insider Monkey (blog) | Accountants Brisbane | Scoop.it
MiamiHerald.com Whiting Petroleum Corp (WLL), and These Six States Tax Retirees the Hardest Insider Monkey (blog) The vast majority of states give retirees a break when it comes to their taxes, exempting much or all of their Social Security and...
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Australian beer giants call for alcohol taxation reform | 3AW

Australian beer giants call for alcohol taxation reform | 3AW | Accountants Brisbane | Scoop.it
A leading alcohol research group says Australia's alcohol taxation needs a complete overhaul, but Wayne Swan is failing to act.
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One In Three Borrowers Fixed Their Home Loan In March

One In Three Borrowers Fixed Their Home Loan In March | Accountants Brisbane | Scoop.it
B B Whitehouse Group offers Outsource Loan Processing, Outsource Accounting and even Contract Loan Processing.
BBW Group's insight:

One in every three loan borrowers fixed their home loans in the month of March via leading mortgage broker AFG. The broker has recently fixed their rate at 5% to increase number of fixed home loan borrowers. According to The AFG Mortgage Index Published on 2nd April, 2013, 29.6% home loans were fixed in March as compared to 24.1 % and 16.3% in February and January respectively. The rates achieved in March are however highest rates achieved till today by the AFG.

Home loan borrowers have shown good response and are desperate to lock loans at fixed rates offered by the mortgage broker. Many borrowers told that the reason for fixing loans with the broker were simply the ‘historic low rates’ of interest offered by them. This move is a part of sales team of the AFG mortgage brokers. Main borrowers are first home buyers in West Australia (WA) and investors in New South Wales (NSW). As per the mortgage broker, there is a very low percentage of loan borrowers who are first home buyers. The data for different states in Australia is given below:

For more information on mortgage broking and cost effective loan processing with leading mortgage brokers and lenders in Australia, you can talk to our representative or visit our website: www.bbwgroup.com.au

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Australia To Force Multinationals To Disclose Tax Arrangements

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Australian Prime Minister has said that millionaire taxpayer companies like Google and Apple would be required to publish their tax arrangements. This move is a result of Australia’s efforts to curb down the tax avoidance schemes being implemented by big names in corporate world. According to Assistant Treasurer David Bradbury, many big companies have been hiding their actual income and transferring it to other nations where taxes are comparatively lower. “We want to make sure that large multinationals companies are paying their fair share”, he said. According to sources, around 2000 companies would fall in this category including BHP Billiton and Rio Tinto with a turnover of more than $100Million.

The research behind proposed amendments in tax policy has been done by Australia’s Minority Labor Government. Last year, the Australian government had released draft revisions to the existing tax laws to control profit shifting from Australian territory. Similar moves have been taken in past by Britain and Germany as well as this issue was also raised during the group conference of 20 wealthy nations. The revision to tax laws would be decided by a voting which is scheduled after 14th May budget. The Australian government seeks support from independent lawmakers and Greens holding power in parliament. Reduction in the tax rebates would be seen for IT companies which were avoiding tax by simply opting for online sales. Currently, Australian government charges corporate tax of 30% which is higher than many other countries.

With this future plan, the government plans to have an effective system where corporates prefer transparent tax arrangements and fulfil their taxation obligations.

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Privacy Rules Stop Release Of Mining Tax Take

BBW Group's insight:

The federal government has said that they can’t declare the tax accumulated in treasurers’ fund as a result of mining tax. The treasurer said “it is not good to disclose the tax details of individual taxpayers”. It will be a breach of the commonwealth laws to protect privacy. Various parties and crossbenchers have shown strong objection on this issue. They are demanding that government should disclose the revenue generated from the mining companies. They also commented that, if the government has not generated any revenue within six months, it cannot do so in future also.

As reported by newspaper, ‘The Australian’, BHP Billiton, Rio Tinto and Xstrata are not going to pay mining tax for the second quarter of this year. Finance minister said that the Australian taxation office has conveyed to government not to disclose any sensitive personal information on this issue. The Australian Tax office believes that doing so will be a breach of the privacy required under the Taxation Administration Act.

The real reason behind less revenue generation can be initial high costs involved in the basic ore extraction process in the mining industry. Big mining companies pay a huge amount for setting up initial infrastructure. In the end it results in very less profits, so ultimately the government is left with even lesser revenue. A lot of grants and tax deductions available under this tax are also a significant reason to believe that the government may be earning less revenue.

To know more about mining tax and other taxation related queries, please feel free to visit our webpage: http://www.bbwgroup.com.au/tax.html

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Economy Benefits As Foreign Capital Pours Into Resources, Real Estate

Economy Benefits As Foreign Capital Pours Into Resources, Real Estate | Accountants Brisbane | Scoop.it

International exposure has lead to an increased strength in the Australian economy. The current value of Australian dollar is 105c US dollar. The trade analysts see it as a good omen for Australia’s global financial scenario. Different sectors have made their contributions to this growth. The silent real estate sector will make an impact this financial year. It may help in increasing the foreign income reserves of Australia. A research done on foreign investors by ANZ shows that real estate will be the major destination having capability to rise strongly. The temptation to see a rise in currency value can be seen in the Australian business scenario.

 

The inflow of cash in any nation’s economy is the result of its openness towards international trade and foreign direct investment. The openness in international trade helps in not only increasing the inflow of money globally but it also helps in decentralisation of skill sets and human resources worldwide. According to United Nations Commission on trade and development, figures show a rise in foreign direct investment. This growth is taking place at a compound growth rate of 12.25% for 40 years. The net foreign direct inflows in Australia are now at a higher rate of 2% of GDP.

According to Salter, rise in FDI and strong currency may be two faces of same coin. But there are various factors which affect the strength of currency. FDI is significant of all these factors. Many businesses coming to Australia are meant to stay here for a long time. This is evident from the stable currency rates since last two years.

To read more updates on the Australian economy, please visit our website: www.bbwgroup.com.au

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Accountants Brisbane

Accountants Brisbane | Accountants Brisbane | Scoop.it
We are an Australian based Accountant Firm(more than 100 years Old) providing cost effective accounting services like bookkeeping,Taxation,Business structures, SMSF,Auditors Toowoomba,Accounting Outsourcing Services,Tax Accountant,Bookkeeping...
BBW Group's insight:
SMSF Stats Show Huge Growth In The Sector

The ATO’s SMSF statistical report throws light on super funds scenario in Australia. The report has summarised all the data and various factors that influence the investment pattern, number of members, level of smsf audit and other specific things. The report says that out of total superfunds during year 2010-2011:

1. Superfunds have over 913000 members.
2. The total value of assets in smsf sector is $440 Billion.
3. Every year, 26000 new smsf are reported to be established since 2008.
4. In recent years, the ratio of member to employee contributions has reached 2:1.
5. Majority of superfund’s hold their assets in cash and term deposits and Australian listed shares.
6. Smaller super funds prefer cash and term deposits.
7. The average balance for a member is $506,000.
8. The operating expense ratios have declined from 0.65% to 0.54%.
9. Over 64% of smsf are in accumulation mode but the trend is shifting towards superfunds that can arrange payment pensions sooner.

Smsf advice is very important and all the care must be taken to make the most out of your superfund. To know more about smsf Brisbane, please visit www.bbwgroup.com.au

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Payroll Tax Concession Announced For South Australian Small Business

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Small business payroll tax concession can breathe in some fresh air to the exhausted businesses in South Australia. Treasurer and Premier Jay Weatherill told media ”it would significantly halve the payroll taxes on small businesses”. If you are running a small business in South Australia, we have summarised the key points of this payroll tax concession plan for you. Please read below for more insights.

1) Initially a tax grant of upto $9800 or less would be provided to every eligible SME.

2) Businesses with yearly turnaround of $1.2 million or more may benefit from this payroll concession.

3) The grants will be paid to SMEs in cash upfront payments during a period of next two financial years.

4) The total cost to government would come around $21.6 Billion.

5) Five banks are part of this project through which cash grants could be collected, these are: Bank SA, Bendigo Bank, ANZ, the Commonwealth Bank and People's Choice Credit Union.

A recent statement made by Business SA CEO, Nigel McBride confirms the same. He said “We have told the Government that South Australian small business needs tax relief and the Premier has taken a step in the right direction by making this announcement.”

However, opposition treasury spokesperson, Iain Evans believes that the South Australian Government would collect $1.1 billion of payroll tax in the current financial year. Considering this huge amount a small concession of $11 million or simply said, 1 percent for two years is very less. He feels this step would surely be a welcome change for many despite the only drawback being its ‘short term’ status.

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Sybil Lesniak's curator insight, February 7, 2014 1:41 AM

http://www.brisbane-accountants.com/

 

A Quality Accounts Management company !

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Employee Share Scheme Tax Systems Set For An Update

BBW Group's insight:

The taxation liability under employee share tax scheme is discouraging many small firms in Australia to use this option. Generally companies offer a share of their growing equity to the talented workforce to make them stay in the current organisation. The rigid tax treatment of such schemes is resulting in more tax liability on the part of the employee turned shareholders. Many entrepreneurs believe that share option scheme is a form of key currency that results in holding talented pool within organisation. It also acts as a resource for the company owners who don’t have mush capital resources to employ highly paid professionals.

Many taxation experts believe that the employees holding shares become liable to high taxes based on the assets value, even if the company has not started earning any revenue till date. “Updating tax treatment rule is the demand of the hour” as quoted by Malcolm Thornton, investment director at venture capital fund Starfish Ventures. Thornton also believes that the employee share tax scheme needs to consider various types of companies that exist in Australia, so that a large number of organisations could benefit from this share option scheme.

When experts were contacted to give their comment on this issue, their common opinion was that “an employee is less concerned about the formalities and taxation liabilities that come with holding a share. However, a company which is offering shares needs to understand and consider every aspect of the legal process while offering its shares to employees”.

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Accounting Salary Trend In Australia 2013

Accounting Salary Trend In Australia 2013 | Accountants Brisbane | Scoop.it
BBW Group's insight:

Current salary trend in Australian accounting world is a prominent part of various accounting salary guides and surveys released by various experts. We have summarised salaries taken by main accounting job profiles in Australia.


These figures have been taken from payscale.com and finance and accounting salaries may vary depending on company size, job role, employee’s calibre and employer’s financial situation. There are various factors affecting the salaries in Australian accounting profession, some of these are:

• An expansion in growth of the accounting businesses;
• Rising workloads
• Mergers or acquisitions
• Financial system upgrades
• New regulatory requirements in Australia

In Australia, every year some registered firms and experts in the accounting domain release a detailed report about salary survey and hiring trends in Australia. These surveys are mainly done by:

• MySalaryPortal.com
• Hays
• Michael Page International
• Advantage Professional
• Robert Half International
• Perceptor Salary Review
• Hudson
• Lloyd Morgan

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What Is The Difference Between Income Tax And Income Tax Return?

BBW Group's insight:

Income tax is the tax applied on any Australian citizen’s income during a complete financial year. Whereas, a tax return is the declaration of income earned in a financial year by any Australian resident. This tax has various levels or age brackets under which different tax categories are applicable. Such categories are covered as per information provided in the tax return of every taxpayer. The income tax rules and regulations will have an influence over your taxation return.

Income Tax is the amount of money that is withheld from you and the government will use it for the nation’s benefit. Income tax return is not an amount, it is a legal document or computer file that contains declarations related to income and expenses of a taxpayer. The tax is levied by government whereas the tax return is provided by taxpayers. ITR is filled and submitted to ATO every financial year while income taxes are levied or modified as per decisions taken by the Australian government. This process is time taking and also its periodicity is not fixed like we have for lodgement of tax returns.

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Colorado's Marijuana Regulation & Taxation Bills Filed - The Daily Chronic - The Daily Chronic

Colorado's Marijuana Regulation & Taxation Bills Filed - The Daily Chronic - The Daily Chronic | Accountants Brisbane | Scoop.it
Baltimore Sun Colorado's Marijuana Regulation & Taxation Bills Filed - The Daily Chronic The Daily Chronic DENVER, CO — Months after Colorado voters approved a ballot initiative to legalize, tax and regulate marijuana, a 57-page bill outlining the...
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Australian Securities and Investments Commission - SMSF auditor registration

Hate to sound like a broken record, but #SMSF Auditors only have 8 days left to register as an ASIC approved auditor http://t.co/7czQZAzpIP
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A simple bookkeeping spreadsheet in Google Drive

A simple bookkeeping spreadsheet in Google Drive | Accountants Brisbane | Scoop.it
I developed a simple Google Drive template that will allow you to keep a set of books for a simple business.  This will work for a simple business that has a few similar transactions a month.  You ...
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Capital Gains Tax Hike Proposed For Super Funds

When thinking about tax Accounting in Australia,–then you are in right place- B B Whitehouse Group – your local, reliable, competitive and registered tax agent.
BBW Group's insight:
Recently made announcement by Superannuation Minister, Bill Shorten has left many super fund owners worried. He said “theses tax changes will affect only high income earners”. As per information received, the Australian government is planning to levy a capital gains tax on sale of properties held within super funds. Earlier no taxes were applicable on sale of a property held within a super fund if the owner is aged above 60. The Australian government collects capital gains tax a at rate of 45 cents in a dollar for sale of any normal property, but now it has big plans to collect taxes from high income earners belonging to various super funds.

Small business Superannuation owners have expressed their worries on future prospects of their savings. Peter Strong, Council Of Small Business Of Australia Chief Executive told that “As small business owners, our lives are based around our assets”. This change would lead to superfund owners paying taxes at the time of their retirement, when they are actually expecting benefits from their super fund savings. Australian financial scenario would be greatly affected by this step, as this change in taxation policy would annoy very large number of high income earners. Strong said “They want us to contribute to a very inefficient superannuation system when we're better off doing it ourselves”. He also added that big entrepreneurs prefer to invest in self managed super funds as they do not have confidence in the Australian super system.

Changes in super fund taxation can greatly affect your self managed super funds audit and later on savings at the time of your retirement, to secure yourself from such scenario, please get in touch with our super fund experts in Australia today.
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Accountant joins backlash against tax dodge attacks - Telegraph

Accountant joins backlash against tax dodge attacks - Telegraph | Accountants Brisbane | Scoop.it
One of the UK’s top accountants has joined the business backlash against attacks on corporate tax avoidance by politicians, telling the authorities to change the law if they are unhappy with the ethics.

Via britishroses
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Great stuff

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BBW Group's comment, January 28, 2013 10:36 PM
great stuff
BBW Group's comment, May 27, 2013 10:48 PM
thanks buddy
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Super System Changes Affect All

The new year will bring lots of changes to the superfund industry. The government has announced a number of changes that are going to affect your savings at the end.

1. Superannuation Guarantee Rate (SG): The government has increased the Australia’s superannuation guarantee rate. This will affect the savings made by all superfund contributors. It will increase from 9% to 9.5% with effect from 1st of July, 2013. This guarantee is expected to rise to 12% until 2019-20.

2. Super Guarantee Age Restriction: Another significant change is in the relaxation in the upper age limit for the superfund contributors all over Australia. The employees aged upto 70 can now get benefit from their employers. The employers are now responsible to contribute in the senior worker’s superfund. This benefit will help those citizens who are working in their later life and they can now be assured of a decent amount after retirement.

3. Effective from: 01/07/2013: You must be thinking when these changes will actually come into effect? So readers, as per Super CEO, Brendan O’ Farrell, these changes will apply from 1st of July, 2013.

4. Introduction of MySuper: The Super industry is also introducing a flexible and low cost superfund called “MySuper”. This is aimed to provide decent savings in the end to employees who either work on part time basis or keep on fluctuating in their jobs. This smart Superfund will help in ensuring that type of employee has some savings and contribution from their employers.

5. Introduction of Super Stream: The Government is also introducing an online service called Super Stream. This will help in making super transactions easier. This service will be available after middle of the year.

Around 12 million Australians contribute towards superfunds every year. The above-mentioned changes in legislation may or may not affect your actual superfund scenario. If you feel unsure about the actual status of your superfund, please visit our webpage: http://www.bbwgroup.com.au/superannuation.html

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ATO Signs Annual Income Tax And GST Compliance Arrangement With BAE Systems

BBW Group's insight:

The BAE has signed a legal compliance arrangement with the Australian taxation office. This move will help in creating simple solutions and transparency in the BAE business, said BAE Finance director Alan Osborne. The compliance will reduce the total cost of tax related work for businesses and will also help in providing ready-to-use solutions rather than facing surprising conditions and uncertain future. BAE believes “this is an opportunity to work closely under ATO’s guidance”. They can together try out some innovative solutions to problems related to tax compliance. The compliance arrangements will also hep ATO in achieving great insights about the tax arrangements in small businesses. The ATO can help in minimising litigation issues and achieving more success ratio in solving compliance problems.

The ATO will help in prioritising taxation obligations for businesses and devise plans to provide quick response. In cases related to Australian income tax legislation and liability, this move will be very fruitful. Taxation office will also provide practical solutions to tax compliance problems and sometimes may also create business forecast for them. Mr. D. Ascenzo said that “he hopes this compliance arrangement will further make way for large businesses to enter into compliance arrangement with Australian taxation office (ATO).

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SMSF confidential: the inside story on DIY super funds - SuperGuide.com.au

SMSF confidential: the inside story on DIY super funds - SuperGuide.com.au | Accountants Brisbane | Scoop.it
The ATO publishes an annual report about SMSFs for each financial year. This article covers the ATO’s 2010-2011 statistical review of SMSFs (released in late December 2012).
BBW Group's insight:
SMSF Stats Show Huge Growth In The Sector

The ATO’s SMSF statistical report throws light on super funds scenario in Australia. The report has summarised all the data and various factors that influence the investment pattern, number of members, level of smsf audit and other specific things. The report says that out of total superfunds during year 2010-2011:

1. Superfunds have over 913000 members.
2. The total value of assets in smsf sector is $440 Billion.
3. Every year, 26000 new smsf are reported to be established since 2008.
4. In recent years, the ratio of member to employee contributions has reached 2:1.
5. Majority of superfund’s hold their assets in cash and term deposits and Australian listed shares.
6. Smaller super funds prefer cash and term deposits.
7. The average balance for a member is $506,000.
8. The operating expense ratios have declined from 0.65% to 0.54%.
9. Over 64% of smsf are in accumulation mode but the trend is shifting towards superfunds that can arrange payment pensions sooner.

Smsf advice is very important and all the care must be taken to make the most out of your superfund. To know more about smsf Brisbane, please visit www.bbwgroup.com.au

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