RMG Partners News Release
As you may be aware, there are a number of changes for RMG Partners coming up;
Farewell - 2 October 2012
RMG Partners announce the recent departure of two of our Principals, Sonia Gibson and Geoff Davis. We wish Sonia and Geoff well in their future careers.
Ross Mottershead and Darren Vardy, respectively, will provide comprehensive service for clients and matters previously managed by Sonia and Geoff.
Superannuation changes announced
A tax exemption on superannuation earnings supporting pensions and annuities will be capped at $100,000, and anything above that level taxed at a rate of 15 per cent, the federal government has announced.
Click here to read the full article from the Sydney Morning Herald.
SMSF Changes
New regulations for self-managed super funds (SMSFs) took effect on 7 August 2012. They require your SMSF trustee clients to:
- regularly review their fund's investment strategy
- consider insurance for members as part of their fund's investment strategy
- value assets at market value for reporting purposes.
Bankruptcy Trustee Appointment
RMG Partners is pleased to announce the appointment this week of Louise Thomson, a Bankruptcy Trustee, to expand the services we offer to our clients.
Louise’s extensive experience includes bankruptcy administration, forensic accounting, commercial accounting, office and business management. Louise is now available to respond to enquiries from solicitors and accountants regarding their clients in relation to general Bankruptcy Law or problems that may require detailed investigation.
Changes to Director Penalty Notice (DPN) Regime
ARE YOU NOW PERSONALLY LIABLE?
- Directors are now personally liable for PAYG and Superannuation where the debt has remained unpaid and unreported for over 3 months.
- Director Penalty Notices issued by the ATO give a director 21 days to extinguish their personal liability by paying the debt or appointing an administrator or liquidator to the company now only apply to reported and unpaid liabilities.
