• approved SMSF auditors (and SMSF trustees – if they hold an ABN).
• businesses and their owners.
• not-for-profits.
• other organisations.

Logging in to Online services to business

• how to log in
• setting up your permissions

Home Page Functions (including)

• Account Header
• Menu
• Notifications
• Items for Action  
• Quick Links
• Feedback
• More Information
• Help Links

Account and Payments

• view your accounts
• payment plans and options
• transfers
• refunds

Lodgements

• Income Tax Returns
• BAS
• and over a dozen other lodgement items

Employees Menu

Used by businesses to manage most employer obligations, including

• registrations
• annual PAYG withholding reports
• TFN declarations
• STP functions
• Superannuation functions

Communication with the ATO

• secure mail
• lodging Tax Return amendments
• communication history

Profile Menu

Used by businesses to manage their business details with the ATO, including

• business details
• business addresses
• email addresses
• authorised contacts
• Registered Agents details
• associates
• financial institution details
• card details
• add, update or cancel a tax type
• SMSF auditor details

Of course, if you don’t want to go it alone, or you are worried about getting it wrong, use the services of a registered tax agent. This is the best way to ensure that your lodgements are not only made on time, but are both correct and compliant.

The experienced team at Accountplan have been helping client of all sizes get it right for almost 40yrs. For peace of mind call us on 07 3883 8999.

The post ATO Online Services for Business – User Guide appeared first on Mark Accountants.

One of the many responsibilities SMSF trustees have every income year is valuing your fund’s assets at market value.

The market value of an asset is the amount that a willing buyer and seller would agree to in an arms-length transaction. These valuations will be used when preparing your fund’s accounts, statements and SMSF annual return (SAR).

Your asset valuations will be reviewed by your approved SMSF auditor as part of the annual audit prior to lodgment of your SAR. Your auditor will check that assets have been valued correctly, assess and document whether the basis for the valuations is appropriate given the nature of the asset. They are not responsible for valuing fund assets.

Make sure you get your valuations done before going to your auditor.

It’s your responsibility to provide objective and supportable evidence to your auditor for the valuation of the fund’s assets, including all relevant documents requested to prevent delays in auditing the fund. Failure to do so could result in a potential late lodgment of your annual return or a contravention if mistakes have been made.

Start researching now to find what type of evidence your need to support the valuation as this can take time. For some asset types the law requires valuations to be undertaken by a qualified independent valuer. Find out more by visiting SMSF valuation guidelines.

Source: ATO

The post Valuing Fund Assets for SMSFs appeared first on Mark Accountants.

You need to have the time and skills to manage your Self managed super fund, and there are ongoing running costs.

As a trustee of an SMSF you’ll be responsible for operating your fund within the law. If you don’t, you may face severe penalties and your fund may suffer tax consequences.

You’ll also need to make investment decisions for the SMSF that are in the best financial interests of all members. You will need to formulate and give effect to an investment strategy that you review and update regularly, while understanding and complying with the restrictions on the investments an SMSF can make.

It costs money to set up and run an SMSF. You might find that the fees you pay for an SMSF are more than you would pay in another type of super fund. Every year that you have an SMSF, you’ll need to pay for an independent audit and the supervisory levy. Most SMSFs also pay for additional help, such as:

• preparing the SMSF annual return
• valuations of the SMSF’s assets
• actuarial certificates for SMSFs paying income streams (pensions)
• financial advice
• legal fees, for example if the trust deed needs to be amended
• assistance with fund administration
• insurance for members.

Source: ATO

The post Consider the Costs, Time and Skills appeared first on Mark Accountants.