September 2021 | VOLUME 160
KSW Newsletter for our clients and associates
Your Reporting Requirements are now more onerous!
Reporting for SME’s is about to become more onerous with new rules that have come in for reports generated for periods that commence after 1 July 2021. You will need to understand what the rules mean and who they effect. Our article here will address the issues to be considered with the new requirements.
Staff Choice of Superannuation has changed from 1 November 2021 – Be Prepared!
The government has just passed the ‘Your Future, Your Super’ legislation and it will come into effect on 1 November 2021. This will mean where employees do not choose a super fund, most employers will have to check with the ATO for the employees ‘stapled super fund’. Our full article here explains how this will work to keep you prepared for this change.
SuperStream and rollover changes from 1 October 2021
From 1 October 2021, you won’t be able to rollover funds to or from your SMSF unless you have an active Electronic Service Address (“ESA”) which provides rollover SuperStream services. By being prepared for this change, this will ensure your employer super contributions are paid, and super monies are rolled over, in a timely manner. Our full article here explains what you need to know.
“I am not a product of my circumstances. I am a product of my decisions”
network turns 50!
As a flow on to our own firm’s 50th year celebration in 2019, our Kreston Global network has turned 50 years old in 2021. This week, 27 September – 1 October, is the celebration of the 50th year of the network – Kreston Week!
Kreston Week, which is an annual event where we celebrate the member firms and our deep connection to the network, takes on more significance this year due to the significant milestone. 50 years is a great achievement!
We joined the Kreston network in 2010 to ensure that any clients, who needed competent tax and accounting advice in other countries, would be able to access the right professional to satisfy this need. The connection has been a great success for us and our clients. We have made great use of the capability across the world and our clients have been able to be guided in their foreign growth plans by fantastic accounting professionals who are able to handle all needs in a timely fashion. With the connection, it has also allowed us to work closely with the network members to ensure that all cross-border issues are taken into account and to ensure the after tax result in Australia is optimal.
The Kreston Global network has a presence in over 120 countries in the world and there are over 170 members firms around the globe. We work very closely with our fellow network members to provide a collaborative and co-ordinated service that you cannot access in other groups or networks.
As you know, we have branded as a Kreston firm since May this year with our new name being Kreston Stanley Williamson. We have enjoyed the connection with Kreston for the last 11 years and look forward to a long association with such a forward-thinking global group.