October/November 2019 Newsletter


Are the individual directors liable for the debts of a corporate trustee?
A trust can be a very good structure for asset protection and using a corporate trustee adds to this protection.

If you are a director of a corporate trustee, please read our article and if you are concerned about your personal liability, please contact your client manager.

Removal of main residence exemption for foreign and temporary residents – update
The removal of the main residence exemption for foreign residents was announced on 9 May 2017.  The bill that was originally introduced lapsed when the federal election was called earlier this year, but was reintroduced to the House of Representatives on 23 October 2019. Our article outlines some of the key changes in the Bill.

Employers should be careful that you are not contributing to an invalid SMSF!
SMSF’s that are failing to lodge their income tax returns with the ATO (and therefore become an invalid fund) are not able to receive employer contributions.

As an employer this can have a major effect on you.  In our article we outline suggestions on what you should do before processing a batch payment of your quarterly superannuation contributions to the SMSF.

When did you last review your SMSF’s investment strategy?
Your investment strategy needs to be reviewed at least once a year and this will be evidenced by your approved SMSF auditor.  Our article gives you tips on how to keep on top of your obligations and explains why the ATO issued 18,000 letters to SMSF trustees as part of a campaign to ensure trustees are aware of their investment obligations.

The S&W Social Scene
October was a busy month for the staff of Stanley & Williamson.

On Thursday 17th October we participated in our annual S&W Masterchef and before you ask, no one got food poisoning.

We had entree, main and desserts cooked by regions from all over the world including Germany, Lebanon and France.  Prizes were also given for dress and presentation.

Our winning team was Jodee, Luisa, Katrina, Sarah and Kamal with their creations from France.

Who would have thought dressing up as a mime would be part of the job description at an accountancy firm!

On Wednesday 30th October half the office competed in the JP Morgan Corporate challenge.

This involves either running or walking 5.6km around the beautiful surrounds of Centennial Park.

Special mention to Cameron who was the first S&W team member to cross the finish line in 28 mins.

Well done to all who participated. All smiles, even after the big run/walk.

Kreston Stanley Williamson Team

*Correct as of November 2019

*Disclaimer – this article has been produced by Kreston Stanley Williamson as a service to its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas contained in this article, it is imperative you seek specific advice relating to your particular circumstances. Liability limited by a scheme approved under professional standards legislation.

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