2007-08 Compliance Program

With the growth in self managed superannuation funds there will be a significant increase in compliance activities from the ATO (increase to 10,000 compliance cases) focusing on requirements around in-house assets, loans to members and income tax issues such as special income.

The ATO will continue to examine auditor contravention reports. Where funds do not meet the definition of a self managed fund, and will work with the trustees to restructure the fund so that it can meet the definition. For new funds the ATO is undertaking a program of special compliance checks to assist trustees in understanding their obligations, including obtaining confirmation that, where a person became a trustee after 1 July 2007, a trustee declaration has been signed and can be produced.

The ATO is focusing on building the knowledge of new trustees, starting at the time of registration. In addition, through early intervention and assistance we hope to improve understanding and compliance levels on an ongoing basis. Their experience has shown that it is easier to rectify compliance problems early rather than trying to deal with them a year or two down the track.

Trustees are the focus of this exercise. It is their knowledge that the ATO is looking at, not the tax agent, accountant or administrator. At times the ATO will contact our office (Your Super Admin), in these circumstances they possibly could ask for trustees contact details if they do not have them, as they are calling about issues that only trustees can answer. In this case we will endeavour to have you prepared to answer any and all the queries as well has providing any documentation necessary to support these questions. Your Super Admin is here to support you when this arises.

The ATO compliance activities are guided by a compliance model. This emphasises the need for us to understand taxpayers’ circumstances, behaviours and risk profiles. Not everyone is the same, and they will apply a different treatment according to people’s circumstances.

If non-compliance arises because of a lack of understanding but there is an attempt to comply, they will provide education and advice. The enforcement activities – which the ATO call’s active compliance – will be used when there is intentional, reckless or careless non-compliance. The minority of trustees, who refuse to do the right thing, will be the major focus of the ATO compliance action.

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Non-SMSF Administration for as low as $660pa

As you are all aware Your Super Admin provides ongoing administration to your SMSF via our online reporting system and can do the same for a Non-SMSF portfolio of assets.

We are increasingly managing more of our clients Non-SMSF portfolios on request. However we have never formally made this offer to our extensive client base. As Portfolio administration is done by our service entity Your Portfolio Online, this will not interrupt or compromise our core servicing offering of Your Super Admin, but in fact make the administration processing even more efficient.

Your Portfolio Online normally charges $66pm for Non-SMSF portfolios. However we can extend an $6pm discount as a preferred client of Your Super Admin. This means you get portfolio management for as little as $60pm.

If you have a Macquarie CMT account that is opened through our office and attached to this portfolio, so that an automatic feed can be established, you will get a further $5 discount per month, making the cost of the service as low as $55pm.

Remember the use of P-Desktop via this subscription is free on a 20min delayed feed. View the demo If you would like to upgrade your P-Desktop access to LIVE pricing and LIVE News please email our office for further details.

Margin Loan feeds are also available on enquiry. To take up this offer please email our team at admin@yourportfolioonline.com.au for further details.

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Year end tax planning

As the tax year comes to an end don’t forget that you are able to perform some valuable tax planning online via Your Portfolio Online. If you want to gauge the level of income & tax credits accumulated, this can be done via the 'Print Reports' function, by running an income report for the current tax year. Be sure to select the ‘Using Tax Date’.

You can also run CGT simulation via the 'What If' function in the Unrealised Gain Detailed Report. Be sure to select the 'What If' button once in this screen which will display the current capital gains/loss position of the fund. You can then select any asset, or part there of and by pressing the 'What if – recalculate' it will adjust your position, showing you what the effect of these hypothetical trades will do.

Remember these tools are only tools, and everyone’s position, objectives and needs are different. Tax is only one consideration that’s needs to be considered in portfolio management. If in doubt please seek professional advice in this area.

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New Features too be released shortly

3 new menu items will be released shortly. This additional functional is a result of feedback from our client base, and subject to resources will continue to meet these client requests.

The new functionality that will be released though your V-Wrap menu lists are as follows;

• Balance History - the ability to view the balance history of your fund daily. It is broken down by Value, sub asset classes and cost base. You can run it over a specific time frame and export it to excel for further manipulation.
• Securities to be excluded from performance - This is new functionality that will be released shortly, which will give the user the ability to exclude certain securities when monitoring portfolio performance.
• Asset class targets - gives the user the ability to set an asset allocation target via the system, and then be able to run exception reports, and other reports to help the manager to manage their fund to a specific benchmark or portfolio allocation target.

We will notify all clients again by a service announcement when this new menu functionality is available.

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Pop up blocker fix

Please find instructions to fix the popup block problem when trying to run reports via Your Portfolio Online. Click Here for the process or download then from: http://www.yourportfolioonline.com.au/loadup.htm
in Step 1.

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A New Forestry Investment unfolds

The great southern team in Melbourne will be unveiling Great Southern’s new and exciting forestry investment. The great southern 2008 Future Forestry Investment offers the key features of the group’s flagship plantations project and much more.

Come along to an informative session to discover how your SMSF can invest in commercial hardwood plantations, as well as the prime agricultural land on which most trees are to be grown.

Also find out how you can benefit from exciting emerging industries such as carbon credits, bio-energy and standard lumber.

Canapés and drinks will be served

RSVP by 28th March 2008 to admin@yoursuperadmin.com.au

Interstate clients welcome, if you are interested in attending this presentation in another state please advice and I will forward details.

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For further information contact Your Super Admin Pty Ltd

Copyright © 2007 Your Super Admin Pty Ltd

Disclaimer: The material contained in this publication is in the nature of general comment and information only and neither purports nor is intended to be advice on any particular matter. Readers should not act or rely upon any matter or information contained in or implied by this publication without taking appropriate professional advice.