28 November 2019
To protect your retirement savings from fraud and misconduct, the ATO will now send you an email and/or a text message when changes are made to your self-managed super fund (SMSF) records. They will start sending these from 30 November 2019.
From time to time our superannuation division update these records on your behalf. We may update these records if:
- You change your address
- Your SMSF’s banking details change
- There is a change in membership of your SMSF
- You change the trustee of your SMSF
We also review these details each year as part of the annual compliance work to ensure the records are up to date and complete.
If you do receive an email or text message from the ATO regarding changes made to your SMSF’s records that you have not made please contact us. We can confirm if the changes were made by us and if required contact the ATO to report suspicious changes.
Remember: legitimate emails and text messages from the ATO never ask you to reply by text or email or to provide personal information. View the ATO’s current SMS and email activities if you're unsure about the authenticity of any ATO correspondence.
12 November 2019
The Tony Quirk Award Finalists have been announced and we are excited to shine a spotlight on the Boyce team members from our five regional offices who are in the running to win the highly coveted, annual TQ Award.
8 November 2019
On 7 November 2019, the Government announced an overhaul to the Regional Investment Corporation (RIC) funding rules which would see a couple of key changes.
Previously, the RIC was making available loans of up to $2 million with low interest rates (3.11%).
The main changes are as follows:
1. Changes to the repayment options which have been announced are:
- The first two years, interest and repayment free
- The following three years, interest only
- The following five years, interest and principal
2. Small Business Drought loans of up to $500,000 will be available for small businesses that directly provide primary production related goods and services to farm businesses in ‘the most drought affected communities. There is currently no guidance on how this will be determined.
At this stage this is an annoucement from the Government, and more specific requirements will follow. It also remains to be seen how they are going to determine which areas are eligible for the Small Business Drought loan.
Furthermore, there is currently no guidance on what will happen with interest charges on RIC loans already approved and those currently in the application stage.
Boyce will continue to send updates as new information becomes available.
Should you wish to register your interest or find out more information, please email email@example.com, call 1800 875 675 or contact your local Boyce accountant.