Fao Sindia

Excess contributions tax (ECT)

One of the key points in Stuarts speech was the fact that the ATO have had significant re-reporting of SMSF contributions. While much of the re- reporting is to correct errors, an increasing concern is that some of the fund information that is re-reported is not correct, occurs immediately after the ATO have notified the member that they may have an ECT liability and is aimed at reducing or removing the liability. Be very aware that the ATO are intensifying their scrutiny of this type of re-reporting. It was made clear that the number of people having potential excess contributions was greater than expected, and that one of the main reasons was poor contribution reporting practices by funds.

The ATO are also seeing a number of taxpayers applying for use of the Commissioners discretion to disregard or reallocate contributions for the purposes of ECT. However, you should be aware that the law places strict limits on the application of the discretion and the ATO can only disregard or reallocate contributions where:

* you have received an ECT assessment
* there are special circumstances
* doing so is in line with the purpose of ECT, which is to ensure that the amount of concessionally taxed super a person will receive results from contributions theyve made to accumulate super gradually over time.

Applicants for discretion will need to demonstrate why they believe their circumstances are special. Special circumstances are those that have been legally defined as unusual, exceptional, abnormal or uncommon and where applying the law would result in an unjust, unfair or otherwise inappropriate outcome. Simply having to pay ECT is not a special circumstance. Not understanding how the law would apply to you including getting incorrect professional advice and exceeding a cap unintentionally is also generally not a special circumstance.

Lodgment

Whilst most DIY Superannuation funds lodge their annual return on time, there are many that are still not doing so, despite ATO reminder notices. As a result, the ATO have begun a pilot exercise involving nearly 250 SMSFs and have issued each fund with pending default assessments of 45% of the funds assets, less non-concessional contributions. If a fund continues to refuse to meet their lodgment obligations despite several contacts , the ATO will have no choice but to make the fund non-complying.

The integrity of the SMSF system depends on willing engagement in the system. Funds which continually refuse to fulfil even their most basic requirements have no place in the SMSF sector. Note that the ATO will also consider prosecuting trustees who fail to meet their lodgment obligations. From 1 July 2009 to 30 June 2010, 280 SMSF trustees were prosecuted, resulting in 327 convictions for failure to lodge by the due date with fines and costs totalling close to 2,000 (some funds had more than one conviction).

Umbrella insurance is additional liability insurance. It is often bought as an ad-on insurance policy to one of the regular insurance policies. As the name suggests, umbrella insurance works like an umbrella sitting on the top of your other insurance policy and provide added financial protection if  other policies cannot compensate the loss.

For instance, your vehicle damages another vehicle, and you find out that you have to pay far more than your insurance coverage allows. In this case, if you don’t have an umbrella insurance policy, where will you to get that money?  Umbrella insurance, this aspect of additional payment is easily taken care of and you don’t have to worry for it.

Earlier the common belief was that only the rich and elite need to buy umbrella insurance. This is no longer the case now as people have realized that anyone can be sued for anything at any point of time.  Umbrella insurance is therefore now popular among one and all as it throws in added protection against losses.

Suppose a man falls on your front steps or the tree that you have on your land falls on a neighbor’s house during a storm, you can be successfully sued for damage.

Remember every incident that takes place on your property or has something to do with your property is your liability and you can be sued for it. Often it happens a traditional homeowners’ insurance doesn’t cover these additional losses. Umbrella policies will provide protection in all such situations which usual liability policies can not cover.

Though being being wealthy isn’t a prerequisite for needing umbrella insurance, most of the people who fall into this category require it.

Reason- the more money you have the more of a target you become for lawsuits.  Therefore you have to make an extra effort in ensuring protection of yourself. Umbrella insurance simply does that.

Click on the following link to contact us for affordable and comprehensive umbrella insurance policy.

Originally published: 2010-09-08

Part 1 of a 3 Part Series Making Business News Newsworthy:

Part 1: Learning What is Newsworthy
Part 2: Writing a Capturing News Release
Part 3: How to Send a Press Release

This 3 part series will be published over 4 weeks, so make sure to subscribe so you receive a full picture view of how to successfully make your business newsworthy.

PART 1: Learning What is Newsworthy

I can promise you there is only rule to obtaining media coverage:

Make your business’s accomplishment newsworthy

Most of you believe you can accomplish that one task easily, but you are mistaken.

In fact, most business owners and managers are so close to the business, they tend to think every accomplishment is newsworthy.  If that’s true, why aren’t news reporters pounding down your door?

As a marketing professional for 11 years and former television reporter and freelance journalist (1998-2004), I will provide you with some solid, easy to follow tips on how to turn your regular business updates into news flashes.

4 questions to gauge if your news is really news:

Is it controversial or does it have interest for others outside your regular customers?
Does it benefit the community or a group of people positively or negatively?
Will it prompt comments or discussion within the community?
Should anyone care except you (the owner)?

To be controversial or not to be

Controversy good and bad believe it or not will produce news and very often it has been said bad news coverage can actually be good news coverage.

The exception to this rule would be extremely bad news that has an adverse effect on the population such as BP’s oil spill.

A good example of bad news that prompted bad and good news coverage and helped a company is Tylenol’s recall some years ago that actually improved company sales.

To benefit the community or not to benefit

If your business’s news will help others in the community or prove interesting, then it might be newsworthy. For example, if Shoney’s or Perkins offered free meals for a full week to anyone that would be newsworthy, because during these economic times many families are struggling to feed themselves.

What would NOT be newsworthy is a story about a park throwing a community open house to connect people with services. Why not you ask? Because there is no wow factor – it’s just an event.

Another newsworthy “benefit” story example is if a fitness trainer were to say give away ,000 to the biggest loser for a weight loss competition in a city rated at the top of the obesity or unhealthy lists.

 

News that prompts community comments good and bad

Remember this above all else. Even if people are outraged at your news, (maybe you are closing a factory or raising prices) news coverage is still news coverage.  Very often, outrage can route right back around into solid, good news about your business.

Many businesses fear bad media coverage as a result of a negative announcement. You CANNOT CONTROL WHAT THE MEDIA WRITES. What you can control is what you say and how you say it.

Example: local park where I live had some employees leave a special needs teen in a hot car for a couple of hours purely by accident – media was all over it – but the park system handled it brilliantly by investigating the incident, temporarily suspending employees, meeting with the teen’s parents and honestly answering the media’s questions.  Controversial news became “what the park did right” news.

Should anyone care about the news but you?

Sure your new tanning beds, your new car washing services or your restaurant’s new dish may be interesting to you, but who else really cares about it unless you give them a reason to care?

If you want to send out a press release to give your business a pat on the back, you are not going to get media coverage.

Examples of stories that made news because people cared:

Collier County animal shelter announced a potential end to pet adoptions if the budget was cut
A state announces increases to sales or income taxes
Oil drilling off Florida shores

General examples of what is newsworthy in today’s news climate:

A business closing after being open for more than 30 years
A business laying off people, even if it’s fewer than 10
Businesses offering discounts or day of free service for unemployed
Free gift or prize without purchase
Food giveaways
New business or expansion of a business in this economic turmoil
Animals – always news regardless
Kids – always news if it has to do with helping them, raising money or special needs children

Use the above as a guide to identify where your news falls – on the floor or on in the paper?

Part 2 of this 3-part series is Writing a Capturing Press Release. To learn more about DREAMFly Marketing’s services, visit the firm’s website.

 

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