de Kretser Chartered Accountants support animal charities

de Kretser Celebrates Milestone Birthday by Giving Back:

At de Kretser Chartered Accountants, we love to celebrate achievements and accomplishments; we love to celebrate people.

For many years, Suzie de Kretser, the matriarch of the family has continuously given back to the community. She is recognised in the community for her charitable work and her generous contributions to various charities such as German Shepherd Rescue Victoria (GSRV), The Prahran Mission and Pets of The Homeless.

A very charitable birthday

Donate to Pets of The Homeless

I believe this is the opportune time to underline that Suzie will be turning 70 this month of June. With great modesty, she has declined any formal type of celebrations and this includes gifts of any kind. For her milestone birthday, instead, Suzie has requested that we give back to ones who deserve it the most. For her 70th birthday, Suzie has decided to support Pets of The Homeless (POTH).

POTH is a charity that offers essential services such as nutritious meals and emergency veterinary care to pets that live amongst the homeless. Since 2015, POTH has distributed more than 400, 000 nutritious pet meals to the community.

Throughout the month of June, de Kretser Chartered Accountants will be supporting Pets of the Homeless through mycause.

Suzie decided to accentuate support for POTH due to increasing numbers and issues related to homelessness across the CBD of Melbourne and outer suburbs.

“Homelessness is real issue. These are difficult times for businesses and many individuals are struggling to get back on their feet, as it’s been a rough year. Pets are loyal to their masters and will stick by them through thick and thin. Sadly, pets can also find themselves homeless without proper care, food or shelter” said Suzie.

While we are currently in lockdown, there is a greater need to create awareness for pets that are struggling to survive. Your funds will be allocated to our less fortunate pets and will help to provide essentials such as food, veterinary visits and general overall care.

Click on the link to support Pets of The Homeless

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SMSF trustees or directors: What is Required from the ATO?

All members of a self-managed super fund (SMSF) must be individual trustees or directors of the fund’s corporate trustee. Anyone 18 years old or over can be a trustee or director of a super fund as long as they’re not under a legal disability (such as mental incapacity) or a disqualified person.

The Responsibilities

Whether you’re a trustee or director of a corporate trustee, you are responsible for running the fund and making decisions that affect the retirement interests of each fund member, including yourself. As a trustee or director, you must:

  • Act honestly in all matters concerning the fund
  • Act in the best interests of all fund members when you make decisions
  • Manage the fund separately from your own superannuation affairs
  • Know, understand and meet your responsibilities and obligations
  • Ensure that the SMSF complies with the laws that apply to it

All trustees and directors are equally responsible for managing the fund and making decisions. You are responsible for decisions made by other trustees, even if you’re not actively involved in making the decision. You can appoint other people to help you or provide services to your fund (for example, an accountant, administrator, tax agent or financial planner). However, the ultimate responsibility and accountability for the SMSF’s actions lie with you, as trustee or director. As an individual trustee or director of a corporate trustee, you may be personally liable to pay an administrative penalty if certain laws relating to SMSFs are not followed.

Other members of the fund can take action against you if you don’t follow the terms of the trust deed. Any fund member who suffers loss or damage because of a breach of any trustee duties may sue any person involved in the breach.

Other eligibility factors should not be overlooked. To knowingly act as a trustee, a trustee director or an office holder of a corporate trustee (such as secretary), while being a disqualified person, is an offence. To be sure you are not a disqualified person you need to be able to answer “no” to all of the following questions.

 
1. Have you ever been convicted of a dishonest offence, in any state, territory or a foreign country?

Offences of a dishonest conduct are things such as fraud, theft, illegal activity or dealings. These convictions are for offences that occurred at any time, including convictions that have been “spent” and those that the court has not recorded, due to age or being a first offender.

2. Have you ever been issued with a civil penalty order?

Civil penalty orders are imposed when an individual contravenes a civil penalty provision (this can be an order to pay a fine or serve jail time).

3. Are you currently bankrupt or insolvent under administration?

You cannot be a trustee of an SMSF while you are an undischarged bankrupt, and you cannot remain a trustee if you become bankrupt or insolvent after you are appointed.

4. Have you been previously disqualified by the ATO or APRA?

The Commissioner of Taxation, as the SMSF regulator, can disqualify a trustee, which is permanent and is not just specific to the SMSF you were a trustee of at the time. The Federal Court can make an order to disqualify a trustee of an APRA fund. This is permanent and this disqualification does not allow you to operate an SMSF

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This is a de Kretser Client Information Newsletter keeping you on top of the issues, news and changes you need to
know. Should you require further information on any of the topics covered, please contact us via the details below.

T: +61 3 9550 6900 E:admin@dekretser.com.au