Cooper Review Final Report Released

On 5 July 2010, the final Cooper Review report was released by the Government. This report contained 177 recommendations for the Government to consider in relation to maintaining the successful management of the Superannuation Industry.

The Cooper Review has rightly highlighted the increasing complexity of the current system, and the need to ensure individual workers are not disadvantaged by current fees and regulations, as superannuation is clearly becoming an increasingly important consideration for the economy as governments encourage individuals to take control of their superannuation to improve their quality of life after retirement.

While the initial recommendations in relation to SMSFs have been somewhat positive, it is important to note the Cooper Review is still only in the preliminary stages of consultation.

Happy 25th Anniversary Norman

Pictured above with fellow directors Michael Same & Andrew Freeman, Norman Same recently celebrated his 25 years with the knp Group.




knp FS Welcomes its new Recruits

Norman Same, Andrew Freeman and Michael Same are extremely happy to welcome the new recruits to knp Financial Service, Benjamin Hall and Sharee Maltar.

Having been in the financial planning game for over 10 years, Ben joins knp FS with a wealth of experience and exuberance. As a partner in his previous firm he was integral to the growth and developed of that practice through integrity, quality service and advice. Ben takes up the role at knp Financial Services as head planner, giving our clients the opportunity to benefit from his proven successful track record.

Sharee, in her capacity as Para-Planner and Cost Benefit & Group Risk Manager, will be assisting Ben by reviewing our clients on-going financial needs and ensuring their benefits are up-to-date with respect to quality of definitions and competitiveness of cost.

Both Ben and Sharee eagerly anticipate becoming familiar with our clients' financial goals and objectives, with an expectation of delivering them into a more rewarding financial future.

"It is our hope that the knp clients allow us to partner with them so that we can, over time, achieve much greater outcomes and financial rewards for each individual. As part of this partnership you can expect a commitment from us in managing your cashflow, helping to create wealth in the most tax effective manner and protecting your wealth and family with the use of insurance products and effective estate planning," says Ben.

Contact the financial planning team in Peter, Ben, Sharee and Toula in you would like to find out more about how they can assist you.

knp Newsdesk

ATO Sends Warning to SMSFs Regarding Employee Share Schemes

The ATO has warned taxpayers of an arrangement where an individual nominates his or her SMSF as the acquirer of shares or share options under an employee share scheme and the trustee of the SMSF pays no consideration or less than market value consideration for the shares or options.

GST and Requirements for Tax Invoices

The GST regulations which previously specified the requirements for documents to be tax invoices or recipient created tax invoices (RCTIs) have been removed.

ATO is Contacting Participants in Collapsed Agribusiness MIS

The ATO has advised that it will be contacting approximately 60,000 identified participants of recently collapsed Agribusiness managed investment schemes (MIS) during August 2010 to help them understand the tax consequences of their investments. The ATO has advised that affected taxpayers will need to factor in any changed tax implications in these schemes when they prepare their tax returns.

Tax Office Sets Compliance Focus Areas for 2010/2011

The ATO has released its compliance program for 2010/11. The program sets out risk areas facing the tax and superannuation systems identified by the ATO and the compliance activities that it plans to undertake to address them.

Superannuation and Instalment Warrant Rule Changes

The superannuation law has recently been amended to reduce the risks for superannuation funds investing in limited recourse borrowing arrangements (eg instalment warrants).

Minimum Pension Drawdown Amounts - 50% Reduction to Continue

The Prime Minister has recently announced that the Government will extend for another year the 50% reduction in the required minimum payment amounts that must be made from account-based, allocated and market-linked pensions.

Reportable Employer Superannuation Contributions Definition: Changes Proposed

The Government has recently proposed that it will amend the law to clarify the scope of the reportable employer superannuation contributions (RESC) definition. RESCs are generally superannuation contributions made under formal salary sacrifice agreements. Amounts reported as RESCs are used in determining eligibility for a range of government financial assistance programs.

Further Articles of Interest

:: Trust's Unrealised Gains can be Treated as Income
:: Division 7A Benchmark Interest Rate
:: Reasonable Travel & Meal Allowance Amounts
:: Cooper Super Review Makes 177 Recommendations
:: knp July 2010 Newsletter
:: knp June 2010 Newsletter
:: knp May 2010 Newsletter
:: knp Solutions


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knp Classifieds

knp's business is to develop your business

For over 30 years knp has lived by its motto of building wealth and lifestyle together by successfully connecting clients with clients, and clients with associates and affiliates as a means of creating opportunities and stimulating client's business ventures.

By fostering relationships built on trust with its clients, knp has been able to assist many clients who were either seeking the material or the services that other clients could provide - thereby connecting people and businesses with a mutually beneficial result.

We are now taking it a step further by providing a forum, in our Classifieds page, that can be used by our clients and associates to facilitate new business.

If you wish to make use of our business Classifieds, whether it be to place an ad or to respond to one, please contact our office on (03) 9824 8111 or email sdunn@knp.com.au.