RSM Australia

Our People

Katie Timms
Partner - Perth

Biography

Katie is a Director of the Business Advisory division in Perth. Katie has been with RSM since 2005 and has specialised in superannuation since commencing work as an accountant in 2000. She has significant experience in all areas of SMSFs, including administration and compliance, asset acquisition and tax saving strategies, structural assistance and estate planning.

Katie provides advice and assistance to trustees, accountants and financial advisors, and heads up the National Superannuation Committee. Katie provides regular technical updates for the Institute of Public Accountants, and has presented for the Tax Institute of Australia, Legalwise and TV Ed. She has been published in the Australian Financial Review, the West Australian and Farm Weekly.

Katie Timms is a Partner of RSM Australia Partners and a Director of RSM Australia Pty Ltd.

Solutions Katie provides

Katie specialises in the following areas:

  • self-managed superannuation fund compliance
  • self-managed superannuation fund audit
  • self-managed superannuation fund set up
  • self-managed superannuation fund administration
  • pension and tax strategies
  • asset acquisition and structuring advice
  • rural and farming succession, using self-managed superannuation

Professional associations

  • Member, CPA Australia
  • Certified specialist adviser, SMSF Association

Qualifications

  • Bachelor of Business - Accounting & Public Practice (Edith Cowan University)
  • Certified Practising Accountant (CPA)
  • Diploma of Financial services (superannuation) 
  • Diploma of Financial Services (self-managed superannuation)
Publications

Super members and trustees - are you ready for 30 June 2018?

14 June 2018
With the new financial year almost upon us, are you ready for it?  Self-managed superannuation fund (SMSF) trustees have some critical reporting dates coming up. The first of these occurs on 30 June 2018 and thereafter quarterly reporting kicks in.  Superannuation Contribution Changes 2017-2018  With the new financial year al...

The Power of Farmland in Superannuation

1 January 2018
Acquiring, farmland inside a Self Managed Superannuation Fund (SMSF) that can then be leased to a related party is popular strategies for farmers to help build their wealth for retirement. Make this a stress free transaction by considering the following issues: Arms-length transaction requirements Leasing farmland to a related party must...

ATO's final position on SMSF pension reporting requirements

9 November 2017
With the introduction of the new $1.6m Transfer Balance Cap or limit on pensions, from 1 July 2017, the ATO and self-managed superannuation fund (SMSF) industry have been in discussions about the reporting requirements to the ATO. The ATO announced this morning that SMSFs with a member who has a total superannuation balance of greater than ...

Downsizer contributions

10 August 2017
The 2017 federal budget was a quiet one for superannuation with no substantial reforms or tinkering with the system. One reform announced was the ability for amounts to be contributed to superannuation over and above the current limits where individuals are downsizing their primary residence.  Following budget announcement draft legislat...

Choosing capital gains tax relief

10 August 2017
A key component of the Fairer Super reforms is the ability for superannuation funds impacted by the reforms to revalue their assets to their current market value for taxation purposes. For many superannuation funds, this provides an opportunity to lock in capital gains made on assets to 30 June as tax free gains. The increase in value from the e...

Transfer balance cap reporting

10 August 2017
The introduction of the $1.6m cap on pension accounts will result in additional reporting requirements to the ATO by SMSF trustees.  All SMSF’s that are paying retirement pensions to their members will be required to report these to the ATO, even if the total balance of the members pension is less than $1.6m. All pensions that are paid...

Superannuation Changes - Your questions and our answers | Part 2

2 March 2017
Following on from Part one of Superannuation Changes -  Your questions and our answers, below we explore some other key questions regarding Capital Gains Tax Relief, Estate Planning and Contribution Issues.   View Part 1 of Superannuation Changes. Part 2: Other key areas Capital Gains Tax Relief 1. Do I need to sell...

Superannuation Changes - Your questions and our answers | Part 1

2 March 2017
Below we explore some of the most common questions our team has been asked about the upcoming changes. Part one hones in on concerns around the Transfer Balance Caps. Part Two examines other key areas. Part 1: The Transfer Balance Cap – seven areas you need to understand 1. I have more than $1.6m in my pension, do I need to take the amou...

The five new rules of super

6 December 2016
Following extensive debate and conjecture, the 2016 Budget announcements making widespread changes to the superannuation system have been passed. Learn more about the five new super rules...

Are you SuperStream compliant?

26 May 2016
The SuperStream standard is part of the government’s Super Reform package.  It will provide a consistent, reliable electronic method of transacting linked data and payments for superannuation.

Budget 2016 for Superannuation

4 May 2016
The Government took a hard, and potentially unpopular line on superannuation tax concessions in the 2016/17 Budget, with changes including: The introduction of a $1.6 million pension cap; Reduction in the concessional contribution cap PLUS more income earners captured under the ‘higher income earners contribution tax’; The introductio...

Budget 2016 - Summary of tax rates and thresholds for individuals

4 May 2016
Resident taxpayers The current 2015/16 tax rates (including the 2% temporary budget deficit levy, but excluding the 2% Medicare levy) are: 2015/16 Income Year Taxable Income $ Tax Payable $ 0 – 18,200 Nil 18,201 – 37,000 ...

Budget 2016 for Individuals

3 May 2016
Key announcements There are very few Budget measures impacting on personal income taxes for individual taxpayers and families.  The key change for individuals is an increase to the threshold at which the 37% marginal tax rate for individuals commences. The low-income threshold for the Medicare levy and surcharge will also increase from...

Future of Financial Advice (FOFA) reform

9 March 2016
For accountants working in the superannuation space, 1 July 2016 represents the beginning of a brave new day for the profession. No longer will accountants be able to rely on the accountants’ exemption allowing them to recommend setting up or winding up a self-managed superannuation fund without a financial services licence.  ASIC’s co...

2015-16 budget for superannuation

12 May 2015
Contrary to the announcements made by the Labor Party in April, the government confirmed in the Federal Budget that no tax changes will be made to superannuation this year. The Opposition proposed cutting the current tax free status available to retirees on superannuation earnings to introduce a tax of 15% on earnings over $75,001. The proposals...
Events

2016 Federal Budget Update - Perth

4 May 2016, 5.30 - 7.30pm
For many, the 2016 Budget is one of the most anticipated in some time. Changes to government, a slowing economy and non-stop tax rumours have resulted in uncertainty about what may be coming. Media and business commentators have predicted changes to the tax system, including superannuation, will result from the 2016-17 Federal Budget. How will...

Year End Planning - Perth

21 June 2016, 5.30 to 7.00pm
As the end of the year approaches, it is time to review what needs to be done before the year ticks over. ATO penalties, market value rules and pension requirements are just a few of the things we need to be wary of. But what else do we need to be aware of? And what impact might the proposed budget changes have? Join the RSM Superannuation Speci...

Superannuation Reforms Recap - Perth

Wednesday 18 April 2018, 5:30pm to 7:00pm
Since the 2016 Federal Budget, SMSFs have been in a scramble to understand and implement the changes that have come into play. With the beginning of the new reporting system for SMSFs kicking off on 30 June 2018, there has never been a better time to recap exactly where we ended up on the new super rules, and where we might be heading in the fut...