Whether you have a Self Managed Super Fund (SMSF) or you are considering starting one, have a read of these facts. What is an SMSF? Self-managed super funds (SMSFs) are a way of saving for your retirement. The difference between an SMSF and other types of funds is that the members of an SMSF are usually […]
Category Archives: Articles
To access the assistance your business must; Have an aggregated annual turnover of between $75,000 to $50 million for the 2021 financial year, and Experienced a decline in turnover of at least 40% due to Public Health orders or the impact of COVID-19 during the month of January 2022 compared to the same month in […]
Finally, we have some clarity regarding the tax treatment of PCR and RAT tests. If you have purchased a RAT test in order to be able to work you will now be eligible for a tax deduction for that expenditure. The tax deduction will be available from 1 July 2021. Please note however that the […]
Have you been seeing the reports in the media that discuss the potential for an interest rate rise? It can be wise to prepare your budget so you are not surprised when the inevitable happens. The Reserve Bank promises that it will not raise interest rates until; inflation is sustainably between 2 – 3 per […]
The key questions that we are asked this time of year are; will the staff gifts be subject to Fringe Benefits Tax (FBT) and will the provision of the gift to the staff member(s) be tax deductible. Fringe Benefit Tax (FBT) With regard to Fringe Benefit Tax, the Australian Taxation Office (A.T.O.) generally look at […]
As business owners, we like to show our appreciation to clients that have shown us loyalty particularly during these disruptive COVID times. Christmas is the perfect time to acknowledge and demonstrate our gratitude. Better still, even though this is a ‘gift’, your business is entitled to a tax deduction where the ‘gift’ is made to […]
Are you one of the many small businesses that employ contractors rather than employees in order to reduce some of the reporting and administration responsibilities? Many small business owners believe that if they employ a contractor, rather than an employee, then they will not need to pay one or more of the following financial commitments. […]
Due to recent legislation changes, company directors need to obtain a director identification number (director ID) to prevent fraudulent activity and to help curb illegal phoenixing activity. ASIC definition of Illegal Phoenixing Activity Under the new laws, directors appointed on or before 31 October 2021 have until 30 November 2022 to apply, however, directors are encouraged to submit […]
As a result of the recommendations by the Productivity Commissioner, the Federal Government has ensured members’ retirement savings are protected from underperforming funds by subjecting superannuation funds to an annual objective performance test based on their net investment returns. The first annual performance review has been concluded and 13 funds have FAILED the test. Please […]
COVID, finances, your financial planning What to look for when choosing a financial planner Based on an ABC report, almost 50% of Australian adults have unmet financial advice needs. More Australians need financial planning assistance but they are unsure how to select a prudent financial planner, particularly after the finding of the recent Bank Royal […]