SMSF schemes for illegal access of super
The ATO has issued a warning for Australians to be aware of scheme promoters that promise to allow you to withdraw your superannuation early, and illegally. Individuals can legally withdraw super when… Read More
Don’t delay new business ideas
Many business owners have exciting ideas about where the future might take their company. These ideas may be concerning new products, internal improvements or new market segments. It is, however, an unfortunate… Read More
Removal of the main residence exemption for non-residents
The government has changed capital gains tax (CGT) rules for foreign residents under the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019, which was granted assent on 12 December… Read More
Closing the office for the holidays
As the holiday season approaches, the workplace often gets more relaxed as things wrap up. However, closing the business for the holidays usually isn’t as simple as turning the lights off and… Read More
Tax on gifts and donations
Individuals can claim tax deductions when giving gifts or donations to organisations that have the status of deductible gift recipients (DGR). To be eligible to claim a tax deduction for a gift,… Read More
Proposed measures to increase retirement savings
Currently, people aged 65 to 74 can only make voluntary superannuation contributions if they meet the ‘work test.’ This means they must report themselves to be working a minimum of 40 hours… Read More
Doing market research for your business
Market research is key to developing relevant and effective business strategies as it helps you understand your industry, customers, competitors and market trends. Undertaking both primary and secondary market research can allow… Read More
What you need to know about BFAs
A Binding Financial Agreement (BFA) is the Australian equivalent of a prenup. It is used to agree in advance on how a couple’s property and other assets would be distributed should their… Read More
Paying tax on term deposits
The interest you earn from term deposits is subject to tax, just like your regular income. You have to declare investment income on your tax return, including interest in the year it… Read More
2019 Updates to the Pension Loan Scheme
Changes have been made to the Pension Loan Scheme (PLS) under the federal government that came into effect 1 July 2019. The updates aimed to improve the previous scheme and help more… Read More
