News

Save for your retirement

Why super can help save for your retirement

May 3, 2022

Superannuation is an investment vehicle specifically designed to help you save for retirement – this is one of the key reasons why you should take an interest in your superannuation. Whether you’re employed, self-employed or even nearing retirement, it’s never too late to build up your superannuation to boost your retirement savings. Concessional tax environment…

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Trust distributions

Further developments on trust distributions

May 3, 2022

For the many business owners who operate their affairs through discretionary trusts, there have been further developments on the ATO’s planned crackdown on certain distributions. BACKSTORY To recap, the ATO in February updated its guidance around trust distributions made to adult children, corporate beneficiaries and entities that are carrying losses. Depending on the structure of…

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Six member SMSFs

What you should know about six member SMSFs

May 3, 2022

Since the SMSF member limits recently increased from four to six, larger families may be considering having one large superannuation fund for all family members. Interestingly, recent ATO statistics tell us that the SMSF population comprises of 24% single- member funds and 69% two- member funds and the balance are three-member funds (3%) and four-member…

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Financing motor vehicles

Financing motor vehicles

May 3, 2022

A common question facing businesses is how to finance and account for the acquisition of a motor vehicle. There are numerous ways that can be used, with each having unique taxation treatment. 1. OUTRIGHT PURCHASE The advantage of purchasing a vehicle outright, as opposed to financing the acquisition of the vehicle, is that there will…

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Personal Property Securities Register

Personal Property Securities Register

May 3, 2022

Are you aware of the personal property securities register? What is it? The personal property securities register (more commonly known as the PPSR) is an official government register. It’s effectively a public noticeboard of security interests in personal property (see below) that is managed by the Registrar of Personal Property Securities. Security interests Security interests…

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Human resources manuals

HR Manuals

May 3, 2022

Quite a number of employers now have in place a human resources (HR) manual. HR manuals document the workplace policies and procedures that will be applied to all employees inside and to a lesser extent outside the workplace. Manuals may broach the following non-exhaustive list of issues: Complaint processes Dress standards Leave (particularly around issues…

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FBT year end checklist

FBT year-end checklist

April 7, 2022

March 31 marks the end of the 2021/2022 fringe benefits tax (FBT) year which commenced 1 April 2021. It’s time now for employers and their advisors to turn their attention to instances where non-cash benefits have been provided to employees, and also where private expenses have been paid on their behalf. Although it will generally…

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Business Record Keeping

Good business record keeping

April 7, 2022

Keeping good business records is important for a number of reasons. It assists you to: comply with your tax and superannuation obligations gain a greater insight into the financial health of your business, enabling you to make informed decisions manage your cashflow demonstrate your financial position to prospective lenders, and also potential buyers of your…

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ATO Crackdown on Discretionary Trusts

ATO’s new crackdown on Discretionary Trusts

April 7, 2022

The ATO has just updated its guidance around trust distributions made to adult children, corporate beneficiaries and entities that are carrying losses. Depending on the structure of these arrangements, there is a potential that the ATO may take an unfavourable view on what were previously understood to be legitimate arrangements. Background For various reasons, including…

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Uber Driver

Ridesharing: The Driver and The Rider

April 7, 2022

The Driver Uber and other ride-sourcing facilitators have become increasingly popular over recent years. From a driver’s standpoint, there are a number of tax issues potentially in play. See overleaf for the tax implications from a rider’s perspective. INCOME Income from a driver’s ride-sourcing activities must be declared in their tax return irrespective of the…

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