One of the benefits of establishing or opting for a SMSF is the control given over where the money is invested. It also comes with specific administrative responsibilities to keep you and your fund compliant and protected. A SMSF undoubtedly requires an ‘attention to detail’ approach. It is important to create and follow an [...]
While it is a great outcome to keep as much of your money in your super as is possible, you do need to be conscious that at some point, the remaining balance may be passed onto the next generation, potentially as a part of their inheritance, with a tax liability. When this money does [...]
The ATO has released draft guidance on family trust distributions, where they perceive a tax benefit arises under a ‘reimbursement arrangement’. Essentially, the documentation sets out ATO’s ‘preliminary but considered’ views where they perceive a tax benefit arises under a ‘reimbursement arrangement’. If the guidance becomes the new approach, it will greatly impact how [...]
Hiring an independent contractor may seem like a simpler method than hiring a full-time or part-time employee for a business. Or is it? This is because there is a general assumption that, if hiring an independent contractor, they will not be responsible for PAYG withholding, superannuation guarantee payments, payroll tax and workers' compensation obligations. [...]
While some people enjoy the thrill of the start-up business or creating their own from scratch, others may decide that buying a business is the right avenue for them. Choosing the right business to buy however is one of the most important decisions you might make in your life. Is it in the industry [...]
Have you been thinking about hiring an apprentice for your business? Looking to upskill your employees? Thinking about the ways that you could improve your business’s capabilities? The recent Federal Budget 2022-23 announcements committed support to mitigate the long-standing impacts of the pandemic on businesses and their workforces. If skill shortages, a lack of [...]
Small businesses will be able to deduct an additional 20 per cent of the cost incurred on business expenses and depreciating assets that support their digital adoption. If you have most recently made investments in digital adoption or plan to before end of 22/23 FY, you may be eligible. Key Takeaways Eligible expenditures may [...]
The introduction of Patent Box will see income derived in respect of Australian medical and biotech patents taxed at a concessional rate of 17% from the 2022-23 income year. This may be extended to the clean energy sector. This could see such companies save up to 13% in income tax. The concessional income tax [...]
Director Mark Bailey and Senior Forensic Accountant Joshua Ho are special guests in the latest podcast from Nicholes Family Law. In this podcast, hosted by Senior Partner Keturah Sageman, the focus is on the movement towards cryptocurrency as a means of exchange, and the way it has become extremely relevant in the family law [...]
As a director of an Australian business, you are required provide your individual Director Identification Number (DIN) in every directorship registration, current and future. Your DIN is unique and used instead of your personal details on public registers. It also allows businesses, communities and government agencies to register, verify and track the corporate history [...]
