Here is a great article Nine reasons why entrepreneurs should hire an accountant by Jennifer Warawa where she explains that an accountant’s scope of work does not end with tax preparation; they can and should be a year-round business partner that can lend expertise and...
Your home is generally exempt from tax. If you have an investment property build or renovate for profit, or use a property in the running of a business, there may be implications for income tax, capital gains tax and goods and services tax (GST). The...
Understanding GST and how it applies to your business is an important part of your tax strategy. I would like to share ATO Deputy Commissioner Steve Vesperman’s quick GST tips on getting your GST right If you have any questions or would like to know more...
You can generally claim a deduction for business travel expenses if it is connected to your business. However any travel before you start your business is usually not deductible. If you do add personal travel to your work related travel you may need to apportion...
I would like to share with you a recent article The thousand dollar fines you’ll get for breaking the SMSF rules by John Wasiliev from the Financial Review where John states that about one in 60 DIY funds breach the Superannuation Fund rules each year...
Towards the end of last year I wrote an article explaining how we have noticed an increase in the number of Director Penalty Notices (DPNs) being issued for unpaid PAYG tax and superannuation debts due to new laws which came into effect last July. It seems...
The good news is you can buy residential or commercial property. Though if you hold property within your SMSF it must meet the sole purpose test of providing retirement benefits to fund members. If you want to buy residential property you must make sure that you...
It is very important to be able to understand the difference between an employee and an independent contractor. Knowing the differences may potentially save you time and money and will reduce business risk. In understanding the difference the first point to note is that simply calling...
The annual Fidelity Investments New Year Financial Resolutions Study found that the top three New Year financial resolutions continue to be saving more money (54 percent), paying off debt (24%) and spending less (19 percent). Ken Hevet, Vice President of retirement products says “These findings...
When it comes to personal insolvency or bankruptcy, money in a superannuation fund is generally protected from bankruptcy. However what happens when you withdraw superannuation or make a large lump sum contribution? The simple answer is if you withdraw superannuation unnecessarily or make ‘out of...