Converting property into super
Individuals can minimise capital gains tax (CGT) when selling an investment property where proceeds are contributed to superannuation. Those who sell their property can contribute up to $500,000 as a non-concessional contribution into their superannuation, which means that no tax will be payable. Non-concessional contributions, or after-tax super contributions, are super contributions for which an […]
The difference between short-term and long-term financing
Maintaining healthy cash flow can be challenging; between ongoing expenses and bills, poor cash flow can severely impact your customers, staff and bottom line. Business owners need to understand the differences between short and long-term financing when developing a cash flow strategy. There are various sources of finance available and each source of finance is […]
New high income threshold
The Fair Work Commission has increased the high income threshold for unfair dismissals from $136,700 to $138,900 per annum, with effect from 1 July 2016. Under the Fair Work Act 2009, employees who exceed earnings above the high income threshold are not entitled to make an unfair dismissal claim against their employer, unless they are […]
ATO advice for SMSFs with related-party loans
The ATO has recently provided recommendations for self-managed super funds (SMSF) trustees with related party LRBAs that are lodging before the 31 January 2017 compliance deadline. The Tax Office stated that the relevant income of an SMSF is considered NALI (non-arm’s length income), and should be reported as such in the SMSF’s 2016 annual return, […]
Intellectual property law basics
While intellectual property can be a valuable business asset for business owners, it must be legally protected if a business owner wants to increase the value of their business. Intellectual property can add further value to a business when it is sold. Intellectual property is the collection of ideas and creations of your mind or […]
Five reasons to write a Will
By Westcourt Blogger Those who don’t have a valid Will are overlooking a significant opportunity to plan for their family’s future. Writing a Will can help when distributing assets upon death, choosing executors, setting out funeral arrangements and even appointing guardians for infant children. While many Australians already have a Will, a number of those […]
Getting started with an SMSF
Starting a self-managed super fund (SMSF) may be a good idea for those after more control over investment choices and fund running costs. However, those considering an SMSF need to ask themselves some key questions such as: if they can do a better job investing their super than the trustees of their existing super fund […]
ATO crackdown on work-related expenses
The ATO is currently targeting work-related expenses by taking a closer look at unusual deductions and claims that are higher than expected. The Tax Office will be looking for expense claims that are much higher than others who are in the same occupation and will be contacting employers to validate these claims. When claiming work-related […]
The difference between debt and equity financing
Business owners now have a variety of financing resources they can utilise to build their business. But what one is the best option? Sources of funding sources are usually divided into two categories; debt and equity. Debt financing involves borrowing money from an outside source and paying back the borrowed amount plus the interest at […]
ATO warns pre-retirees on SMSF tax schemes
The ATO has its sight set on individuals participating in an increasing number of aggressive tax avoidance and retirement planning schemes in self-managed superannuation funds (SMSF). The Tax Office has launched Super Scheme Smart, an initiative designed to help inform individuals and advisers about illegal retirement planning schemes. The program is a result of an […]