By Westcourt Blogger A new report has revealed around 2.4 million or almost one third of Australian workers are missing out on some or all of their super entitlements and little is being done about it. Under the Superannuation Guarantee (SG) employers must contribute 9.5 per cent into the super account of every worker over […]

By Westcourt Blogger If your small business is registered for GST (Goods & Services Tax), most of your sales in Australia will include GST. Sales which include GST (taxable sales) are: – made for payment (monetary or other) – made in the course of operating your business (including any capital assets sold) – connected with […]

By Westcourt Blogger The ATO has provided further guidance regarding limited recourse borrowing arrangements (LRBAs) and when non-arm’s length income (NALI) rules apply to a related party LRBA. The Tax Office recently released a Taxation Determination (TD 2016/16) and updated their Practical Compliance Guideline (PCG 2016/5/) to provide further clarification concerning the circumstances where a […]

By Westcourt Blogger The Australian Government has recently passed what it is calling the’most significant superannuation reforms in a decade’. The reforms include the introduction of a $1.6 million transfer balance cap, which places a limit on the amount an individual can transfer into the tax-free earnings retirement phase and the introduction of the Low […]

By Westcourt Blogger Personal guarantees are a standard business practice in commercial transactions, however, they are often misunderstood and can pose significant financial risks. A personal guarantee is an agreement of one party to answer for the debt, default or miscarriage of another. Director guarantees are a common type of guarantee, where the director of […]

By Westcourt Blogger A mandatory component of managing a self-managed super fund (SMSF) is planning out what will happen to the fund if its trustee was to pass away. While succession planning may not be one of the first responsibilities that comes to mind when managing an SMSF, it is a necessity that can provide […]