If you have a self-managed super fund (SMSF), then you need to meet the sole purpose test to be eligible for the tax concessions that are normally available to super funds. The sole purpose test aims to ensure that SMSFs are maintained for the purpose of providing benefits to members upon retirement or for beneficiaries…
Entering into a business partnership can come with conflicts and misunderstandings between you and your new associate. This is why having a written agreement that clearly outlines your rights and responsibilities is important for maintaining a healthy business relationship between partners. Here are some key areas to include in your partnership agreement: Name of partnership:…
Investment bonds are a practical investment option for those who earn a high income and seek long term tax efficiencies. Investment bonds, also known as tax-paid, insurance or growth bonds, work similarly to a managed fund, except they are combined with an insurance policy. There is a ten year rule which allows tax free earnings…
Using visual search technology for your business is a great way to increase customer engagement. When presented with a paragraph of black and white text, it is unlikely that customers will remember much of it. However, studies have shown that the average person can recall 65% of the visual content they see up to three…
Ensuring the safety of employees in the workplace should be one of the top priorities for managers and business owners. This will not only improve your employees’ health and wellbeing but will help you avoid any arduous paperwork and legal obligations that can arise from even the smallest of injuries. Here are some technological tools…
Icebreaker activities can often be uncomfortable, especially if people are already anxious about meeting a whole new group of people at once or worried about their first day with a new team or at a new job. It is important to have icebreakers that aren’t distracting or too nerve-wracking. For example, the popular ‘tell everyone…
For taxpayers wishing to access the small business capital gains tax (CGT) concessions for shares in a company or interests in a trust, they must first meet the standard requirements as well as further conditions in place for such entities. A taxpayer can apply for small business CGT concessions to lower or dismiss their capital…
As the holiday season approaches, so does the shutdown period for many businesses. This is the time of year when it is easier to take off work due to many businesses slowing down, however, there are questions that surround this period, namely if you will get paid or not. When calculating leave over the Christmas…
If you are a sole trader, or in a partnership, then you are not obligated to make super guarantee (SG) payments for yourself. However, you should still consider making personal contributions to super to help you save for retirement. Your methods of contributing to super can depend on how you pay yourself. For example, if…
Plans are underway to carry out a system change during the December closure of the ATO to introduce Activity statement financial processing (ASFP). This change will move the majority of taxpayer financial information into one accounting system that will have multiple accounts. ASFP will shift activity statement and franking deficit tax accounts from the current…