Individuals may be looking to opt for an SMSF because these provide entire control over where the money is invested. While this may have traditionally been the domain of middle-aged, experienced investors with higher fund balances, a new breed of investors is arising. Millennials and Gen Y represent the fastest-growing segment of newly created SMSF…
Just like how individuals and businesses have to complete tax returns when it’s tax season, so too do trusts. Trusts have their own tax file number (TFN) that should be used to complete tax returns. Trusts can also apply for an Australian business number (ABN) on the condition that the trust carries on an enterprise.…
It’s a wonderful feeling when you have reached a point where your business is so successful that you need to upscale. Whether hiring more people or moving location, upscaling has its unique challenges. What can you do to ensure that you are hitting the ground running while upscaling? Set Realistic And Actionable Goals Businesses should set…
If you have a Self Managed Superannuation Fund (SMSF), the Fund is considered to be a trust and must have a trustee. There are two options as to who this trustee can be. Barring a few exceptions, it can be individual members, or it alternatively can be a company with the members as the directors…
Lodging your tax return for the 2021-22 financial year? As registered tax agents, we are able to assist you with the process of lodgement to ensure your compliance with the requirements of the ATO. To ensure that your return is correct, here are our top nine key items to be aware of. COVID-19 Support Payments/Natural…
With client needs and team capabilities constantly changing within the business world, we recommend you pause and reflect on your own critical business processes to see if you can spot opportunities for improving efficiency and reducing waste. There’s no better time to do this than at the beginning of a new financial year. Get your…
It is your responsibility as an employer to set up your business to pay super into your eligible employees’ chosen super funds or their stapled super fund where no choice has been made. If your employee hasn’t made a choice and doesn’t have a stapled super fund, you can contribute their super to your default…
Are you up to date and aware of what you can and can’t claim on your tax return this year? Brushing up on the three rules of work-related deductions can make tax time a lot easier. In order to be able to claim a deduction for a work-related expense on your tax return, you must…
Understanding how and preparing your business for the impact of inflation is a critical element of business planning that now more than ever needs to be addressed. Interest rates rising are putting a strain on businesses across the country, as the costs for running these businesses rise in turn. Further spikes in inflation could provide…
A relationship has been established around superannuation and mortgage debt that could impact the stability of your retirement. As prospective Australian retirees approach their preservation ages and retirement, those who are yet to own their own homes may struggle to maintain a comfortable retirement. Retirement plans often work out a prospective financial situation, and assume…