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 self-managed super fund…
The holiday season provides the perfect opportunity to connect with customers and leverage off the seasonal shopping period. For many businesses, the upcoming Christmas season presents a peak in sales and revenue. Businesses that fail to maximise the holiday shopping season can miss out on a huge revenue opportunity and risk losing customers to competition.…
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 Income Superannuation…
A well-written code of conduct is essential for every business – it can provide guidance to staff as well as stating your business’ values and ethical principles. A code of conduct provides staff with clear guidelines for expected behaviour in a variety of situations, for example, attending work-related social events or taking business trips. A…
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 certainty and peace…
The ATO is currently targeting contrived trust arrangements that minimise tax by creating artificial differences between the taxable net income and distributable income of closely held trusts. Arrangements where trustees are engineering a reduction in trust income to improperly gain favourable tax breaks or pay no tax at all are being targeted by the Tax…
When choosing between a home loan with a fixed rate of interest and a home loan with a variable rate of interest, it is important to take both your personal and financial circumstances into consideration. While both options offer certain advantages and disadvantages, individuals should consider what they will gain and lose through either option.…
Converting casual customers into brand-loyal customers is challenging in today’s competitive marketplace. With thousands of brands competing to stay top of mind; retaining customers is no easy feat. Fortunately, there are some ways businesses can encourage repeat purchase customers: Be consistent Surpass your customers’ expectations by consistently delivering the same level of quality in your…
