The ATO has established the ‘Business Assistance Program’ to help new business owners understand their tax obligations associated with running a business. Small businesses that have recently registered for an ABN, registered for GST or likely to register for GST in the near future and have a turnover of less than $2 million a year…
A loan can be great help. It can assist you in achieving your goals faster, such as buying a house, purchasing a new car or getting your business up and running. However, there are many considerations to make before taking on a loan as choosing the wrong loan can cause financial and legal havoc down…
Many business owners are looking for ways to squeeze more into their cramped work schedules. But unfortunately, this may mean spending more time on unimportant tasks and not prioritising what really needs to get done. Rather than multi-tasking or spending late nights in the office, consider implementing these tips to optimising your time and boosting…
Individuals may be eligible for a Government super co-contribution. A Government co-contribution means the Government adds to your super. You may be eligible for the super co-contribution, low-income super contribution (LISC) from the 2012-13 to 2016-17 financial years, or low-income super tax offset (LISTO) from 1 July 2017. Super co-contribution The Government will make a…
When it comes time to sell your home, you may be wondering if you will need to pay capital gains tax (CGT). Generally, if you live in the home you are selling you will not have to pay CGT under the main residence exemption. The ATO considers a dwelling as your main residence if: –…
Whether you have been running your business for over 20 years or just starting out, you cannot deny the importance of regularly reviewing your business’ performance. Many business owners may put off reviews in fear of the actual results, but understanding why your business is performing the way it is is crucial for growth and…
When partners in an SMSF separate, there are specific legal and tax implications that should be considered. It is possible to split super benefits, i.e., transfer assets, such as property, from one super fund into another and roll money over to another fund; however, trustees need to keep the following in mind: Separating couples need…
In its effort to facilitate a fair business environment, the ATO has offered continued support for honest businesses. With an estimated $40 billion lost to the hidden economy, the need for strong diligence and continued governance over Australian businesses is essential. The Black Economy Taskforce that was established in May 2017 and various trends have…
