When you run your own business, it can be hard to step back and look at the big picture. Failing to do so, however, not only harms your business; it can also make it even harder to sell. Whether it is failing to track cash flow or not investing correctly in key staff, there are…
Rebranding your small business can be a tricky matter. When done well, it has the potential to help your business stand out from the competition bubble and even expand your target market. On the other hand, a failed rebrand can damage the reputation of your business, or even risk losing loyal customers who dislike your…
The Australian Tax Office (ATO) is reminding self-managed super fund (SMSF) trustees to beware of allowing members to access their super early. A self-managed super fund (SMSF) trustee must meet a condition of release before any funds can legally be released. The ATO can issue severe penalties if you or a SMSF member access your…
From 1 July 2018, the Tax Office is advising Australians that if they find an error in their tax return or activity statement they will not incur a penalty but will advise of the error and how to get it right next time. Penalty relief will only apply to eligible taxpayers or entities (i.e., turnover…
It is no secret that most startups will fail in their first three years of operation, so building a new business that can not only survive but thrive in the face of a challenge is of the utmost importance. Ensuring your business is strong enough to move past any inevitable hitches that come its way…
The Australian Securities Investment Commission (ASIC) has released a new report highlighting its view on the setup of SMSFs for property investments using ‘one-stop shop’ models. ‘One-stop shop models’ tend to promote the purchase of residential property through SMSF borrowing. They are usually arranged by groups of real estate agents, developers, mortgage brokers, financial advisers…
Tax Time is now upon us, with the ATO Assistant Commissioner announcing the top five mistakes commonly made when Australians complete their annual tax returns. Common mistakes some taxpayers are making include: – Leaving out a portion of their earnings, i.e., forgetting to include a job – income from a temp job, or income earned…
The Australian Tax Office (ATO) has recently been made aware of circumstances where a member of a SMSF commences a new market-linked pension and unintentionally exceeds their transfer balance cap. An individual may have exceeded their transfer balance cap if they were receiving a life expectancy or market-linked pension just before 1 July 2017 (which…
