Recent case law has highlighted how easy your Self-Managed Super Fund (SMSF) can breach legislation if you go overseas. All SMSFs need to qualify as Australian Superannuation Funds to be compliant and receive concessional tax treatment. To ensure your SMSF is compliant, it needs to pass all 3 of the following tests: Has been established
Xero Tip of the Month – Pay Now Feature (Feb 2015)
Did you know you could send your invoices online? You can now send a real-time online sales invoice prompting your clients to PAY NOW Check out
So what’s your why?
Remember when you were little and you always asked….but why mum? Things change as we grow up and we forget about asking ‘why’. We should all know the how’s and what’s of what we do, but don’t necessarily know the whys. Traditional thinking seems to always start with ‘what’. If you think back to the
The Basics of Wealth Protection… and a little on Group Insurance
When it comes to managing your wealth, one of the most important aspects to consider is how you protect yourself against the unexpected. Accidents, illness and sudden deaths happen every day — and in a blink you could lose the assets and the lifestyle you’ve worked so long to achieve. Below I have provided a
Non-commercial losses
If you’re in business as an individual or partnership and your business makes a loss you much check the non-commercial loss rules to see if you can offset the loss against your income from other sources, such as wages. To claim a loss from a business activity against other income, firstly the individual or partnership
Do you know the numbers for your business?
When was the last time you looked at your numbers? Operating a business can be tricky during the best of times. However as most people understand, the current economic climate requires you, as a business owner, to monitor your business numbers even more closely. The closer you monitor them the more likely you are to
International Tax Comparison
How do Australia’s taxes stack up against other countries? That’s what the Treasury wanted to know as well so they commissioned a report in 2006 titled ” International Comparison of Australia’s Taxes” to compare the tax revenue of Australian to a number of other OECD (Organisation for Economic Co-operation and Development). The report found the
Fringe benefits tax and Salary Sacrifice arrangements
There is often confusion on how a novated lease arrangement works. Whether fringe benefits tax is payable on the benefit provided and whether it will prove tax effective to enter a salary sacrifice arrangement. A salary sacrifice arrangement is where the employee agrees to forgo part of their future entitlement to salary or wages in
Are you keeping up to date with all the new super opportunities?
Whether you’re looking at investing into Self Managed Super (SMSF) for the first time or have your own established fund, you should be aware of the potential new opportunities available under the latest round of superannuation legislation changes. After all, didn’t you start an SMSF to gain greater control over your retirement and future? Under
The essentials of death and taxes
There’s two things in life that are certain….death and taxes! We all hate paying tax when we’re alive, so why don’t we consider the tax implications of our superannuation after we die? After all we’ve all worked hard to accumulate our retirement nest egg. Many people simply don’t consider tax after death an important issue,
