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CASHFLOW PLANNING FOR BUSINESS

Most business proprietors have business goals and aims in their mind. However  few prepare formal written and documented budgets of these goals and aims that can be used effectively in driving their business forward. There is an old saying that cash is king in business. Without cash flow there will soon be no business. The […]

BUYING A BUSINESS

BUYING A BUSINESS You have made the big decision. I am going to buy my own business in a certain industry that I am confident I have the skill set to be successful. What should you consider? Financial trading and cash flow trends and history. You should obtain at least 3 years of trading figures. […]

CAPITAL GAINS TAX AND SELLING A BUSINESS

CAPITAL GAINS TAX AND SELLING A BUSINESS John (a hypothetical sole trader) has just sold his business for a large profit. The tax man is waiting for his share. Yes, gains resulting from the sale of businesses are subject to capital gains tax (subject to owning the business before 19 September 1985). HOW ARE CAPITAL […]

Taxation of Cryptocurrency transactions and the Australian Tax Office

With the growing popularity of cryptocurrency over the past year, it seems like everybody has had it brought up to them in one way or another. The exponential increase of prices throughout a large majority of tokens has gained the attention of many, with most quite eager to get involved. Due to the increasing digitalization […]

ATO signals crypto crackdown as tax time looms

The Tax Office will move to engage around 100,000 taxpayers ahead of tax time to alert them to their tax obligations as it moves to firm its stance on accounting for cryptocurrency.    The ATO on Friday warned that it would write to about 100,000 taxpayers to alert them to their tax obligations amid growing […]

The Balancing Act Budget: Budget 2021-22

The 2021-22 Federal Budget is a balancing act between a better than anticipated deficit ($106 bn), an impending election, and the need to invest in the long term. It is also a human budget (cynics would say voter focussed), with $17.7 billion dedicated to aged care, more money in the pockets of low-income earners, the […]

Important Information

INDIVIDUAL TAX ASSESSMENTS AND QUARTERLY TAXES If you have a MYGOV account, the ATO are now bypassing the tax agent and uploading your annual tax assessment into your MYGOV account. They then either send you a text or email (depending on your nominated preference). You should not ignore this as there is no paper assessment […]

Could your clients ‘catch up’ on contributions before 30 June 2021?

‘Catch up’ contributions were introduced on 1 July 2018, whereby any ‘unused’ contributions in the member’s concessional contributions cap could be caught up and made into their superannuation fund during the following financial years. 2019-2020 was the first time these types of contributions could be made. It is important to note this is not a […]

ARE YOU INDIVIDUAL TRUSTEES OF YOUR SELF-MANAGED SUPERANNUATION FUND?

If your answer is yes, then consider changing to a corporate trustee by the end of this financial year. WHY CHANGE TO A CORPORATE TRUSTEE? There are several key reasons why a corporate trustee is a more efficient, cost-effective and administratively easier option for your family’s SMSF and estate plan:  DEATH/INCAPACITY OF AN INDIVIDUAL TRUSTEE When […]

Super news – What SMSF trustees need to know about the ATO’s new guidance about the application of administrative penalties

On 15 October 2020, the Australian Taxation Office (ATO) released Practice Statement Law Administration PSLA 2020/3 to guide its staff on how to apply administrative penalties imposed on Self Managed Superannuation Fund (SMSF) trustees under subsection 166(1) of the Superannuation Industry (Supervision) Act 1993 (SIS Act). While the guideline is for ATO staff, SMSF trustees […]

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