OUR BLOG

Understanding tax and SMSFs

Understanding tax and SMSFs SMSFs are subject to income tax but receive concessional treatment if they are complying funds. A complying SMSF’s taxable income is generally taxed at a rate of 15%, compared with 45% for a non-complying fund. The most common types of assessable income for complying SMSFs are: o assessable contributions o interest, […]

Small business entity concessions

Small business entity concessions Small businesses with an annual turnover less than $2 million may be able to access a range of tax concessions. This applies whether you operate your business as a sole trader, partnership, company or trust. Eligibility You need to work out whether your business is eligible for the concessions generally. Then […]

SuperSeeker

Overview It is important to keep track of your super. If you’ve ever changed your name, address or job, you may have lost track of some of your super. Having several super accounts could mean that fees and charges are reducing your overall super investment. There are a number of ways to keep track of […]

Valuation guidelines for self-managed superannuation funds

Valuation guidelines for self-managed superannuation funds This guide is designed to help you as a self -managed superannuation fund (SMSF) trustee when valuing assets for super purposes. It is not a comprehensive handbook about valuations. This guide does not take away your responsibility to manage investments prudently. You must ensure the fund’s investment strategy is […]

Professional services and social media

Professional services and social media Many firms are concerned about reputational and other risks if their partners and staff blog and tweet in their practising capacities. These concerns are justified, but should not mean a blanket ban. Sensible governance can provide rules to guide individuals and ensure everyone benefits. There are at least eight good […]

Taxman zeroes in on cash economy

Taxman zeroes in on cash economy Small businesses operating in the cash economy are being targeted, with tax authorities tracking the credit card transactions of almost 1 million businesses. The Australian Taxation Office says data relating to about 900,000 merchants, which it will collect from the major banks and credit card providers, will be electronically […]

Boost Juice in takeover talks with Affinity Equity: report

Westpac Purchase

Westpac Purchase Westpac completes $1.45b Lloyds lending book buy Westpac Purchase Westpac has completed its $1.45 billion purchase of the Australian commercial lending book of British bank Lloyds. The acquisition of Capital Finance Australia Limited and its corporate loan portfolio, BOSI, announced in October, is Westpac’s biggest acquisition since it took over St George bank […]

Small Business Facts and Stats

Small Business Facts and Stats A business is generally regarded as small if it has the following characteristics: it is independently owned and operated; it is a non-public company; it is closely controlled by owners / managers who also contribute most, if not all, the operating capital; and the principal decision-making functions rest with the […]

Registration licences

Registration licences Registration & licences – Business topics Registration licences Having the correct licences and registrations is fundamental to your business. They allow you to operate without fear of closure from non-compliance and are the foundation to successful business. When you’re starting a new business it’s important to find out what registrations and licences apply […]