When starting an SMSF there are two options for establishing the trustees structure, one uses individual trustees the other uses a corporate trustee. The key advantage of using a corporate trustee structure is that it protects the trustees from personal liability in the case of major losses or litigation in the case of disputes. InitiallyOpen Resource
How cloud will shape the way we do business. Major privacy changes in 2014 will affect how we communicate with clients. Cloud accounting – why use cloud accounting – no moving of data files between accountant and client, automatic upload of bank data into the database, etc –
Defining your target market is the key to shaping your entire marketing strategy. Knowing who you intend to assist can help to differentiate your business from the competition, tailor your marketing efforts to better meet customer needs and potentially boost sales. Taking the time to identify and understand your particular niche audience can help youOpen Resource
Starting your business with a good record keeping system can help you track your business performance, meet reporting responsibilities and access financial history with ease. Since different rules apply to different types of documents, the length of time that a business needs to retain documents depends on what the documents are. Some businesses may needOpen Resource
The First Home Super Saver (FHSS) scheme was introduced in the Federal Budget 2017–18 to reduce pressure on housing affordability. The scheme allows people to save money for their first home inside a superannuation fund, helping first home buyers to save faster. Changes introduced to the FHSS scheme in the Treasury Laws Amendment (2019 MeasuresOpen Resource
Although the 2018-19 financial year is coming to an end, there are still a number of tactics you may be able to employ to ensure that you get the most out of your tax return. Bring forward expenses:It is a common recommendation at tax time for small business owners to claim all of the appropriateOpen Resource
Financial ratios are useful tools for business owners to monitor, analyse and improve their business performance. By using ratio analysis methods, you can gain insight into a company’s liquidity, efficiency and profitability by comparing the information contained in its financial statements. Solvency:Solvency ratios measure the company’s capacity to fulfil long-term financial commitments. Debtor days isOpen Resource
From 7:30pm on Tuesday May 12th, small-businesses who have a turnover of less than $2million will be able to claim an immediate tax deduction for any individual assets they buy that cost under $20 000. This is an increase upon the previous threshold which sat at $1000, to be claimed as a tax deduction overOpen Resource
With all the hype surrounding property, there are dangers of getting it wrong – especially solicitors who may not be versed in this topic and get the name wrong on contracts (can have implications for double stamp duty). Beware of Buying Property in your SMSF – check the contract – if it has inclusions suchOpen Resource
Scott Associates advises employers to be very vigilant about how they identify their workers for tax and superannuation purposes. The ATO has recently issued nine guides for determining whether workers are employees or contractors. The ATO has put the gloves on and is preparing to get into the ring with employers to enforce the distinction.Open Resource
The Australian Tax Office (ATO) has stated that they will continue to target people that deliberately (or unintentionally) misuse the concessional tax environment of self-managed super funds (SMSFs). The ATO believes that the increasing amount of retirement wealth invested through self-managed funds is attracting a greater number of fraudulent schemes. Many of them are extremelyOpen Resource
