What is the ‘Proportioning Rule” for a Self Managed Super Fund? When calculating a super benefit, you must identify the various components that make up the benefit and determine the value of each. The law around superannuation dictates that the tax-free component and taxable components of a member’s payment must be paid in the same Read More…
Builders Taxable Payments Report Deadline
Builders, get your taxable payments report ready before August 28! Why the taxable payments reporting system was introduced for building and construction business owners The deadline is August 28, 2018, to report the total payments you made to each contractor whose services you used in 2017-18. You will need to report these payments to the Read More…
Superannuation Contributions ‘Work Test’ For Seniors
Superannuation contributions Work Test for seniors requirements Whether or not the trustee of a complying superannuation fund can accept member contributions for those aged between 65 and 75 depends on the member satisfying the “work test”. The work test requires a member to have been gainfully employed for at least 40 hours in a period Read More…
Tax Obligations Of A Franchised Business
Franchisees need to know how much tax to pay Why you need to know your tax obligations for a franchised business The Australian Competition & Consumer Commission (ACCC) is the government body responsible for enforcing the Franchising Code of Conduct, and if you or someone you know are considering entering into a franchise arrangement, this Read More…
“Going Concern” GST Exemption May Affect Your Plan To Sell Your Business
“Going concern” GST exemption ruling The concept of a “going concern” exemption for the purposes of the goods and services tax (GST) can still cause confusion when you sell your business. The sale of a business may be GST exempt if the enterprise is deemed to be a “going concern” — which refers to an Read More…
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