Do I need an ABN? Although it isn’t mandatory to have an ABN, there are a few good reasons why you should. The first is that without ABN, your business will sound and look cheap. Other businesses that deal with you are legally bound to withhold tax. If they make any payments to you and […]
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You don’t want to owe ATO Whether you’re running a business or are just an individual trying to make ends meet, there is nothing worse than finding yourself in a situation where you have a tax debt, which most likely will also be accruing a general interest charge and perhaps even a shortfall interest charge.
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Are you an SMSF trustee who loves to travel? Sounds like a great lifestyle, however you need to be aware that there can be negative consequences if you are out of the country for too long. If you are a trustee and you relocate overseas for an extended period, the residency status of the SMSF,
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Proposed changes that has been scrapped The new Parliament released the first batch of proposed changes to superannuation, and among these was the announcement that the proposed $500,000 lifetime non-concessional cap is to be scrapped. These measures were previously announced in the Federal Budget earlier this year before the election. These proposed changes are still
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Producing assessable income … When a legal expense is incurred in relation to the operation of a business to produce assessable income, it is generally allowable as a deduction. Exceptions are when the legal fee is capital, domestic or private in nature, if it is specifically excluded by another section of income tax legislation, or
What Legal Expenses Can I Claim As Tax Deductions? Read More »
Is an SMSF right for you? Australians are offered many tempting tax incentives to save for their retirement via the superannuation system. You can choose between superannuation funds that can manage your savings for you or the do-it-yourself option of a self-managed superannuation fund (SMSF). However, managing your own retirement savings is a huge responsibility
Setting Up An SMSF | What You Need To Know… Read More »