The ATO is focusing on risky Limited Recourse Borrowing Arrangements (LRBAs) and failures in Transfer Balance Account Reporting (TBAR) in SMSFs this year. They have announced plans to contact trustees with high concentration risks in their funds and to crack down on misreporting. Limited Recourse Borrowing Arrangements:LRBAs allow a superannuation fund to borrow under strict […]

Remote work is becoming an increasingly popular choice for businesses. Thanks to the ease and accessibility of the internet, the traditional 9 to 5 workday is being replaced by flexible hours that can be completed anywhere and at any time. Making the choice to employ remote workers can enable your small business to grow successfully […]

During the course of your business, you may be required to terminate an employee. The Small Business Fair Dismissal Code operates to help employers follow a fair process and protect against unfair dismissal claims when terminating employees. The Fair Work Commission will deem a dismissal to be fair if an employer follows the Code and […]

Advancements in technology continue to digitise our world in many ways, including financially. In recent years, more businesses and events are turning to cashless systems. Whilst cash still remains popular in businesses dealing in small purchases such as cafes, if you run a business that handles larger transactions then changing to a cashless system could […]

The Personal Income Tax Plan has gone through recent changes regarding rates, thresholds and offset entitlements. These changes were announced in the 2018-2019 Federal Budget and were implemented at the start of the 2019 financial year. For the upcoming tax season, individuals should review these changes in case they are affected. The 32.5% tax bracket […]

Email marketing is a highly effective digital marketing strategy which involves sending emails to prospective clients and existing customers. This form of marketing needs to be executed well for it to benefit your business. If done poorly, emails from your company can come across annoying and unprofessional. A business’ email marketing strategy needs to be […]

There are a number of options when it comes to choosing an income investment scheme. Investments that generate regular income can be useful in a number of various situations, such as funding your retirement lifestyle. Despite the potential benefits, investing for income has become challenging for many people in today’s low-interest rate environment, with cash-based […]

Raising capital is a step that every startup faces. When a business is brand new, the question of how to get money must be addressed. If you intend to launch a business that needs significant capital expenditure, such as a retail business or a company that employs several other people, then you won’t get far […]

One of the best ways to ensure regular, flexible and tax-effective income as a pensioner is through an income stream from your SMSF. As a member, you can receive an income stream in a reoccurring series of benefit payments from your SMSF. Income streams from an SMSF are usually account-based, which means that the amount […]

New penalties for business’ pay-as-you-go (PAYG) withholding and reporting obligations will commence 1 July 2019. The new legislation will now prevent businesses from claiming deductions for payments to employees and certain contractors if they fail to comply. Payments that are impacted include: Salary Wages Commissions Bonuses or allowances to an employee Payment under a labour-hire […]