ATO to monitor high risk LRBAs within SMSFs

ATO to monitor high-risk LRBAs within SMSFs

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…

How remote workers can improve your business

How remote workers can improve your business

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…

Small Business Fair Dismissal Code

Small Business Fair Dismissal Code

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…

Cashless business

Cashless business

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…

Changes to personal income tax

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…