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A superannuation fund is established as a pension plan for individuals—especially employees. Money is placed in a super account until the person retires or withdraws it. The fund in each account increases through contributions and appreciation in value of the underlying investments. Starting from 01 July 2023, employers are expected to contribute at least 11% […]
EOFY CHECKLIST There is a lot to prepare and lodge at the end of a financial year. Here is a checklist for small businesses to consider completing for a smooth beginning in the new year: Technology Boost The technology boost allows small businesses with an aggregated annual turnover of less than $50 million to claim […]
When debating whether to set up a company or trust, one of the things to look at is the methods of withdrawing money. For a company, you can withdraw the money through the following: With a trust, you can withdraw money through the following methods: With this information, you can make a better decision on […]
Trusts are established for a variety of purposes, including privacy, estate planning, tax planning, pension funds, charities, investment trusts, and asset protection. It is frequently misunderstood that a trust is a legal entity or person, like a company or an individual. A trust is not a separate legal entity or person at all – it […]
Trusts are established for a variety of purposes including privacy, estate planning, tax planning, pension funds, charities, investment trusts, and asset protection. It is frequently misunderstood that a trust is a legal entity or person, like a company or an individual. A trust is not a separate legal entity or person at all – it […]
A benchmark is a reference point used to compare performance results and establish company goals and benchmarking is the method of comparing performance results and business practices among competitors in order to constantly improve your business. The ATO has provided a benchmarking tool for businesses to use as a comparison for their performance. Identifying which industry you belong to […]
What is Division 7A? The ATO has defined the application of Division 7A as “payments or other benefits provided by a private company to shareholders or associates of the shareholders.” The following conditions are where Div 7A can be applied: Why do you need to be wary of it? Division 7A is continuously monitored by […]
If you are planning to establish a new business, here are a few income tax breaks that new businesses can use to reduce their tax liabilities: Conclusion This article is only a sneak peek at the tax breaks that can be used by new small businesses. To smartly take advantage of these tax breaks, book […]
When starting a business, one of the things to consider is the type of business structure you should use to start with your business operation. Listed here are the business structures that are mostly used to operate a business. Sole Proprietorship A business run by a sole trader is a low-cost option because there might not […]
A high income individual is someone with taxable income in the top marginal tax bracket being income of more than $180,000 per annum. Below are some specific tax planning strategies that may be of particular benefit to these individuals. *Keep track of your records and paperwork Taxpayers will be required to present their records in […]
