Running an SMSF under regular circumstances comes with enough compliance obligations as it is. Adding divorce or separation into the equation can raise even more legal and tax issues that need to be addressed.Ā The breakdown of your relationship does not absolve you from your responsibilities as an SMSF trustee; you are still expected to…
Individuals upskilling and educating themselves during these down times may be eligible to claim a deduction for their self-education expenses. The deductions apply to self-education activities that are directly related to an individualās work as an employee. In the case that individuals are looking to claim self-education expenses based on a courseās relation to their…
It is a tall order to ask for a business owner to manage everything alone, much less lead their business into success. This is why many successful businesses are born from partnerships. Partnerships can be advantageous to business owners looking to balance their complementary talents and personalities. Sharing the experience of running a business can…
It is not uncommon for businesses to provide loans to shareholders or associates of a company. However, business owners should know the conditions that their loan must satisfy under Division 7A, to avoid the amount being deemed a dividend. Written agreementDivision 7A loan agreements need to be made under a written agreement before the private…
One of the benefits of SMSFs is the amount of control you have from managing it yourself. However, self-management can leave room for disputes among related parties, especially when family members are involved. SMSF disputes can be caused by a number of factors, such as relationship breakdowns, (common in funds where parents and siblings are…
COVID has prompted businesses to go digital, making cyberattacks an easy job for scammers. Small businesses are especially at risk because of the lack of resources to purchase high security tools and software. Consider using the following strategies to avoid each type of risk to give your business the extra protection it needs.Ā Avoiding Phishing…
Acquiring new customers can often be simpler than retaining existing customers. However, loyal customers give your business a higher chance of succeeding.Ā Unhappy customers stop doing business with you, negatively affecting your businessā growth. The rate at which your business is losing customers is called churn rate.Ā It can be crucial to address this churn…
A great way to grow your retirement savings is by making regular contributions to your super fund. However, there are limits to extra contributions which when exceeded, may be subject to additional tax liabilities.Ā Concessional contributions There are two kinds of contributions, concessional and non-concessional, which have different contribution caps. Concessional contributions are payments made…
Businesses that provide benefits to employees during an emergency situation are likely to have assistance costs be exempt from fringe benefits tax (FBT).Ā It is worthwhile to know what kinds of benefits you as a business owner can provide for different emergencies that will be excluded from FBT. Exemptions will apply to benefits you provide…
As individuals struggle with cash flow through the coronavirus, the Australian Bankers Association records that repayments on almost 500,000 mortgages have been deferred for six months. While repayments can be delayed, they cannot be avoided altogether.Ā Lenders can send you a default notice the day your repayment is overdue. However, they could also wait until…