It can be exciting and reassuring when your new business venture achieves growth and success. When things reach a certain threshold, however, you may no longer be able to oversee everything as a business owner. Here are some key things to consider in order to manage the development of your business. Key performance indicators:As your…
A key responsibility for trustees of self-managed super funds (SMSFs) is to ensure proper and accurate tax and superannuation records are kept for the fund. When you have been running your fund for a long period of time and have amassed a large amount of information, it can be hard as a trustee to know…
The ATO is developing new online services systems as AUSKey will be retired in March 2020 Replacing AUSKey will be myGovID and Relationship Authorisation Manager (RAM). MyGovID is an authentication service that will allow individuals to prove who they are online. This system will work by establishing your identity once online and then using your…
When starting a new business, there are many elements you need to consider. Careful planning is essential to ensuring the longevity of your business, but what exactly goes into a good business plan? A good business plan is one that is detailed. Sections should include; an executive summary, company description, market analysis, organization and management,…
The 2019-2020 Federal Budget suggested a deferral of the extension of SuperStream to self-managed superannuation fund (SMSF) rollovers from 30 November 2019 to 31 March 2021. The commencement of this deferral has recently been confirmed by the government. The deferral will coincide with the $19.3 million that will be provided to the Australian Taxation Office…
Small business owners may be able to claim deductions for the costs of using your home as a principal place of business when filing your 2019 income tax return. Tax deductions may be claimed for the business portion of expenses that include electricity, cleaning, rent payments or mortgage repayments. However, it can be difficult to…
Members of self-managed super funds (SMSFs) that are eligible can claim an income tax deduction on personal super contributions. Members that intend to do this must notify their fund trustee before lodging their 2019 individual tax return. The eligibility requirements to claim a deduction for personal super contributions include: Contributions that were made before 1…
Getting your tax refund back is exciting, but as tempting as it is to splurge, consider other ways you can put that money to good use. It is easy to get caught treating your return as extra money when you shouldn’t see it any differently than your regular paycheck. Give the money a purpose by…
