Recent research has found that an alarming 31 per cent of SMSF trustees consider choosing investments as one of the hardest aspects of running an SMSF. Value investing is one such strategy that SMSF investors can utilise to boost their portfolios. Value investing involves identifying undervalued assets that have the potential to increase in value…
Personal services income (PSI) is income mainly produced from your personal skills or efforts. There are special tax rules that apply if your income is classified as PSI. Almost any trade, industry or profession can receive PSI. The most common are financial professionals, IT consultants, engineers, construction workers and medical practitioners. PSI does not affect…
When looking to establish or improve your business saving money is a smart strategy, but trying to cut certain corners can also be a downfall. There are certain areas you should invest in and perfect, those being: An accountantHiring an accountant means one extra expense, which is why many business owners are tempted to go…
The ATO has changed the conditions of registration for businesses to access the Small Business Superannuation Clearing House. The Small Business Superannuation Clearing House is a free online service available for small businesses to make super contributions for their employees. The Tax Office is now allowing businesses with 19 or less employees or businesses with…
The Australian Taxation Office distributes penalties to ensure individuals are not making misleading or false statements regarding income, business and wealth matters. Studies indicate there is over $5.5 billion lost every year through tax avoidance in Australia, a massive amount of money. One of the reasons these penalties exist is to ensure taxpayers take more…
Self-managed super fund (SMSF) trustees have onerous duties and responsibilities in relation to the management of their fund. An SMSF trustee primarily needs to ensure the fund is properly managed for the benefit of members for their retirement. All trustees must ensure the fund assets are held in trust and invested on behalf of the…
On 1 August 2017, fuel tax credit rates increased. Some of these rates also changed on 1 July 2017, due to a change in the road user charge and an annual increase to excise duty rates on biofuels. Fuel tax credit rates change regularly – they are indexed twice a year, in February and August,…
Recommendations from friends and family are more likely to attract new customers to your business than traditional advertising. However, word-of-mouth marketing is not something that can be generated; it has to occur organically. Here are three ways to drive word-of-mouth marketing: Exceed expectations Give your customers something to talk about by going above and beyond…
