If you’re in the building and construction industry, you need to loge the taxable payments report on an annual basis. The taxable payment annual report notifies the ATO about payments you have made to contractors that have provided services during the financial year. To find out more information, read our blog.
Directly held property makes up approximately 19% of all SMSF assets, indicating that many SMSF trustees consider it’s an important and significant part of a diversified portfolio. There are numerous strategies and ways for property to form part of an SMSF’s investments and each must be carefully considered.
The changes to superannuation announced in the 2016 Federal Budget have been passed by Parliament with the majority of reforms taking effect on 1 July 2017. The most significant changes include the introduction of the transfer balance cap (TBC), CGT relief provisions and Total Superannuation Balance (TSB). With these superannuation changes, it is more important than ever that trustees of SMSF’s revalue the assets in their fund on at least an annual basis. We have listed some guidelines to assist in revaluing the assets in your SMSF.
For the last 15 years I have been working with business owners to help them grow, adapt and succeed.
Having given advice to a vast number of private family businesses across a variety of industries, I have come to realise that most business owners simply just don’t know enough about their numbers, especially the critical ones...
The changes to superannuation announced in the 2016 Federal Budget have been passed by Parliament. Amongst the changes was legislation which will remove tax concessions for transition to retirement pensions (TTRs) and bring them closer to their purpose of providing income to members as they transition to retirement.
A reduction in concessional contribution caps, the lowering of the Division 293 tax threshold, introduction of a cap on tax-free assets in retirement phase and a lifetime limit for non-concessional contributions are just some of the changes that were announced in this year’s Budget to impact superannuation. These changes may impact your SMSF and retirement planning and require you to review your existing strategies or formulate new ones...
Technology is revolutionising how accountants and businesses alike operate. The major driver of this change is cloud accounting. Cloud accounting allows a company to access their accounting records from an offsite provider via the internet, rather than company-owned and maintained hardware and software.
Nobody can build a business alone, whether it’s a start up or a well-established business, having access to high-quality advice can enhance an organisation’s chances of success.
The best advice we can give our clients for managing business challenges and planning for future growth and success is to look to establish an advisory board.