September 2, 2014

Your Reporting and Administrative Obligations While Running Your Self Managed Super Fund

SELF MANAGED SUPER FUND ANNUAL RETURN All Self Managed Super Funds need to lodge an Self Managed Super Fund annual return with the ATO each year, in order to: Report income tax Report super regulatory information Report member contributions Pay the supervisory levy The lodgment and payment date for all Self Managed Super Funds that […]

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August 12, 2014

Pricing Your Business for Sale

SETTING THE PRICE Setting the price for your business is one of the hardest tasks a business seller can do. Too high and it won’t sell, too low and you throw away all that hard work undertaken over the years to build the business up. You need to talk with as many parties as possible […]

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July 25, 2014

Insuring Your Business

Insuring your business premises and your business assets is a critical part of establishing a business. For people new to business, insurance can seem like the last thing you want to do in addition to an already long list of expenses. However, if your business is not insured, you may not cover financially from disaster, […]

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June 4, 2014

Capital Gains Tax (CGT) Concessions for Small Business

OVERVIEW The information below provides an overview of the Capital Gains Tax (CGT) concessions available for small business and the basic conditions you must satisfy to access these concessions. The concessions reduce the capital gain on business assets that you must include in your assessable income. Your must first satisfy the basic conditions that apply […]

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May 23, 2014

Employing Staff – Ongoing Employer Obligations

You and your employees have certain obligations to each other under common law. You also have obligations under Federal and State & Territory laws, industrial awards and agreements, tribunal decisions and employment contracts. DO YOU NEED TO REGISTER FOR PAYG WITHHOLDING? If you have employees you must register for PAYG Withholding and withhold amounts including: […]

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April 30, 2014

Tax Facts – Imputation

The imputation system provides a way for Australian and New Zealand corporate tax entities that pay Australian tax, to pass on to their members a credit for Australian income tax they have paid. This prevents the same income from being taxed twice – once when the income is earned by the entity, and again when the income […]

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April 8, 2014

Advantages and Disadvantages of Buying a Business

ADVANTAGES OF PURCHASING A BUSINESS Advantages of purchasing a small or medium business can include: An existing customer base and existing contracts A good business history increases the likelihood of success and profitability An immediate income is generate as the business remains operational Existing suppliers and existing credit terms Existing staff, management and systems Existing […]

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February 21, 2014

Understanding ATO Compliance and Penalties for Self Managed Super Funds

AUSTRALIAN TAXATION OFFICE COMPLIANCE APPROACH The ATO compliance approach has traditionally focused on help and education. However, the ATO are concerned about the compliance of some Self Managed Super Funds. Therefore, the AT have increased their compliance activity on high-risk funds and the focus on timely lodgement. For Self Managed Super Funds, compliance activities will […]

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January 15, 2014

Managing your Self Managed Super Fund’s Investments

One of your key areas of responsibility is to manage your fund’s investments. You have certain duties and responsibilities when making investment decisions. They are designed to protect and increase your members’ benefits for retirement. YOUR INVESTMENT STRATEGY You need to prepare and implement an investment strategy for your fund, and review it regularly. The […]

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December 13, 2013

Paying Benefits to Members with a Self Managed Super Fund

The payment standards contained in the super laws, the sole purpose test and the preservation rules, ensure money in your Self Managed Super Fund is paid to members only when they are legally allowed to have it. Penalties apply in circumstances where these requirements are not met. CASHING OF BENEFITS There are two forms of […]

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Postal Address: PO Box 323, Mount Waverley, Victoria 3149


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