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 […]
Read moreSETTING 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 […]
Read moreInsuring 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, […]
Read moreOVERVIEW 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 […]
Read moreYou 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: […]
Read moreThe 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 […]
Read moreADVANTAGES 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 […]
Read moreAUSTRALIAN 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 […]
Read moreOne 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 […]
Read moreThe 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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