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An SMSF trustee duty not to be forgotten: The investment strategy

The majority of people who set up their own SMSF say that "control" is a big reason for doing it. There is flexibility and benefits in running your own superannuation fund, but it is also a big responsibility to make sure your fund grows and…
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New Year’s accounting resolutions

The beginning of the year is a great time to reflect on the past twelve months and prepare for the next. Here are some useful accounting tips to help you get your business finances up-to-date and ready for the year. Keep your business in…

New Year's resolutions

Source: ASIC's Money Smart Top 5 tips to achieve your money goals in 2019Take control of your future by setting some financial goals this year. Here are our top tips to help make 2019 your best year yet. Make a plan for your moneyHome…
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Do you hire contractors?

When hiring workers, do you understand the difference between contractors and employees for tax and super purposes? Getting it wrong compromises your ability to meet their tax and super obligations, and can mean workers miss out on employee…

Fringe benefits tax and Christmas parties

Christmas parties There is no separate fringe benefits tax (FBT) category for Christmas parties and you may encounter many different circumstances when providing these events to your staff. Fringe benefits provided by you, an associate,…

Rental property owners: Top 10 tips to avoid common tax mistakes

The ATO is reminding rental property owners that each year it sees some fairly common mistakes being made with tax claims, and the outcomes that result, in regard to investment properties. It has therefore released a list of the top 10 stumbles,…

SMSF trustees: Operating expenses you can deduct

Operating expenses that are incurred by an SMSF are mostly deductible, however there can be exceptions to the extent that these relate to the gaining of non-assessable income (such as exempt current pension income) or are capital in nature. The following…

Tax and the kids’ savings

If a child is under the age of 18, and they earn income on their savings account, remember that the ATO considers that the person who “owns” the interest depends on who uses the funds of that account (no matter what type of account it is…

Property development and tax

The ATO seems to be always looking over the shoulder of property developers to make sure they are complying with their tax obligations. The considerations facing the ATO are many and varied, but can include topics such as whether an agreement…

Fictions (and facts) about work expense deductions

There can be varied sources for some of the myths about tax deductions —pub-talk, BBQ-banter, hairdresser-homilies, what-your-taxi-driver-just-heard and many others. We sort out fact from fiction. This year’s tax time saw media reports…