Posted in Business Structures
on 15 June 2016
Self managed superannuation funds must meet the sole purpose test under the Superannuation Industry (Supervision) Act 1993 (SISA).
The test is based on the principle that superannuation benefits provide for the members retirement, and any investment decision must be made for the future rather than present benefit.
Common breaches include:
Purchasing an investment that gives benefit to a member or associate before they retire
Providing financial ...
on 20 February 2014
Directors and secretaries of a company are responsible for ensuring ASIC is advised of changes to business, registered or residential addresses, changes to officeholders, name changes and shareholding changes.
If ASIC is not advised of these changes within 28 days the company could incur a fine of $72 for up to one month late or $299 for over a month late per company that the changes effect.
As an ASIC registered agent for the majority of our clients, we are able to update our...
on 14 October 2013
Proposed Taxation Changes 2013-14
The new Coalition Government has proposed various taxation changes for their first term. A large number of these are repeals of legislation that the Labor government only recently introduced.
Some of the important proposed changes are as follows:
Small Business Entities (SBE):
Remove the increased immediate deduction for assets costing less than $6,500
Remove the accelerated depreciation deduction for the first $5,000 of the ...
on 8 July 2013
If you carry on all or part of your employment activities from home, then you may be eligible to claim a portion of your expenses as a tax deduction.
Ideally, you should have a room set aside as a home office. The area must be clearly identifiable as a place of work and used almost exclusively for work purposes.
The expenses you can claim are:
Heating, cooling and lighting
Decline in value (depreciation) of home office furniture and fittings
on 1 July 2013
Think of it as a snapshot of your present situation and your future.
A personal budget gives a realistic view of your potential.
It provides a benchmark of your progress.
It shows where you can save, and where you should trim your lifestyle to match your income.
Take the reality check.
Get Rich Slow. Start Now. Start Small. Achieve Real Wealth.
'Slow and steady wins the race' - Aesop...