Are your lodgements up-to-date? Your fund status will change if SMSF annual returns are late From 1 October 2019, if your SMSF is more than two weeks overdue on any annual return lodgment due date and hasn’t requested a lodgment deferral, the ATO will change the status of your SMSF on Super Fund Lookup (SFLU) […]
A brilliant business idea is only the first of many steps on the road to success. Ultimately, your success will be decided not by the idea, but its execution. Taking the time to step back, think objectively and plan for its implementation is a crucial process for any start-up, no matter how big or small. […]
What are collectables and personal use assets? Section 62A of the Superannuation Industry (Supervision) Act 1993 (SIS Act) provides that the regulations may make rules in relation to trustees of self-managed superannuation funds (SMSF) making, holding and realising investments involving collectables and personal use assets. Collectables and personal use assets include: artwork jewellery antiques artefacts […]
Sometimes SMSFs are referred to as family superannuation funds due to the ability to have mum, dad and two children as members in the fund. However, is this actually a good idea? What happens if there is a fight in the SMSF between parents and children? This article, by Bryce Figot of DBA Lawyers, considers […]
Running a family business can be very rewarding and yet one of the most challenging experiences you can have. Understanding and making a decision of when to sell can often be one of the toughest decisions a family has to make. However, when faced with the challenges of intergenerational change and lack of viable alternatives […]
Renew and maintain your business name ASIC is urging business owners to renew their business name or risk it being cancelled. The reminder comes after ASIC cancelled more than 95,000 business names in the first half of 2015 after business name holders failed to pay their renewal notice. ASIC Commissioner Greg Tanzer said, “Renewing is […]
The penalty regime for self-managed superannuation funds (SMSFs) under the Australian Taxation Office (ATO) has been in place for a year. The ATO powers were set up to give the tax regulator additional flexibility to administer penalties that reflect the severity of a breach. Administrative penalties administered by the ATO are based on a sliding […]
Giving back by donating your time and expertise to your community and to your industry can be beneficial for many reasons. Not only can volunteering as a small business owner help your community and create a shared sense of achievement, but giving back can also help your business grow. While I wouldn’t recommend volunteering solely […]
A Will is a legal document that sets out who you want to receive your assets (estate) when you die. Making a Will is the only way you can ensure your assets will be distributed according to your wishes. Studies show that at least 45% of Australians do not have a valid Will. The rules […]
Good customer service is all about bringing customers back, by sending them away happy.Happy enough to pass positive feedback about your business along to others, who may then try the product or service you offer for themselves and in their turn become repeat customers. If you’re a good salesperson, you can sell anything to anyone […]
