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 […]
Should an SMSF be a family super fund?
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 […]
Selling the family business
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 […]
What is in a Name?
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 […]
SMSF – Avoiding Penalties
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 […]
How Giving Back Can Help Your Small Business
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 […]
Importance of A Will
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 […]
Bringing Customers Back
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 […]
Small Business, Big Goals
By Alyssa Gregory – Small Business Information Expert Goal setting is powerful for all small business owners, and it’s vital that you think about – and work on – your goals more often than once a year. How often have you set goals at the start of the year, only to get pulled away to other […]
Is Your Business Income Personal Service Income?
Personal Service Income (PSI) is income received from your personal efforts or skills through an ABN and can be earned in almost any industry, trade or profession. If you have earned income from contracts and sales for which more than 50% of the income was for your labour, skills or expertise, then all of that […]
