SMSFs, Collectables & Personal Use Assets

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 […]

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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 […]

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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 […]

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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 […]

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