In the 2022-23 Budget 2.0 release in late October there were six updates that will affect Self Managed Superannuation Fund (SMSF) trustees and members. Cancellation of three-year audit cycle policy for certain SMSFs It had previously been proposed that certain SMSFs may be eligible for a three-year audit cycle rather than the annual requirements under […]
READ MOREShuffling the decks: 2022-23 Budget 2.0
There was nothing released in the 2022-23 Budget 2.0 that would create a UK style crisis. The stage 3 tax cuts legislated to commence on 1 July 2024 are not mentioned, and most funding initiatives appear to be a reallocation of previous government initiatives, and the commodity driven $54.4 billion improvement in tax receipts has […]
READ MORELessons for business from the Optus and Medibank data breach
The Optus and Medibank data breaches are top of mind for a lot of Australians, particularly those who have had their data compromised. For business, these breaches are a timely warning on the importance of understanding your obligations. This is not something that can be outsourced to IT but a whole of business issue. If […]
READ MOREHow high will interest rates go?
The RBA has lifted the cash rate over consecutive months. That leaves us to ask a very important question – How high will interest rates go? Earlier, Reserve Bank Governor Philip Lowe told the Australian Strategic Business Forum that “…we’re going through a process now of steadily increasing interest rates, and there’s more of that […]
READ MOREAre you a company director? Do you have your director ID?
If you’re a company director, you must apply for your Director Identification Number (director ID) before 30th November 2022. What is a director ID? The director ID is a unique 15-digit identifier that directors apply for once and keep forever. It is aimed at preventing the use of false or fraudulent director identities. As a […]
READ MOREHow to overcome your customers fear of spending
In a tight economy, a complaint we are hearing from business owners is customer fear of spending and the time it takes to achieve a sale. So, what can you do to overcome their fears and speed up the sales process? Sell the solution not the product Branding is wonderful but unless your brand is […]
READ MOREThe 12 golden rules for asset protection
To protect personal assets, it’s important that business owners operate and structure deliberately, and in a way to remove asset ownership from ‘at risk’ individuals. Why? Because everyone in business is carrying a level of risk as things can, and often do go wrong. There are a number of options that can be taken to […]
READ MOREMore ways to boost your wealth with super contributions
Now more than ever there, there are more ways to boost your wealth with super contributions and the recent relaxing of the rules gives you scope to put money into your retirement fund, at a time that suits your circumstances and stage in life. Superannuation – the most tax-effective investment vehicle Since it became compulsory […]
READ MORE120% deduction for skills training and technology costs
Small and medium business can now take advantage of a 120% deduction on skills training and technology costs. The 2022-23 Budget proposed a 120% tax deduction for expenditure by small and medium businesses on technology, or skills and training for their staff. This proposal has now been adopted by the current government and details released […]
READ MORESMSF checklist to kick off the new financial year
The best time for review and planning for your self-managed super fund (SMSF) is the beginning of the new financial year in July. Work through these checklist items and get 2022-23 off to a great start. SMSF Administration Tasks There’s some administration tasks that makes sense to do at the start of the financial year. […]
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