There is a problem with using your company’s assets for yourself. Assets that belong to your business but are being used for your own benefit or enjoyment, can potentially trigger a tax issue known as ‘Division 7A’. You have established a business in a company to gain the ‘asset protection’ advantages with a corporate veil. [...]
There will in all likelihood come a time when you will need to wind up your self-managed superannuation fund (SMSF). The reasons for winding up are many and varied but could include: there are no members left – they may have passed away or rolled benefits into other funds there are no assets left – [...]
An SMSF can be a very powerful retirement savings vehicle. It’s good for long-term wealth accumulation and asset protection within a tax-effective structure. There is plenty of scope, however, to lose your footing over some of the required (and admittedly numerous) compliance tasks. If mishandled, the potential pitfalls can work to outweigh the benefits of [...]
sharing economy Have you ever let a room on the popular accommodation site Airbnb? Ever shared a ride with pseudo taxi service Uber? If you participate in what’s now called the sharing economy, you may have some tax to pay. The Tax Office says the sharing economy is a new way of “connecting buyers (‘users’) [...]
The Government is set to profit from overseas businesses supplying digital products and services to Australians, which will be subject to GST from July 1, 2017.