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Small business pool

Small business pool

There has been confusion about the rules in claiming general small business pool balances that are below $20,000 at year end. Refer to the example Example: Levi’s Pet Washing Levi‘s Pet Washing is a small business entity and satisfied the conditions to make the choice to apply the small business…
Cyber Tax Security

Tax and cyber security

Since July this year, scams targeting both individual and business taxpayers have been running rife. How can individuals protect themselves? The Tax Office says it takes the security and privacy of individuals’ personal information very seriously, and has a range of systems and controls to guard people’s data and records…

Membership deductions after retirement

Deduction for association subscription eligibility can endure into retirement Many professional, business or trades people are members of an association, and during their working life subscribe to an appropriate organisation. In most cases the membership of a trade union for example, or professional association relevant to workers in a particular…
Manage SMSF

How to manage a SMSF?

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…

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