News

Do you need an agreement with your business partner?

Going into new business with other people is exciting and can be extremely rewarding. A formal agreement can set the ground rules and stop owners getting caught out if things don’t quite go as well as planned.Whether your firm is structured as a partnership or a company, you and your…

Carrying on a business through your SMSF

Under the regulations, self-managed super funds (SMSFs) are not prohibited from carrying on a business, however, the business must be:allowed under the SMSF’s trust deed, andoperated for the sole purpose of providing retirement benefits for fund members.Note however that the rules governing SMSFs prohibit or limit some activities available to…

Renting out part or all of your home

If you rent out part or all of your home, the rent money you receive is generally regarded as assessable income. This means:you must declare your rental income in your income tax return, and you can claim deductions for the associated expensesyou may not be entitled to the full main…

The work Christmas party

It’s not quite Christmas time yet, but most businesses will be in the process of thinking ahead to the yuletide festivities, if not already into well-advanced planning. One of the perennial questions is if and how fringe benefits tax applies to these activities.There is no separate fringe benefits tax (FBT)…

How much do we need to retire?

The question of how much a person needs to have saved before confidently launching into their retirement years very much requires an individual answer. The more the better may seem to be an obvious response, but then again each one of us lucky enough to reach the brink of those…