Unsure of what the valuation guidelines are for your self-managed superannuation fund (SMSF)? With the end of the financial year fast approaching, we have compiled a guide on what you need to know about asset valuation – a process that became mandatory for all SMSFs from the 2012-13 income year as SMSFs are now required to use market value reporting for all their financial accounts and statements.

[Read more...]

Business owners of private companies often borrow money from their own companies for all sorts of reasons. However there is an area of the tax law that covers situations in which private companies dol...

[Read more...]

Active innovation and constant resourcefulness are vital to a business’s success. Tax incentives are available for those businesses undertaking research and development (R&D) activities. Suc...

[Read more...]

No one wants to pay more tax than required, especially when it is due to inadvertent mistakes that could have easily been avoided. This can occur when it comes to making super contributions that exceed contribution caps.

[Read more...]

The fringe benefits tax (FBT) year has just ended and the FBT return lodgement deadline is now on the horizon. The ATO has taken the opportunity to remind employers that it is actively using data matching to identify potential FBT obligations associated with motor vehicles.

[Read more...]

The last thing on your mind when you first go into a business is the day you lock the door and walk away for the last time. But whether through selling up, retirement, or even due to health reasons, it’s inevitable that you will one day need to consider what is involved in winding up the business, and have some idea about what loose ends may need to be tidied up.

[Read more...]

There is a provision under the superannuation rules to access some of your retirement savings held in your super fund under a “transition to retirement” arrangement. Under this plan, a super fund member can ease into retirement by reducing their working hours without reducing their income.

[Read more...]

Unbeknownst to many a taxpayer, the ATO issues public rulings that provide advice on the interpretation of various tax laws. Public rulings deal with priority issues that require clarification, so you may find that many of your concerns are shared by others and may have already been addressed.

[Read more...]

Every investor goes in with dreams of a pot of gold, but there is a fundamental dichotomy of investor types – one looks to line their pockets with investment returns along the way, and another who is patient to wait until the end of the rainbow to reap the rewards.

[Read more...]

The value of a member's benefit in an SMSF and SAF typically consists of the member's account balance plus their share of any reserves. There are a range of potential matters that should be considere...

[Read more...]