Temporary relief for financially distressed businesses
The coronavirus is first and foremost a health crisis, but as measures are being taken to reduce the spread of the virus throughout the community, many profitable businesses may temporarily suffer financial hardships.
JobKeeper Payment - Salary relief throws lifeline to businesses
If you’re wondering how you will manage the enormous business challenges presented by the COVID-19 crisis, the Australian Government has announced unprecedented assistance to help businesses of all sizes manage their cashflow and retain their employees.
How to achieve focus in a world of distractions
Feel like you’re running on a hamster wheel, beholden to the constant pinging of your phone, busier than ever? You’re not alone, with the trap of always being ‘on’ a curse of the modern day world.
Covid -19 safety net expanded: What does it mean for you?
What does it mean for you?
In a rapidly evolving response to the spread of COVID-19, the Federal Government’s second support package announced over the weekend has flicked the switch to more income support for retirees and workers.
Between the first $17.6 billion package announced on March 12, and this latest $66.1 billion package, the emphasis has shifted from stimulus aimed at keeping businesses up and running, to support for individuals to get them through the crisis.
Hatching your nest egg early
The summer bushfires have touched the lives of all Australians. For individuals who lost homes, businesses or livelihoods, the financial hardship lingers, prompting many to ask whether they can dip into their super to tide them over.
The ins and outs of SMSF property investing
With a property market recovery underway, most notably in Sydney and Melbourne, Australian investors are once again pursuing their love affair with property investing.
For many investors, a popular way to invest directly in residential or commercial property is through their self-managed super fund (SMSF). In fact, ATO statistics show property is the third most popular asset class in SMSF portfolios.
Getting your balance back
Overindulge over the holiday period? You’re certainly not alone, but now it’s time to get back on track. Early in the year makes for the perfect time to dust yourself off and recommit to a your version of a balanced, healthy life.
Tax concessions: helping small businesses
Running a business keeps you pretty busy, so it’s easy to overlook the help that’s available. Many small businesses don’t realise the government offers a range of valuable concessions that can make a real difference to their annual tax bill.
Depending on your annual turnover, these can include reduced tax rates, asset write-offs, simplified depreciation rules and tax-free restructuring.
2020 vision for financial growth
What better year to have your financial health in tip top shape than the one requiring 20/20 vision!
The start of any year is always a good time to assess your financial situation and make sure you are on track to achieving your dreams, but the start of a decade is even more significant.
Keeping on the right side of SMSF rules
The lure of greater control over your retirement savings with a self-managed super fund may be enticing but the freedom to chart your own destiny also comes with the responsibility to comply with the rules.
An SMSF is a private super fund regulated by the Australian Taxation Office that you manage yourself. You can have up to four members in your fund, each of whom must be a trustee or, if a corporate trustee has been appointed, a director.
As a trustee you are legally responsible for all the decisions made about the fund and compliance. Even if you outsource both the administration and the investment of the fund to a professional, you must still understand what they are doing because you are legally responsible.
So what are the rules an SMSF needs to follow?