QuickBooks Online Running a small business is not easy. You have to think of business names, marketing, invoicing, receiving payments from customers, dealing with inqueries etc. Hence, having a system in place whether you are a small or big business is utmost important which can free up your time from the mundane routine administration tasks. […]
In this pandemic situation, we have no choice but to work from home to stop the spread. There are some expenses you might be able to claim for your 2020 tax return. In order to claim as deductions, these criteria have to be met, you must incurred these expenses eg, spent the money these expenses
Working From Home (WFH) – During COVID-19 – What you need to know for Tax Return Read More »
The strategy of a Bucket Company is surprisingly useful for a family trust to cap the amount of tax you or your family members need to pay. The term ‘bucket‘ is used because company sits below a trust and it is used to distribute income to it. It is good for tax planning and minimisation.
How Bucket Company works in Family Trust and what you should really know! Read More »
Prime Minister Scott Morrison has now unveiled a $66.1 billion support package, just 10 days after he announced an initial $17.6 billion package that included a supercharged instant asset write-off and SME cash payments. SME cash payments The second stimulus package will now build on the initial tax-free cash payments to small and medium businesses, rising to
Fresh $66bn package reveals bigger cash payments, access to super Read More »
There are three main type of property trusts a) unit trust b) discretionary or familty trust c) hybrid trust Unit Trust – assets owned in the trust are split
Buying property in a trust and the details to help you get your facts right Read More »
Uber is a unique and flexible business model of earning income in Australia for anyone with a car that is less than 10 years old. In other words, Uber is ride sharing platform for anyone who wants to earn additional income at your own flexible time. If you start driving for Uber without knowing the
Driving with Uber – What are the things you need to know? Read More »
What is SMSF SMSF is a superannuation trust structure which is a private superannuation fund and is regulated by the Australian Taxation Office (ATO) that you manage it yourself for your retirement. It can be setup up to four (4) members. The difference betwee a SMSF and other super funds is that all the members
Self Managed Superannuation Fund (SMSF) Read More »
There are many types of trusts that are setup to protect financial assets and income from claims against the beneficiaries or trustee. There are two main type of trusts which are commonly used in business and by individuals, Discretionary or family trust Discretionary trust or family trust is the most common structure used by families
Why do we setup a trust? To separate the owner of the asset (the beneficiary) and control over that asset (the trustee). Greater flexibility in tax planning. To protect assets from financial claims made against the beneficiaries. Use as a business entity either for business trading or investing What does a trust need? The settlor: The
What is a Trust and How does it work Read More »
from TPB Board As tax-time begins, the Tax Practitioners Board (TPB) is warning the public about the risk of using unregistered tax agents. It follows cases of agents posing as legitimate registered tax practitioners who lodge tax returns on behalf of clients, often by accessing their myGov accounts and lodging through myTax. In a recent case,
Dealing with unregistered tax agents can cost you Read More »