New Business Checklist (4)
Tax

Overseas gifts and loans in the spotlight

The ATO has recently issued an alert on gifts or loans from overseas. The ATO is particularly concerned about schemes and arrangements designed specifically to circumvent Australian tax laws.

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New Business Checklist (2)
Cryptocurrency

Tax and the Normalisation of Cryptocurrency

In early November, the Commonwealth Bank announced that it is now Australia’s first bank to offer customers the ability to buy, sell and hold crypto assets, directly through the CommBank app.

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New Business Checklist
Small Business

How to set up your Director ID

Directors are now required to register for a unique identification number that they will keep for life. The introduction of the Director Identification Number (DIN) is part of the Government’s Modernisation of Business Registers (MBR) Program creating greater transparency, and preventing the potential for fraud and phoenix company activity. So, who needs one? What is the timeframe to apply and how do I set it up?

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SMSF

What happens to your superannuation when you die?

Superannuation is not like other assets as it is held in trust by the trustee of the superannuation fund. When you die, it does not automatically form part of your estate but instead, is paid to your eligible beneficiaries by the fund trustee according to the rules of fund, superannuation law, and the death nomination you made.

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SMSF

Divorce, Superannuation and the Gender Divide

New legislation will help prevent superannuation assets from being hidden during divorce proceedings.
From 1 April 2022, the Australian Taxation Office (ATO) will be able to release details of an individual’s superannuation information to a family law court.

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Small Business

Construction Industry Support – Round Four

The Victorian Government are offering support for entitled construction businesses, including employing and non-employing businesses, who were affected by the construction sector shutdown from 21 September – 4 October 2021.

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Small Business

How Do I Declare My Income As An Influencer?

As an Influencer, it’s important that you declare your assessable income from all sources that it has obtained from which includes income made through endorsements, sponsorships and non-cash benefits. If income is not correctly reported, this can become an issue that may trigger ATO audits.

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Cryptocurrency

Cryptocurrency Record Keeping

It is necessary to maintain good records for all transactions with cryptocurrency, whether you’re using cryptocurrency, for personal use, in business or as an investment.

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Small Business

Unwinding COVID-19 Relief

COVID-19 support will roll back as states and territories reach vaccination targets. The National Plan, the road map out of COVID-19, does more than provide greater freedoms at 70% and 80% full vaccination rates, it withdraws the steady stream of Commonwealth financial support to individuals and business impacted by COVID-19 lockdowns and border closures. We look at the impact and the support that remains in place.

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SMSF

Did your super fund receive a compensation payment?

Is a financial services compensation payment to your superannuation fund a contribution? Of late, there have been several compensation payments made by financial services providers to customers that were inappropriately charged or overcharged for insurance premiums or services they did not receive.

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Covid Safe Check In (2048 X 1536 Px)
Small Business

What now? Unwinding the Pandemic

A business operator has the ability now to refuse entry or service to a customer as long as anti-discrimination rules are not breached. Excluding an individual by vaccination status without a public health order however will be a question of whether the rule is reasonable, necessary, and proportionate.

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