Director liable for Company’s PAYG Withholding
A recent case before the Administrative Appeals Tribunal (AAT) involved a Company that had withheld nearly $850,000 in pay as you go (PAYG) withholding that it had deducted from its employees’ salaries and wages. It was obviously in some financial trouble, and failed...
New Tax Ruling makes Divorce more expensive
For many people, the breakdown of a spousal relationship is devastating not only emotionally, but also financially, as assets are divided and property settlements are negotiated. Even in circumstances where the split is amicable, many couples have difficulty coming to...
Issues when a SMSF Invests in a Private Company
Changes to superannuation law over the years have prompted more and more individuals to consider purchasing investments using a SMSF. Although the appeal is an easy one to appreciate from a tax perspective because of the lower 15% tax rate, tax should not be the only...
Choosing the best Succession Plan for your Business
Planning and preparation is the key to a successful sale or transition of ownership that gains maximum value for the owner. It can’t be done in a matter of months and developing a succession plan needs to be started years before retirement as it will take time to put...
How Businesses can avoid the Banks ‘Bad Books’
As a business owner or adviser, you know when the business is in trouble. Stress levels rise and sleep is harder to come by. Sales might start to slow and the bills begin to mount. Then your bank starts to ask some probing questions. Banks are highly active in...
Tips & Traps with SMSF Property Investment
SMSF trustees should be cautious about investing in residential property in the current market, particularly those in pension mode or where the members are likely to be drawing a pension from their fund within the next few years. Residential property investment,...
Court Finds Individual Contractors to be Employees
A recent case has highlighted the dangers of engaging individual contractors who later turn out to be employees. Background A family trust (the trust) carried on a commercial residential plumbing business and during the relevant periods employed 13 plumbers and 4 to 5...
ATO says beware of ‘boiler room’ sales tactics
The ATO has warned that some operators are using telemarketers to apply high-pressure sales tactics to lure superannuation trustee investors into high risk or suspect investments. This practice is known as ‘boiler room’ type operations. Such tactics are being used to...
ATO’s data matching program on specialised payment systems
The ATO has announced a data matching program in relation to electronic payments made to businesses through specialised payment systems. For the period 1 July 2013 to 30 June 2014, it will request and collect data from the following businesses: Ausfit Debit Success...
Characteristics Of A Well Run Business – Part 1
There are many characteristics for successful businesses. Many businesses have specific characteristics that relate to their industry or geographical location. Generally, the key areas that business owners should be monitoring, to achieve a well-run business,...