Change in GST laws to reduce compliance costs for small businesses A potential change in laws regarding the goods and services (GST) instalment system will enable small businesses in a net refund position to use the system if they wish. The change, initially conceived in the 2011-12 Budget, is expected to reduce the compliance costs...

The government has shone some light on SMSF death benefits after a long period of uncertainty with the recent release of its “Mid-Year Economic and Fiscal Outlook” paper for 2012-13. The welcome news for the many retirees who are taking pensions from their SMSF is that super death benefits will be spared the prospect of...

There are tax tweaks built in to the super system that canny retirees can work to their advantage. While providing income for retirement is the obvious purpose of a pension paid from a self-managed superannuation fund (SMSF), a little strategic application when managing a super pension can also make use of certain wealth-building attributes that...

There can be some solid reasons to consider having the ownership of your business premises in the name of your self-managed superannuation fund (SMSF). To start with, if your business is travelling along steadily, it will provide a steady source of rental income for the SMSF and capital growth. It may also provide a level...

End of year Christmas celebrations are a chance to get everyone together for some fun as well as thanking the team for a job well done. Business owners may have the option to unlock the bar fridge for employees, but should make sure they are not the ones stuck with the tax hangover. As with...

The concept of a “going concern” exemption for the purposes of the goods and services tax (GST) can still cause confusion when businesses are sold, despite the fact the tax has been in place for more than a decade. A “going concern” refers to an enterprise’s ability to continue trading. The sale of a business...

If you are a company director or an associate of a director, you are likely to be affected by changes to the Personal Liability for Corporate Fault Reform Bill 2012 which reduced the scope for companies to engage in fraudulent activity or evade their employees’ entitlements. The changes not only render company directors personally liable...

It is unlikely to be an aspiration for any individual or business owner, but the words “going broke” can still have unfortunate resonance — even though there are many instances where “fault” lies with circumstance rather than personal or even a business’s shortfall. But hitting the wall does not necessarily mean there can be no...

Every year, the Tax Office issues a comprehensive statistical report based on the most complete set of data at its disposal. Its most recent Taxation Statistics is compiled from tax return information from 2009-10 as well as FBT, GST and activity statement data from the 2010-11 year.  One item of data listed in Taxation Statistics,...

The strategy of transferring ownership of a commercial property to the business owner’s self managed superannuation fund (SMSF) has, at first glance, several advantages for both the business concerned and also for the members of the SMSF. For starters, all lease payments made by the business don’t end up in the pocket of a third-party...