Choosing the right structure for your business is a consideration that is not only important from the start, but as your business grows and develops. Here we look at the basic differences between operating under the simplest of structures compared to the most complex business structure.
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Entries by synecticgroup
The money put aside in your self-managed superannuation fund (SMSF) is, of course, intended to be kept to fund the retirement of you and your fellow fund members. The over-riding obligation of you as trustee is to adhere to this “sole purpose” test.
It is generally understood that for fringe benefits tax (FBT) to apply, the benefits paid are usually in respect of an employment relationship. In other words, a ‘payment’ (other than salary or wages) made, or benefit provided, to somebody because they are an employee.
The ATO is focusing on claims that investment property owners make for repairs to rental residences that it deems to in fact be “improvements”. The scenario where investment properties have work done on them often happens shortly after the property is purchased, and has led to the term “initial repair” being commonly used when discussing […]
Tasmania’s economy has grown equal-second fastest in Australia in the December 2015 quarter – equal with New South Wales (0.6%) and second only to Victoria (0.8%) – according to state final demand Trend figures released by the Australia Bureau of Statistics (ABS) this week. Seasonally adjusted figures also show solid growth (0.7%), placing Tasmania fourth […]
Yesterday, 29 February 2016, Parliament passed legislation that will allow small businesses to change their legal structure without attracting a capital gains tax (CGT) liability at that time.
SuperStream is part of the Government’s Stronger Super initiative and introduces a more efficient method of sending superannuation payments and associated information in the superannuation system. Measures have been progressively coming into place since July 2014.
In the 2015-16 federal budget, the government announced that it will exclude “fly-in-fly-out” and “drive-in-drive-out” workers from claiming the zone tax offset (ZTO) where their normal residence is not within a “zone” (access the Australian zone list here). The measure was not passed by Parliament until late in 2015, but it is now law, effective […]
Do you understand when your self-managed superannuation fund (SMSF) can borrow and when it can’t? Generally, SMSFs are not able to borrow to acquire assets. The rationale is that superannuation is meant to be a relatively conservative investment vehicle, and borrowing can put the fund at risk.
There is a concession in the CGT rules that can allow you to treat a property as your “main residence” even though it does not yet have a habitable dwelling. Under the concession you may be able to receive the CGT exemption while you are still building.
Synectic is a Chartered Accounting and Advisory firm that brings together the skills of business advisers, accountants, taxation experts, financial planners, auditors, and self-managed superannuation experts.
Our team operates Tasmania-wide from Devonport, Hobart and Launceston offices.
Our mission is to enhance the prosperity of our people, clients and community. We offer the depth of knowledge, specialist skills and resources usually associated with much larger firms. Yet our size, availability and flexibility enables us to develop an in-depth understanding of your business and financial affairs. You can count on us.
A: 49 Best Street, Devonport
P: (03) 6424 1451
A: 30 Burnett Street, North Hobart
P: (03) 6239 4900
A: Level 3, 46 St John Street, Launceston
P: (03) 6337 6777
M: PO Box 6003, Devonport, TAS, 7310
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