A Self-Managed Superannuation Fund (SMSF) is set up to provide benefits during retirement to its members. It is just like a normal Superannuation Fund but with a higher degree of control exercised by its members, who are also the trustees. The trustees can tailor the fund to cater to their respective needs. The definition itself…
Many questions are always asked by our clients such as “should I set up a Self-Managed Super Fund” or “can I benefit from a SMSF?” There’s a lot of factors to consider about super funds but to start there are 3 options available to you which include retail, industry, or Self- Managed Super Fund. It’s…
Why it’s important to understand small business accountant fees Whilst there are many considerations to be made in the course of running a business, the cost of accounting services for small businesses is of utmost concern. As a small business owner you should have the right to know how much you can expect to pay…
Tax filing is that time of the year when most businesses are at their wit’s end. While some businesses may lay confidently due to organised books and complete financial awareness, a lot may be under stress. Most businesses are seen scrounging for past receipts and reading up on the latest tax deductions at the last…
The Coronavirus Pandemic has become a major concern for economies worldwide. It is a double edged sword which is affecting both financial as well as health status of nations. Moreover, due to the uncertainty attached, mental, physical and economical stability have all become a matter of concern. In such a bleak situation, global governments are…
Close to the end of the working day on Monday 30 March, the Federal Government announced the introduction of a new JobKeeper Payment to assist eligible employers (and self-employed individuals) who have been impacted by the Coronavirus pandemic to continue paying their workers. The following is a broad summary of the key aspects of the…
The following is a broad summary of the key aspects of the Federal Government’s stimulus package set out by the Treasury and the NTAA. 1. Income support for individuals 1.1 Introducing a new Coronavirus supplement The Government has introduced the payment of a new Coronavirus Supplement of $550 per fortnight to eligible individuals receiving certain…
The Victorian Government released details of a $1.7 billion support package for local businesses that was prepared in coordination with the Treasury over the weekend. The Government also indicated that the Victorian 2020-21 budget will be differed in line with the Federal Government budget due to the uncertainty caused by the virus pandemic. The package…
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