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Were you aware that Small Business owes 60% of the $20 billion currently owed to the Australian Tax Office? Here is a scenario we’ve seen all too often; a small business wins a large contract worth perhaps several hundred thousand dollars. The figures have been worked many times and should all stages of the contractRead more

SMSF traps TRAPS TO AVOID WHEN INVESTING THROUGH YOUR SMSF It is no surprise that self-managed superfunds (SMSF’s) are strictly regulated, especially given the fact that a SMSF is a highly favourable tax environment.  A breach of the Superfund Act may result in severe penalties, some so severe you could lose almost half of yourRead more

SUPERANNUATION TIPS It seems like it was just yesterday when we where wishing everyone a Merry Christmas, Happy New Year and making our New Year’s resolutions. Now reality sets in, as we are now already in April 2016, there is just over 2 months until the end of the financial year! Like everything you needRead more

Well-informed employees can turn, what would have been an income tax liability, into extra super contributions by making use of a salary sacrifice arrangement. By agreement with your employer, you can have money paid into your super fund from your salary. These contributions to your superannuation fund are paid from your salary before income taxRead more

The ATO was in the news again recently because of a serious flaw in their software which left the records of taxpayers at risk. In this instance, multiple users of the same computer or device were able to retrieve the information of the person who had previously been logged in to MyGov. You can readRead more