Tax implications of a business restructure

Tax exemptions may apply to small businesses going through a restructure provided they meet certain criteria. Typically when a business is sold, you would have to pay income tax due to transferring assets. However, when a business is restructuring, the ownership of assets remains unchanged, and there is instead a rollover. This allows you to…

Event-based reporting framework for SMSFs

The event-based reporting (EBR) framework for self-managed super funds (SMSFs) commenced on 1 July 2018. The initiative allows for the administration of the Transfer balance cap (TBC). Under the EBR framework, you need to report to the ATO, when the first member of your SMSF begins a retirement phase income stream. The SMSF annual return…

Managing risk in your SMSF

SMSFs provide the trustee autonomy and an increased opportunity to maximise your retirement savings. However, an investment strategy must be accompanied by a risk management plan should some of your investments come up short. Consider the following risk management strategies: DiversificationDiversification reduces risk by investing in many different assets including property, annuities and equities. By…

Choosing the right super risk profile

Choosing the right super risk profile at the right time can drastically increase your retirement savings. The following considerations will help you invest wisely when it comes to building your retirement nest egg. Types of investment optionsYour super fund should offer a range of investment options to consider. Here is what to know about each…

Claiming tax when working from home

The ATO is seeking to increase their attention on home office expenses due to the high level of questionable claims made by taxpayers. There has been an increase in the number of Australians claiming deductions for costs incurred from working from home. The ATO reports that in the last tax year 6.7 million taxpayers claimed…