Patane Accounting Pty Ltd is a CPA Practice
Bullying is a serious issue in workplaces and can affect your business on many levels. Workplace bullying is where repeated and unreasonable behaviour is directed towards an individual or group of employees. It is considered to be workplace bullying where it poses a risk to health and safety. Reduced productivity:As people don’t perform well in…
The ATO has recently replaced the Taxation Ruling (TR) 93/7W on whether penalty interest is deductible to the new TR 2019/2. This new ruling highlights the circumstances in which penalty interest is deductible and the situations where it is not. “Penalty interest” refers to an amount charged by a lender to a borrower under a…
When forming a fund’s investment strategy, diversification is a notable consideration for SMSF trustees. By spreading the investments of a fund across different asset classes and markets that offer varying risks and returns, SMSF members can better position themselves for a secure retirement. Why diversify?The intention of diversification is to spread the investment risk of…
Conducting meetings is a regular way of communicating what needs to be done around the office, but if nothing gets accomplished it can be discouraging. When organised properly, however, business meetings can be effective and efficient. Plan ahead:Meetings need purpose. If they are not planned well then topics needed to be addressed may get missed.…
The ATO has identified particular areas relating to business expenses that are commonly entered incorrectly in tax returns. Owners should take the time to carefully review tax returns to ensure all information is correct. Individuals who use a motor vehicle entirely for their business can claim a deduction for the whole amount. However, if they…
Under the super downsizer scheme, eligible individuals that are 65 years and older may be able to make a contribution into their superannuation of up to $300,000 from the proceeds of selling their family home. This scheme came into effect on 1 July 2018 as one of several measures announced in the May 2017 Federal…
When it comes to investing your money, there is the possibility that it may not perform as well as expected, possibly losing you some or all of the original investment amount. While no investment is free of risk, some carry more risk than others. These are a few strategies that can help minimise the risk…
SMSF’s are regulated by the ATO and have specific eligibility criteria that members and trustees must follow. While anyone 18 years old or over can be a trustee or director of an SMSF, they mustn’t be under a legal disability, such as mental incapacity, or a disqualified person. The ATO can render an SMSF trustee…
When setting up your business, choosing a location can be a critical factor in its success. Each organisation has varying requirements, so it is necessary to consider your needs and priorities when deciding on a business premises that will best suit you. Know your business:The types of premises will depend on your business. Businesses that…
Tax incentives may be available to investors that are considering putting their money into qualifying start-up businesses. Eligible businesses are defined by the ATO as early-stage innovation companies (ESICs). The two key tax incentives for eligible early-stage investors, also known as ‘angel investors’, who purchase new shares in an ESIC are: Non-refundable carry forward tax…
