Welcome to our October 2015 Newsletter
Business name renewal is a simple process. Business owners have been reminded by ASIC to renew their business names or risk them being cancelled. The reminder comes after ASIC cancelled more than 95,000 business names in the first half of 2015.
Superannuation and Financial Planning
Superannuation payments made by employers on behalf of their employees are tax deductible in the financial year they are paid as long as they are paid by their due dates. To maximise deductions, employers should ensure that the contributions are paid to their employees’ superannuation funds before 30 June.
Trusts are widely used for investment and business purposes. The trustee is responsible for managing the trust’s tax affairs, including registering the trust in the tax system, lodging trust tax returns and paying tax liabilities arising from assessments. It’s important that trustees are across tax issues.
SMSF basics: Trish’s 10 commandments of DIY super
If you’re running a self-managed super fund, then you’re obviously aware that being a SMSF trustee/member is a very different experience to belonging to a large super fund. In a large super fund, someone else looks after your superannuation benefits. As a SMSF trustee, you make all of the C-A-R-T decisions. CART is a term that I have coined to help trustees understand their fund responsibilities and it stands for Compliance, Administration, Reporting and Tax obligations.
Another helpful tool that I use is my list containing the 10 commandments of DIY super. Over the past decade, when presenting to investment forums on DIY super, I often used the term ‘ten commandments’ as a tool to help the audience grasp the major rules that apply to self-managed super funds (SMSFs). Here are my 10 commandments of DIY super.
Disclaimer of Liability
Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.