A question on everyone’s lips from now until the 30 June is ‘How can I save tax?’
There are a few options for businesses to consider, though everyone’s personal circumstances are different and you absolutely must speak to your Accountant to see if these options are right for your business.
Contributing money into super can be a great way to minimise your tax liability for the year. It also offers you the opportunity to boost your retirement savings and put your funds in the lowest taxed environment. However there are many traps and issues that need to be considered.
The 31st March has come and gone and for many businesses this signifies the need to complete and lodge a fringe benefits tax (FBT) return and pay FBT on the private use of certain payments paid or provided to their staff. With the FBT rate increasing from 47% to 49% for the 2016 and 2017 FBT years, for many small businesses it is crucial to minimise the FBT payable. Care must be taken as the ATO is stepping up compliance and audit reviews based on the FBT lodgements. Here are a few areas and tips to help you at this busy time of the year.
Welcome to the inaugural annual Elysium Federal Budget run-down. These Budgets are crucial to understand and have been the basis for the biggest changes in our tax systems over the years. The 2016 Federal Budget is no different with some fundamental changes proposed for especially for superannuation.
Many clients make the choice to set up a self-managed super fund (SMSF) but don’t realise there is a second crucial decision that needs to be made – the choice of the trustee. There are specific rules regarding SMSF structure and trustees but in general the choice comes down to individual trustees or a corporate trustee. This choice can have significant implications for the administration of your fund and especially estate planning. Given the cost saving, many SMSFs have individual trustees. However there are other matters beside cost which should be considered.
Superannuation is crucial for your retirement and it is important you have your super with the right fund. The introduction of super choice years ago has put the power in your hands. So what should you look for in a super fund?