Extended overseas trip may affect your SMSF residency status

A Self Managed Superannuation Fund (SMSF) provides greater flexibility over your investments and certain tax concessions as a complying superannuation fund. However, many people do not realise that, in order to be a complying super fund and receive tax concessions, your SMSF needs to be a resident regulated super fund at all times during the income year. This means your fund needs to meet the definition of an ‘Australian superannuation fund’ for tax purposes.

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Beware of royalty payments to non-residents

When you make a certain payment (eg. dividends, interest and royalties) to non-residents you are required to withhold and remit tax to the Australian Taxation Office (“ATO”). A non- resident can be an individual, company, partnership, trust or super fund.

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Tax Implications when commercial debt is forgiven

During challenging economic times some businesses face a situation when they are unable to meet their financial obligations as they fall due. Whenever a debt is forgiven, assigned or otherwise dealt with the taxpayer should consider the application of the Commercial Debt Forgiveness (CDF) rules.

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GST clauses in real estate contracts

Goods and Services Tax (GST) was introduced on 1 July 2000. How does GST work? Broadly, GST is 10% tax that you must pay on goods and services and other items that you have sold or consumed in Australia. GST registered businesses will usually include GST in the price of the goods or services they sell, which they can then claim credits for. All businesses whose GST turnover exceeds $75,000 must register. Businesses are also entitled to a refund if their credits for GST exceed what they have paid.

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Common strata issues

Living in a strata unit means you share common property with others, and as a result, strata management issues can arise. Some activities are more restricted in a strata scheme, such as parking and renovating.

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Productivity Aps for Business Owners

In the business world, we are constantly looking for courses, workshops and tools to make us more productive. With the invention of the smartphone, comes hundreds and hundreds of apps – many created for the sole purpose of making the busy professional and business owner’s lives a lot easier.

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Most common GST mistakes

Despite its best efforts to educate the general public, the ATO continues to receive business activity statements (BAS) containing many GST related errors.

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Last minute Christmas Budgeting Tips

Christmas is a wonderful time of year; a time for giving and sharing gifts with family and friends.  For many of us, Christmas is also a time where we tend to overspend and spend a lot of money.

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Important terms of the franchise contract

In Australia, franchising is one of the fastest-growing business sectors. There are a number of advantages as well as certain drawbacks when buying a franchise. Before entering a franchise agreement the franchisor is obliged to send you a disclosure document, the franchise agreement, and a copy of the Franchising Code. It is recommended the franchisee undertake a basic research to assess the short and long-term feasibility of a business.

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How to increase repeat customers

Marketing is not only about attracting new customers, retaining customers is just as important. Keeping your customers loyal is most valuable and profitable to your business as they don’t require new customer acquisition costs. To achieve success, your business must not only sell your product or service, but turn the new customer into a repeat customer who is loyal to your business. Here are some tips on how to increase repeat customers.

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