Comparing Business Structures

When setting up or restructuring your business, there are several potential business structures you can choose. The most common types of business structures available to business owners are sole trader, partnership, company and trust.
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Registering a Trademark

Registering your business name is a crucial action when setting up or redesigning your business, but if you want to gain better protection of your brand or logo you should consider registering it as a trademark. Unlike registering a business name, registering a trademark gives you a legally enforceable way to protect your business name, logo and branding designs. And once you know no one can imitate your brand identity, a trademarked design can be used as an incredibly effective marketing tool.
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The Consequences of Dying Without a Will

Death isn’t a topic anyone likes to dwell on, but the consequences of dying without a will can be far reaching and chaotic for those left behind. Making a valid will can be a confronting task, not least because it brings to mind the fact of our own mortality. But it’s a task that is vital in ensuring your wishes are carried out and that your loved ones are taken care of in the long run.
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Important ATO Business Lodgement Dates

Nobody means to be disorganised, but if you find yourself rushing to meet important Australian Tax Office (ATO) business lodgement dates throughout the year – or worse, missing them – start this year off right by creating a dedicated calendar outlining the dates most important to your business. The lodgement due dates for the ATO are all available on the ATO website in an effort to help balance the workload of small and medium businesses during the year. To help you get started, we’ve compiled a list outlining some of the important ATO business lodgement dates up until the end of the financial year.
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Simple Steps for Reducing Credit Card Debt

Credit cards are an important and useful instrument in managing finances but, for many, debts can swiftly get out of hand. If you find yourself in this situation, reducing credit card debt effectively can suddenly seem like an insurmountable task. It is possible, however, to take control and reduce your credit card debt by implementing a few simple but effective management tools.
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Business Budgeting Tips for the New Year

January is a good time to consider what’s ahead for your business – whether you want to expand, diversify or continue to operate smoothly – and a large part of being able to achieve your New Year goals is having a solid business budget in place. Creating a budget is an essential but often daunting task; so with that in mind we’ve compiled some simple, achievable business budgeting tips for the New Year to get you off to the right start.

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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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