Which Structure?
Start up businesses need to make one important decision from the outset – what type of business set-up will suit your enterprise best? And which structure will be best for the future? You’ve got a choice of four basic business structures – sole trader, partnership, company or trust. Of course, there are also more sophisticated […]
Departing Australia Superannuation Payment
Whether you’ve been on a working visa and have been slogging away bagging bananas in Tully for six months, or decided to quit your city job and move to Peru, your employer has been putting money aside for your superannuation. Among sorting out all your affairs, you’re probably also wondering what will happen to your […]
Div 293 Shock
If your remuneration, including reportable fringe benefits and salary sacrificed superannuation contributions is in excess of $250,000 per annum, you may have an additional tax liability over and above the normal income tax payable on such earnings.. Now that would be a fairly substantial salary package, so it may seem like a good problem to […]
Luxury Car Tax
You can judge whether a car is luxury or not, according to the government, if it costs more than $65,094 for 2017-18 (and $75.526 for “fuel-efficient” cars). It was $64,132 for 2016-17 (with an unchanged fuel-efficient option). It’s not an over-the-top price tag if you’re considering true “luxury”, but it’s enough to cop an extra […]
Basics of trusts
Trusts 101: What are they, and how do they work? One of the big motivations for considering using a trust will be to protect assets. Property and other assets can be moved into a trust for protection from creditors, to maintain an estate until a beneficiary becomes old enough to have legal possession, or isolate […]
Finalising an estate
After they’re gone: finalizing taxes Sorting out the tax affairs of a deceased person may seem like a daunting task, especially with laws varying between Australian states and territories. However this guide should help you finalize various “loose ends”– from lodging tax returns to how any liabilities should be sorted out. Order of administrative events Following the […]
Basics of a deceased estate
Unfortunately, having to deal with managing a deceased estate is a task many of us will have to shoulder at some stage in our lives — but having some familiarity with what’s involved beforehand will hopefully ease the burden. It is worth remembering that the law that applies to the assets and income of a […]
Reconstructing a partnership
Over time, or due to circumstances, the composition of a partnership can change – for example, a partner may retire or die, or a new partner is admitted. In many such situations, the existing partnership may need to be dissolved and a new partnership formed at general law. The new partnership will need a new […]
Essential Succession Planning
While it might be a tough topic to broach, it is inevitable that someday you will leave your business. You can’t know whether you’ll sell up, retire or leave due to health reasons, so is important that you prepare yourself for any eventuality. A recent nationwide survey by the Australian Centre for Family Business at […]
Personal Insolvency and Business Impact
Businesses are launched with the best intentions, but even the most astute plans can be undone by changes in the business environment or competitive landscape, consumer tastes, rising costs, or cash flow problems.
Personal insolvency could also have a big impact, as your personal and business obligations are often closely intertwined.
