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A Guide To Buying Property Through An SMSF

Investing in property through a self-managed super fund (SMSF) has grown in popularity in recent years, particularly since it became possible for SMSFs to borrow money to fund a direct property purchase. This is an area where you really do…

2021- 2022 Federal Budget Overview

The 2021-2022 Federal Budget overview has released. Here is the highlight of the report: Income tax exemption for qualifying grants made to primary producers and small businesses affected by the storms and floods in Australia.   Increased support for brewers…

Setting Up a Partnership Business in Australia

There are many ways to start a business such as sole trader, partnership, company and trust based on your situation.   A partnership is a group or association of people who carry on a business and distribute income or losses…

What are the 3 Types of Residential Properties that can be Acquired by SMSF from Related Party?

There are numerous restrictions prescribed by SIS legislation that the Self Managed Super Fund (SMSF) should constantly comply with when doing investments. One of the most rigorous rules is that the assets of members; or a related party are prohibited…

Common Reporting Standard (CRS)

Australia is one of countries that has committed to new global standards – Common Reporting Standard (CRS) on the implementation of automatic exchange of financial account information. CRS is a new information-gathered and reporting requirement for financial institution located in…

Professional Services Firm Profits Under Fire

The Australian Taxation Office (ATO) has been concerned for some time about how many professional services firms are structured – specifically, professional practices such as lawyers, architects, medical practices, engineers, architects etc., operating through trusts, companies and partnerships of discretionary…

Why Are Some Businesses Returning JobKeeper?

Retail industry vs Covid-19 vs JobKeeper payment Super Retail Group – owner of the Supercheap Auto, Rebel, BCF and Macpac brands – handed back $1.7 million in JobKeeper payments (a scheme to support businesses and not-for-profit organisations significantly affected by…

The Pandemic Productivity Gap

A recent article published in the Harvard Business Review by Bain & Co suggests that the pandemic has widened the Productivity Gap (is a phrase to describe a sustained difference in measured output per worker (or GDP per person employed)…

A New Announcement From ATO of Single Touch Payroll

Single Touch Payroll (STP), is an Australian Government initiative to reduce employers’ reporting burdens to government agencies. With STP, you report employees’ payroll information to us each time you pay them through STP-enabled software. Payroll information includes: Salaries and wages…

Know Changes to the Application of Foreign Surcharges for Trusts Holding NSW Residential Property

The State Revenue Legislation Further Amendment Act 2020, which came into effect in New South Wales on 24 June 2020, includes changes to “foreign person surcharges” for purchaser duty and land tax relevant to residential land in NSW owned by…

Using your SMSF for Property Investment

It became possible for SMSFs to borrow money to fund a direct property purchase. And, SMSFs have become an increasingly popular choice for Australians in recent years.  If you are considering buying a property through SMSF, it is necessary to…

Advantages and Disadvantages of a Discretionary Trust

If you are considering starting your business through a discretionary trust, it is important to understand how the discretionary trust will impact your business running and understand this structure is appropriate for meeting your purposes. In this article, we’ll explain…

Make Trusts Part of Your Future Planning

Clients often ask, “Why do I need a trust?” This question comes up when people want to make lifetime gifts to their children in the future, and even more frequently when it comes to the potential tax consequences which can…

Tips for Freelance Tax Preparation

  Individuals who have been utilized in conventional work settings are thinking that it’s essential to enhance or supplant their revenue sources. While some intentionally exit their positions, others might be the result of cutting back and cutbacks. In any…

Five Small Business Tax Deductions When Claim Tax

  Running a business is not easy since the more you earn an income, the more expenses you incur most, especially when paying taxes. However, some universal rules help the business to claim a tax deduction on various costs that…

Can Business Loans Be Written Off?

  Acquiring a loan to finance or rather boost business is quite common among different business owners. However, one needs to be cautious when taking the loan and the kind of loan you take since the financial flow in a…

Understanding the ESS changes. Five things you need to know.

  There have been some recent changes to the tax rules when it comes to employee share schemes. There has been an attempt to make them more appealing for employer and employee participation.   The changes to the ESS were…

Do you know about Stamp Duty Concession on certain asset transfers in Self-Managed Super Fund?

Are you a property investor? Are you a trustee of SMSF?   Then you should read this article carefully.  Aside from the lower tax rates which apply within a self-managed superannuation fund, the trustees of SMSF can also take advantage…

7 steps to set up a company in Australia

  Setting up a company may be the first step people think of when coming across starting up a business. Although that is not always the case, there are other structures also available for running a business like mentioned in…

What to know about Capital Gains Tax (CGT) and How to Calculate It.

The vast majority of property investors pay Capital Gains Tax (CGT) on a rental property when they sell, or dispose, of it. So it’s important to understand what is CGT and how it is calculated. In this post, we will…

What’s New for 2020FY Home Office Tax Claims due to COVID-19

With an increased number of employees working from home due to the Covid-19 pandemic, home office expense claims have become more common deduction items for the 2020 tax year. Anyone who has worked from home, they may be able to…

3 Types of Dividends for Company Shareholders

  Do you know there are 3 Types of Dividends for company shareholders?  If you have read our previous post “Comparison on Business Structures” you will find that company is the only structure that can distribute after taxed retain profits…

5 Mistakes on Self-Manged Super (SMSF) Property Investment

Deciding on getting into property investment through the self-managed super fund or SMSF is something worth considering. If you take into consideration the volatility of the stock market, low-interest rates, and tax concessions, it makes a lot of sense. So…

Australia Land Tax – An Introduction

Can You Avoid Remitting Your Land Tax? It is possible to stop paying your monthly land tax. However, that would mean you also stop purchasing more properties.  How would that sound? I guess you wouldn’t want to give up on…

Do You Want to Retire in Comfort? Investing in Property then

Why invest in property for retirement income? After you retire, you need a plan to generate income. As per the Australian Bureau of Statistics, only about 10% of Aussies who retired from the labor force will earn $1,500 or more…

How to Make Tax-deductible Super Contributions

What are tax-deductible super contributions? Tax-deductible super contributions are made from your after-tax income. This income may be from a variety of sources such as your take-home pay, savings, an inheritance or from the sale of assets. Whatever the source,…

Minimise Land Tax in Five Easy Ways

  Land tax is a tax payable based on the combined unimproved value of the land a person or entity owns. The land tax is calculated based on how much the land in question would be worth were it vacant….

How to Register an Australian Business Name (ABN)?

ABN is an 11-digit number that represents your business to the gov, other businesses and the public in Australia.

EOFY 2019/2020 Tax Planning Guide for Business

EOFY 2019/2020 is Approaching!   Is your business ready to save on tax claim? Here are some top tips from BOA & Co.’s tax guide for small business owner when it comes to year-end tax planning: Tax planning tips for small…

EOFY 2019/2020 Tax Planning Guide for SMSF Trustee

EOFY 2019/2020 is Approaching!   Are you ready to save on the SMSF tax claim? Here are some top tips from BOA & Co. for SMSF trustee when it comes to year-end tax planning: Tax planning tips for SMSF trustee: Check…

EOFY 2019/2020 Tax Planning Guide for Personal/Family

EOFY 2019/2020 is Approaching!   Are you ready to save on personal and family tax claim? Here are some top tips from BOA & Co. for Personal/Family when it comes to year-end tax planning: Tax planning tips for personal and family:…

Comparison on Business Structures in Australia

How to register and set up a business in Australia? There are four main types of business models in Australia: self-employed, partnership, trust and company. The above four business models need to register for GST if the annual turnover exceeds $ 75,000 …

How to start a business in Australia

How to start a business in Australia? You have to understand what company structures there are, and see which one best applies to you.

Assets Depreciation Changes Soften Residential Investor Demand

The changes mean owners of any property not bought brand new will no longer be able to depreciate items like air-conditioners, cooktops and dishwashers, or shared equipment such as lifts and gyms in apartment complexes.

Policy Changes for SMSF Customers & Those Requesting Interest Only Lending

On 1 July 2017 some additional changes will be implemented for Interest Only Home Loans to ensure we continue to apply responsible lending practices …

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