Accountants are not just simply number crunchers; they can also provide critical information to help employers manage and oversee various areas of their business, as well as the financial aspect. What are the tasks and responsibilities of Compliance Accountants, Financial Accountants, Taxation Accountants, Strategic Accountants and Management Accountants? Do they have similar jobs? Which of […]
This article was originally written by Eddie Chung in a blog post titled: The Tax Issues Experienced by a Unit Trust as a Property Investment Medium Unit trusts have been popular property investment channels for a long time, particularly if several owners are participating. Much like shareholders owning stocks in a business, unit holders can […]
Setting up a business in any part of the world is a major decision. You need to research and plan carefully before you launch your business. In Australia, you have to learn all statutory requirements before applying for a business registration. You have to factor in certain things before starting a new business. Do Research […]
Planning for the future is increasingly becoming more important given the present economic conditions. The ageing population in Australia is expanding, and life expectancy is becoming longer which compels us to be forwarding thinking and make practical investments. When individuals begin working, they begin contemplating participating in a superannuation fund. This has brought the spotlight […]
What is Personal Service Income (PSI) and what are its disadvantages? According to the Australian Taxation Office, PSI is money earned as a result of personal skills or efforts, and usually applies to contractors or consultants. PSI regulations are relevant to single traders, companies, partnerships, or trusts. Personal services income can be made only by […]
There is an element of risk in every decision we make. We are evaluating risks with the decisions we make every day. What is the best way to get to the office? Should I rent or purchase a house? Which restaurant should I choose to dine at? Every decision has a different result; every result […]
Can you differentiate surcharges from rebates? Levies from lifetime health cover loading? You can save hundreds of dollars on tax season if you know how your health insurance affects your financial situation. Here are 5 important things you should be aware of about your health insurance and your tax: 1. Save money by paying for […]
It is not easy running a new business. There are all sorts of legal requirements to understand. In addition, a new employer must know their responsibilities with regards to wages, benefits, and superannuation, which is one of the major payments to employees. New business owners may find it overwhelming trying to understand superannuation. In reality, […]
Business owners cannot overemphasise the value of the cash flow metric in their companies. Certified Public Accountants (CPA) notice that many employers take pride in their company’s profits. However, this is not evident in the state of their cash flow. Cash flow and profits vary significantly. While the two metrics are important to the well-being […]
Real residential property makes up 3.5% of the value of all assets maintained in SMSF’s according to the latest SMSF figures from the Australian Taxation Office (ATO). This has been the level of investment since 2009, with a high proportion of properties valued between $200,000 and $1 million. Commercial property represents about 12% of SMSF […]