Buying products and services online is quite convenient and simple: just a few clicks and you acquire what you wanted to without even leaving your house. Hence, this convenience in shopping online and the increase in electronic purchases that have long existed but catapulted to new heights resulting from the covid-19 lockdowns – where physical…
DetailsLast year has been challenging for everyone, and some professionals, more than others, need to be praised for their amazing job and strength to face this situation. Doctors are at the frontline facing COVID and other diseases, risking themselves in order to protect others (as they have always done in their career), helping and saving…
DetailsIn Victoria, incorporated association must oblige the Associations Incorporation Reform Act 2012 (the Act). The Act classifies the associations into 3 tiers based on total revenue for the organisation’s financial year. The tiers are: Tier Eligibility (Total Revenue) 1 < $250,000 2 $250,000 – $1 million 3 > $1 million Total revenue refers to the…
DetailsBusiness tax planning strategies Who you could give an income to, to lower your tax returns: If your spouse is either a stay at home dad or mum not earning an income, you dispense some of your income to them You could save $180 on taxes if you give your child/ren $416 each. Like your…
DetailsFranchising is a business relationship in which you (the franchisee) pay the owner of a business (the franchisor) for the right to market and distribute their goods or services over a fixed period. Buying a franchise can be a smart move, particularly if you haven’t owned a business and have no experience being self-employed. Ideally,…
DetailsFVRA (Financial Viability Risk Assessment) for RTOs It is a big challenge for RTOs to provide the quality courses and course completion for students during the outbreak of COVID-19. And the business prospects of many RTOs have been greatly affected by home quarantine and travel restrictions. These situations put a lot of pressure on…
DetailsAs the Covid-19 cases soar in the state of Victoria the government has announced stage 3 lockdown for 31 metropolitan Melbourne Local Government Areas and Mitchell Shire which means that the state will be in a lockdown for the 6 weeks starting from 8th July 2020. Although the cases may stabilize by these measures, businesses…
DetailsHello, everyone, we are approaching the EOFY 2020, which has been an eventful year and with all the changes that came in this year due to COVID, you must be thinking how would this affect your tax this year. We would like to inform; the contents of the below article are only the highlights of…
DetailsLate SMSF Tax Returns What is a Self Managed Superannuation Fund (SMSF)? The Self Managed Superannuation Funds (SMSF) are privately managed trusts that are run by the trustees of the fund. All SMSF trustees are responsible for the compliance of their trusts with Australian superannuation legislation. What are the key dates to lodge the annual…
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