Handling deductions for self education expense

Handling deductions for self-education expense

Individuals upskilling and educating themselves during these down times may be eligible to claim a deduction for their self-education expenses. The deductions apply to self-education activities that are directly related to an individual’s work as an employee. In the case that individuals are looking to claim self-education expenses based on a course’s relation to their…

Avoiding SMSF disputes

Avoiding SMSF disputes

One of the benefits of SMSFs is the amount of control you have from managing it yourself. However, self-management can leave room for disputes among related parties, especially when family members are involved. SMSF disputes can be caused by a number of factors, such as relationship breakdowns, (common in funds where parents and siblings are…

Division A and private loans

Division 7A and private loans

It is not uncommon for businesses to provide loans to shareholders or associates of a company. However, business owners should know the conditions that their loan must satisfy under Division 7A, to avoid the amount being deemed a dividend. Written agreement Division 7A loan agreements need to be made under a written agreement before the…

FBT exemption for emergency assistance

FBT exemption for emergency assistance

Businesses that provide benefits to employees during an emergency situation are likely to have assistance costs be exempt from fringe benefits tax (FBT). It is worthwhile to know what kinds of benefits you as a business owner can provide for different emergencies that will be excluded from FBT. Exemptions will apply to benefits you provide…

Tax implications of exceeding super contributions

Tax implications of exceeding super contributions

A great way to grow your retirement savings is by making regular contributions to your super fund. However, there are limits to extra contributions which when exceeded, may be subject to additional tax liabilities. Concessional contributions There are two kinds of contributions, concessional and non-concessional, which have different contribution caps. Concessional contributions are payments made…

Tips to retaining your customers

Tips to retaining your customers

Acquiring new customers can often be simpler than retaining existing customers. However, loyal customers give your business a higher chance of succeeding. Unhappy customers stop doing business with you, negatively affecting your business’ growth. The rate at which your business is losing customers is called churn rate. It can be crucial to address this churn…

Cyber security tips for your business

Cyber security tips for your business

COVID has prompted businesses to go digital, making cyberattacks an easy job for scammers. Small businesses are especially at risk because of the lack of resources to purchase high security tools and software. Consider using the following strategies to avoid each type of risk to give your business the extra protection it needs. Avoiding Phishing…