SMSFs: What happens if you exceed your super caps The rules around making some types of super contributions have been relaxed in recent years, so it’s worth exploring the different opportunities available to you before making a large contribution.i What are contribution caps? Given the tax-effective environment of Australia’s super system, there are annual limits…

9 tips for improving your profits There are many advantages to running a small business. You have the flexibility and independence to make your own decisions, you can turn your vision into a reality and then reap the rewards. However, there are financial risks and it can be difficult to make a profit, particularly when…

It can be easy to overlook your personal use of business assets when it comes to completing your business and self managed super fund tax returns but be warned, the ATO is taking an interest in this area. The ATO’s Small Business Random Enquiry Program found around 16 per cent of small businesses were either carelessly or…

Is your business running efficiently, or is it running off the rails? It is often said that small business owners are so busy working in the business that they don’t work on the business. But, with economic conditions softening, it is a good time to take action. According to the ATO, simple habits like managing your cash…

How a super recontribution strategy could improve your tax position Withdrawing part of your superannuation fund balance then paying it back into the account, known as a recontribution strategy, may sound a little strange but it could deliver a number of benefits including reducing tax and helping to manage super balances between you and your…

Retirement planning for small business owners When you run your own business a good retirement plan can bring real peace of mind. Read more about your options – and why it’s never too early to start. Planning your retirement When you’re busy running your own business retiring could be the last thing on your mind.…

AI – a smart move for small business There has been a lot of media coverage about recent breakthroughs in artificial intelligence (AI) and new applications suitable for small business, but how exactly can a small business utilise AI and reap the benefits? Artificial intelligence has come a long way from being the realm of…

ATO changes to working from home deductions The record keeping requirements and methods for calculating working from home deductions has changed for the 2022-23 income year onwards. From the 2022-23 income year, the methods available to calculate working from home deductions are the: revised fixed rate method actual cost method. While the actual cost method…

Small businesses and SMSFs: keep an eye on the rules As digital tools continually evolve, it is more important than ever to make sure you understand your tax obligations and comply with them. The Australian Taxation Office has been expanding and improving its data matching programs. Data matching compares data from a range of private…

Get your SMSF shipshape for EOFY If you have an SMSF, it’s essential to get your fund is in good shape and ready for June 30 and the annual audit. It’s particularly important this year, because the ATO is focussed on fixing a number of issues when it comes to SMSFs. These include high rates of non-lodgment…