CGT relief The new rules include CGT relief for those who will be required to unwind existing pension arrangements. The CGT provisions effectively deem a disposal and reacquisition as at 30 June 2017, meaning any unrealised gains on existing pension assets will generally not be taxed on a disposal following commencement of the new rules.…
New non-concessional annual contribution cap rules The new non-concessional annual contribution cap rules broadly sees the current system of non-concessional contributions continuing however with lower caps provided your superannuation account balance is less than $1.6m as follows: Up to 30 June 2017: $180,000 (for individuals <65 – eligible for 3 year bring forward rule) From…
The concessional annual contribution caps have been reduced The new rules are as follows: Up to 30 June 2017 : <49 at 30/06/2016 = $30,000 and >49 at 30/06/2016 = $35,0000 From 1 July 2017: $25,000 for all individuals regardless of age Individuals with balances of $500,000 or less will be able to accrue any…
There will be a $1.6m cap on the amount of capital that a person can transfer into retirement products such as superannuation, pensions and annuities. The transfer balance cap applies from 1 July 2017 and applies to both existing and new pensions. The cap is an individual cap and applies on an individual-by-individual basis taking…
The sharing economy is often held up as a big, bad threat to small business. But more are feeling positively about it than negatively. According to MYOB’s latest Business Monitor release, 75 per cent of businesses felt neither positively about the likes of Uber and Airbnb or negatively about them. However, more said it was…
Take a good hard look at your business today Is it exactly what you want it to be? If you are motivated you can make changes. But you have to be motivated. We would suggest that you focus on four key areas of business design. As you go through the list here are some quotes…
Franchising your business seems to be the way to the big bucks In Australia alone there are over 1,160 franchise systems. But ask any successful franchisor and they will tell you there is a heck of a lot of work to do before you make any money. In the early stages, it’s worth considering whether…
Cash is king; there’s nothing more crippling to a business than having poor cash flow. Luckily there are tools available to help you out. The first step in fixing any cash flow issues you may have is to get a handle of how much money is going in and how much is going out. Generating…
‘Tis the season to be optimistic for Australian business owners, with one in six wanting to start another business. The insight comes from the latest MYOB SME Snapshot, which also found that just 10 percent of businesses were either ‘quite pessimistic’ or ‘very pessimistic’ about their prospects in the coming year. Overall, 64 percent of…
Consider it polygamy of sorts. If you want to stay in business long and prosper, you have to commit to your customers. It’s no longer enough just to satisfy them. The quality of a business’ revenue is as important as its quantity. Loyal customers represent quality revenue. Let’s take for example a small restaurant located…