Posts by David Buff
The importance of cash flow forecasts
As we enter into the new year, with many economists predicting a slowing of the economy, planning your business’s cash flow is more important than ever. Studies suggest that the failure to plan cash flow is one of the leading causes of small business failure. To this end, a cash flow forecast is a crucial…
Read MoreATO new-year resolutions
According to the ATO, the five new-year’s resolutions to keep if you want to stay on top of your tax and super in 2023 are: 1. Know if you’re in business or not Are you earning an increasing income from a side-hustle? If you answer ‘yes’ to a few of the following questions, the more likely…
Read MoreOptus data breach
Following a recent cyber-attack, Optus customers are advised they could be at risk of identity theft. While Optus has not yet revealed how many of its 9.7million customers were impacted, they did confirm that the number was “significant” Importantly, the breach has affected past Optus customers back to 2017, as well as current customers. Customers…
Read MoreDirector identification numbers
Time is running out… All existing directors of a company, registered Australian body, registered foreign company, or a director of corporate trustees of an SMSF are required to apply for a director identification number (director ID) by 30 November 2022 … so act now! If you are a director of an Aboriginal or Torres Strait…
Read MoreBridging the super gender gap
Fresh statistics released by the ATO reveal that the superannuation gender gap is very real. While the average super balance for a man is $161,834, for a woman it’s $129,506 – a massive 25% difference. This gender gap begins in peoples’ twenties, mostly caused by wage differences and time off for children, and by their…
Read MoreSMSF stats just keep getting better
The ATO has recently released the latest of what has become a regular update on the state of the SMSF market. The Self-managed super fund statistical report, with the latest covering the quarter to March this year, has become an anticipated overview for many in the SMSF arena — containing as it usually does some…
Read MoreDo you need to lodge your tax return early?
If you are planning to permanently leave Australia before the end of the financial year, you may be able to have your tax return lodged early. Generally, the ATO only accepts early lodgement of individual returns in certain prescribed circumstances. If you are a resident of Australia for tax purposes, returns lodged before the end…
Read MoreAre those investment returns on revenue or capital account?
The distinction between an income and capital receipt has been likened to the fruit and the tree, where the capital amount is the tree and the fruit being the return of income from the capital. Generally, an income receipt is regarded as an amount that is regular, recurrent or periodic and income tax applies to…
Read MoreTreasury amends LRBA requirements for SMSFs – again
As if the new transfer balance cap rules were not complicated enough, the government has passed legislation that complicates it further where an SMSF starts a limited recourse borrowing arrangement (LRBA) from 1 July 2017. Treasury was concerned that some trustees would try to get around the $1.6 million transfer balance cap (TBC) through the…
Read MoreLook before you leap: the small business CGT concessions
The CGT relief concessions that are available to small businesses can be very generous. However they can also be complex and confusing, so knowing a few of the finer details can go a long way to ensuring your small business can take best advantage of them. It’s never too early to consider an escape plan,…
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