If you have a Self Managed Superannuation Fund (‘SMSF’), the Fund is considered to be a trust and must therefore have a trustee. There are two options as to who the trustee can be. Barring a few exceptions, it can be the members individually or alternatively can be a company with the members as the…
Have you, over the course of the past financial year, received a government assistance payment, support payment or disaster relief supplement? There have been a number of cases where people who received financial assistance from the government were hit with additional owed tax to the ATO, due to their payments increasing their income threshold. When…
Known as an employee share purchase plan, share options or equity scheme, employee share schemes are used to attract, retain and motivate employees. Schemes can vary depending on the company (and the terms of the scheme can differ depending on the company) so it is important to consider carefully what the pros and cons are…
Sometimes you might want to set up a structure where you will share in the spoils with everyone that deals with that structure. There is a specific type of structure for this and it is known as a Co-Operative A co-operative business structure (or co-op) is a legally incorporated business entity that is designed…
Parody and satire are considered to be a “fair dealing” exception to copyright law, which means that the relationship between parody and copyright law has changed. Creative expression is protected and encouraged by copyright law, but the inherent risk of this type of law is that it may stifle creativity (unless some exceptions are included).…
The ATO is looking to make tax season a little bit easier this year, particularly in light of the unique but significant challenges that Australians have been facing over the last year, and are continuing to face. If you received a financial assistance payment, grant or scheme package during the 2020 financial year, you need…
Family-run businesses form an essential part of the economy. Tradition, success and history along with their unique dynamic can create a thriving business that many may wish to see continue. However, as with any business, the conversation about succession and how to continue the business into the future needs to be had. With only 1…
There were a few changes to superannuation that were passed by the Senate recently. You can now use the bring-forward rule to make three years’ worth of non-concessional contributions (where you don’t claim a tax deduction) up until the age of 67. Last year the rules had changed to permit a person…
Whether it’s to provide a service, gain employment or even just downloading software, it is not unlikely that you would have selected “I agree” to terms of agreement without thinking too hard about it. However, sometimes the terms of a contract may be deemed to be unfair to the signer and could cause greater issues. …
More and more Australians bought local products during the past year and rallied behind smaller businesses, which buoyed many shops that may have otherwise struggled to stay afloat. To create this kind of loyalty and support it’s crucial to develop and maintain a strong connection with your customers. If you are a small business, this…