Splitting your SMSF assets during divorce

Splitting your SMSF assets during divorce

Running an SMSF under regular circumstances comes with enough compliance obligations as it is. Adding divorce or separation into the equation can raise even more legal and tax issues that need to be addressed.  The breakdown of your relationship does not absolve you from your responsibilities as an SMSF trustee; you are still expected to…

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…

Readapting to working from the office

Readapting to working from the office

As businesses are looking to bring their employees back into work, it is important to ensure that your workstyle practices allow you to seamlessly integrate into working from the office. Try adopting these changes to make your transition into the office space easier. Structure your daily routine Working in an office space structures your day,…

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 agreementDivision 7A loan agreements need to be made under a written agreement before the private…

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…

Dealing with work related anxiety

Dealing with work-related anxiety

Studies have shown that while only 9% of individuals have a diagnosed anxiety disorder, 40% experience ongoing stress or anxiety in their daily lives. For many, work can be the source of constant stress. Signs that you may be feeling anxious at work include excessive or irrational worrying, sweating, increased heart rate, feeling jittery, or…

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…

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…