The Turnbull Government recently announced a U-turn on its proposal to introduce a $500,000 lifetime non-concessional contributions cap on superannuation. In order to recover the cost of scrapping the lifetime cap, the Government has proposed a number of changes to its super package announced in the Federal Budget.
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One of the central reasons for establishing a Self Managed Superannuation Fund (“SMSF”) is the flexibility they provide to their members. Investing through a SMSF allows access to a greater spectrum of asset classes, such as direct property, unlisted private companies and trusts, collectables and more.
Today’s CFO is responsible for many things – increasing profitability, improving operating efficiency, tightening the cost structure and developing analytical tools for risk management and decision making. Tax can play an important role in all of these things, however it is often overlooked or underutilised.
The Small Business Simplified Depreciation (“SBSD”) rules allow small business entities (classified as having an aggregated annual turnover of less than $2 million) to simplify the way they approach depreciation on their business assets. While the rules are nothing new, there are a number of important issues to be aware...