Before you start a business, there are some facts you will need to know. The business structure you choose might impact your business registration process; your tax position’ the safety of your personal assets; and the continuity of the business upon change of ownership. On the other hand, the common mistake that business owners have […]
Difference Types of Business Structures in Australia Read More »
Q: Do I have to form a corporation in order to turn my hobby into a business? A: To start a business, you don’t have to form a corporation. The business structure you can choose are sole trader, partnership, company and a company. You can start as a sole trader, then develop your own business
Q and A of Starting a Business Read More »
In this article, we will tell you how to register your business in Australia. There are 4 steps to follow when you registering your business: Decide the business structure Apply an Australian Business Number (ABN) Register your business name Apply a Tax File Number (TFN) Decide the business structure Before starting your business, you
The Process of Register a Business in Australia Read More »
There are many ways to start a business such as sole trader, partnership, company and trust based on your situation. A partnership is a group or association of people who carry on a business and distribute income or losses between themselves. For example, if you and a friend or family member decide to set
Setting Up a Partnership Business in Australia Read More »
There are numerous restrictions prescribed by SIS legislation that the Self Managed Super Fund (SMSF) should constantly comply with when doing investments. One of the most rigorous rules is that the assets of members; or a related party are prohibited from being acquired by trustees. However, there are three exceptions applied to permit this related
Australia is one of countries that has committed to new global standards – Common Reporting Standard (CRS) on the implementation of automatic exchange of financial account information. CRS is a new information-gathered and reporting requirement for financial institution located in participating OECD countries. The Australian government has enacted laws and entered into international agreements from
Common Reporting Standard (CRS) Read More »
Changes from 1st July 2021 will impact on how much money you can contribute to superannuation and how much you can have in your retirement phase superannuation account. In general, your superannuation is either in an accumulation account (when you are building your super), a retirement account (when you meet preservation age and certain conditions
The 1st July 2021 Superannuation Changes Read More »
The Australian Taxation Office (ATO) has been concerned for some time about how many professional services firms are structured – specifically, professional practices such as lawyers, architects, medical practices, engineers, architects etc., operating through trusts, companies and partnerships of discretionary trusts and how the profits from these practices are being taxed. New draft guidance
Professional Services Firm Profits Under Fire Read More »
Retail industry vs Covid-19 vs JobKeeper payment Super Retail Group – owner of the Supercheap Auto, Rebel, BCF and Macpac brands – handed back $1.7 million in JobKeeper payments (a scheme to support businesses and not-for-profit organisations significantly affected by COVID-19, to help keep more Australians in jobs.) in January after releasing a trading update
Why Are Some Businesses Returning JobKeeper? Read More »
A recent article published in the Harvard Business Review by Bain & Co suggests that the pandemic has widened the Productivity Gap (is a phrase to describe a sustained difference in measured output per worker (or GDP per person employed) between one country and another) between top performing companies and others stating, “Some have remained
The Pandemic Productivity Gap Read More »