Trustees of Self-managed super fund must consider, as part of the fund's investment strategy and their obligations, "whether the trustees of the fund should hold a contract of insurance that provides insurance cover for one or more members of the fund". There are multiple considerations that as...
As far as misunderstood concepts go the Personal Services Income (PSI) rules are about as misunderstood as the Phantom from the opera. The first thing to understand about being a contractor is the 80/20 rule does not determine whether you can be a contractor or not...
We Know You Don’t Really Need Our Advice – But…. This blog is summarised with this one simple request. Please call us as early as possible if you are considering buying a business. A quick no obligation chat might just end up saving you a lot of heartache...
I don’t think I am exposing any elephant in the room when I say no one likes paying tax. Even worse are those unexpected tax bills which can be very confusing as to why they occur. Depending on your situation i.e employee or business owner there...
Choosing the Right Structure for Your Business is Critical If you are starting out in business it is important to understand the difference between the structural options available to you. There are 4 common choices for your business but it’s rare I would ever recommend a...
There is an old saying, ‘the only ships guaranteed to sink are partnerships’. While I don’t prophesise the doom of every partnership in existence, I will say that generally there is a better way. There are two main disadvantages when you establish a partnership, firstly in...
We all love a good spring clean and just like our home which is always fresh, ordered and more enjoyable after an all over spit and polish; your business might also be better off with a spruce up for the springtime. Here are a couple of...
This often asked question is enough to make the most mild-mannered accountant throw their calculator to the ground in a hissy-fit. So let's see if I can't explain at least a little about how/why we charge what we do at Grow Accounting and maybe also help...
Update as at June 2019. The ATO has always seen contractor payments in the construction industry as a significant tax risk. From 1 July 2018 the contractor reporting regime has been expanded to cover the following industries: Cleaning Courier Road Freight Information Technology Security, and Mixed...