31 Mar
Be careful when changing business structures

Be careful when changing business structures

While some sectors of the economy is suffering, others are booming, if you’re lucky enough to have a small business in a rapidly growing sector, you may be considering a change from a relatively simple sole trader business structure to a more formal structure such as a company or a trust. Changes such as this are complex with each structure having its own distinct advantages and disadvantages. Before you consider a change, experts should be consulted to avoid costly mistakes which may stymie the success of your business.

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31 Mar
Frozen managed fund? Help is here!

Frozen managed fund? Help is here!

As the global pandemic continues to affect the economy, some managed funds facing liquidity or other operational issues have frozen withdrawals ostensibly to protect the best interests of members. However, members whose investments have been frozen and are facing hardship have been thrown a lifeline by ASIC with the registration of an instrument and implementation of individual hardship relief measures and rolling withdrawal relief. These hardship relief measures may provide members with up to 4 withdrawals per financial year up to $100,000 in total.

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31 Mar
State governments’ further COVID-19 support

State governments’ further COVID-19 support

Many state governments are providing further assistance to a range of their residents to soften the blow of the COVID-19 pandemic. Depending on which state you or your business is situated, there may be further help in the form of payroll tax deferrals or waivers, stamp duty discounts, land tax relief, grants, and extensions of tenancy protection measures. Not surprisingly, the Victorian state government has provided the most comprehensive range of support for small businesses, licensed venues, regional/holiday areas and businesses in general.

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31 Mar
Transition to retirement pensions

Transition to retirement pensions

Would you like to semi-retire but are not at the age where you can access your super? Depending on your super fund you may be able to access a transition to retirement pension which is available to individuals who are under 65 but have reached their preservation age. A transition to retirement pension may provide you with flexibility to work slightly less or as a tool for planning for retirement. This option is not available in all super funds and minimum/maximum withdrawal limits apply.

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31 Mar
One simple change to reduce car FBT liability

One simple change to reduce car FBT liability

Among the many unintended consequences of COVID-19, businesses that provide cars to their employees may now be on the hook for more FBT. Under the FBT regime, where an employee garages a work car at home, the business is deemed to be providing a car fringe benefit. However, with most people still working from home, the ATO notes that this could create unreasonable consequences for businesses. As such, it has outlined certain conditions where it will accept that a business is not holding the car for the purpose of providing fringe benefits to an employee.

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Get in touch

Tell us about your business…

SPRINGWOOD OFFICE
19 Ferguson Road
Springwood NSW 2777

Phone 02 4751 4444
Fax 02 4751 4135

PENRITH OFFICE
Suite 14/20-24 Castlereagh St.
Penrith 2750

Phone 02 4722 8138
Fax 02 4722 8137

Email advice@rea-associates.com.au
Map
SPRINGWOOD OFFICE
19 Ferguson Road
Springwood NSW 2777

Phone 02 4751 4444
Fax 02 4751 4135

Map
PENRITH OFFICE
Suite 14/20-24 Castlereagh St.
Penrith 2750

Phone 02 4722 8138
Fax 02 4722 8137