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Topping up your super? Take care to avoid a tax bill
According to the Tax Institute’s Robert Jeremenko, it’s in every business owners interests to stay up to speed on superannuation changes.
“Many people consider contributing greater amounts into superannuation before the end of the financial year to get the most out of their savings. If you do, it is crucial to make sure you don’t exceed the contributions caps under any circumstances.”
Don’t delay seeking advice on anti-avoidance changes
The Tax Institute’s Robert Jeremenko blogs about the importance of acknowledging provisions of the Tax Act intended to prevent tax-free distributions of company profits in the guise of loans or payments.
“Laws relating to loans by companies to shareholders or related entities are one of the most complex and frustrating areas of tax for small businesses and it’s important not to wait until the end of the financial year to take stock.”
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