Superannuation is an essential part of planning for a comfortable retirement. One option that’s gaining popularity among Australians is the self-managed super fund (SMSF). Let’s delve into what SMSFs are and why they’re worth considering.
Understanding Self-Managed Super Funds
An SMSF, also known as a self-managed superannuation fund, is a private super fund that you have complete control over. Unlike regular super funds that are managed by professionals, an SMSF empowers you to be in the driver’s seat, allowing you to make all the decisions regarding how your super is invested.…
As a small business owner, the whole subject of depreciation and deductions can be confusing and intimidating. But with the right guidance and knowledge, you can make sure that you are taking advantage of all the available deductions and making the most of your tax return. What do you need to know?
What Is Depreciation?
Depreciation is an accounting term used to describe the decrease in value of an asset over time due to wear and tear.…
Many small business owners try to keep their footprint as small as possible so they can keep their expenditures in check and maximise their potential. In so doing, they may think long and hard before employing the services of a paid worker as they know that this will make them responsible for withholding, payroll tax, WorkCover and other obligations. In this situation, they may decide to outsource some work to a contractor instead and let them take care of some of those obligations.…
