Whilst the intention is great, there are potential problems with issuing shares to minors (ie children under 18). While the Corporations Act 2001 dictates that a company director must be at least 18 years of age, it does not have a similar requirement regarding the holding of company shares. In the absence of any requirement in a company’s constitution, there appears to be no legal reason why shares cannot be registered in the name of a minor. From a practical point of view,
With the financial year coming to an end, there are several items that need your attention and strategies to consider that could be beneficial to you and your self-managed super fund. These need to be addressed prior to 30 June. Tax deductible contributions (concessional contributions) There is a $25,000 limit for concessional contributions in the 2019 financial year. Contributions that exceed this limit are subject to additional tax. Where the total concessional contributio
Its interesting how many people ask us "I am heading overseas to work, what do i do with my existing Income Protection, Life, or TPD insurances". We also get people who have left Australia to work overseas and want to take up personal insurance". Now we are not licenced to provide advice around personal insurance, also known as risk insurance. So anything discussed in this article is general in nature and should not be taken to replace licenced advice. If you need a personal
So you ask, what brings you to the attention of the ATO. We are not the ATO so we will address some of the areas we see recurring and what the ATO have published on line.
Small Business – the focus is on: Hiding income, avoiding obligations by failing to register, keep records or lodge accurately; Benchmark matching against: Reported income not matching lifestyle data indicators Reported income not matching small business benchmarks Failure to correctly report, lodge, pay
A recent speech by the ATO’s Assistant Commissioner for Superannuation demonstrates the very practical problems with the new superannuation rules. The $1.6 million transfer balance cap (TBC) that limits the amount you can hold in a superannuation pension requires trustees to be aware of how close they are to this limit at all times. To ensure that this cap is not breached, trustees need to report common events that may impact on a member’s pension account. Trustees should hav