Category: Superannuation

From 1 July 2021, the maximum number of members a Self Managed Super Fund can have increased from four to six. Why would you have a fund with six members and what are the implications?

The Australian Taxation Office (ATO) has been concerned for some time about how many professional services firms are structured – specifically, professional practices such as lawyers, architects, medical practices, engineers, architects etc., operating through trusts, companies and partnerships of discretionary trusts and how the profits from these practices are being taxed.

Changes from 1 July 2021 will impact on how much money you can contribute to superannuation and how much you can have in your retirement phase superannuation account.

We’ve summarised the key 1 July 2021 changes and their implications.

More than $29 billion in temporary business and personal income tax cuts, a $33 billion boost for care services and $4 billion more for training programs, are at the core of the government’s budget which aims to create 250,000 jobs by the end of 2022 and drive the unemployment rate below 5%.

The beginning of the new year is a chance for small businesses to reflect on the previous year’s achievements and areas which need improvement. The time to make new habits and set new goals for your business is now!