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Irina Hollander & Associates Pty Ltd Chartered Accounts

Tips & Advice

End of Year Tax Minimisation Tips & “To Do” Items

Posted by on 16 Jun, 2016 in Blog | Comments Off on End of Year Tax Minimisation Tips & “To Do” Items

June 30 is looming and it is once again time for tax planning! There are things you could be doing prior to the year end to reduce your next tax bill and improve your business performance. Below is the list of the most effective tax-saving tips for your consideration, depending on your circumstances.  Property investors: • If you are thinking to sell your property, be aware of the date on the sale contract. The date of the contract and not the date of settlement determines the timing of the capital gains tax event. You may be able to defer...

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Why Self-Managed Super is Better?

Posted by on 7 May, 2015 in Blog, Superannuation | Comments Off on Why Self-Managed Super is Better?

There are plenty of advantages of managing your own super in general. This would explain the exponential increase in the numbers the SMSFs have experienced since 1994. (According to the Australian Prudential Regulation Authority and ATO statistics to March 31, 2014, there are 528,700 SMSFs with $558 billion in assets). Below are the main 5 advantages: 1) SMSFs are multi-generational and last forever, so passing of retirement wealth and estate assets from generation to generation is possible. 2) Better super changes in 2007 have brought in the...

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How to turn your commercial rental income into a tax exempt revenue stream

Posted by on 15 Dec, 2014 in Blog | Comments Off on How to turn your commercial rental income into a tax exempt revenue stream

With increase in superannuation contributions caps from 1 July 2014 there has not been better time to transfer your commercial property into super to enjoy a potentially tax exempt revenue stream over the years to come. This tax-effective property transfer requires careful structuring to enjoy the stamp duty savings and can be implemented as a one-off or a piece-meal transaction. Stamp duty legislation in most states and territories provides a stamp duty exemption where a commercial property is transferred into a self-managed superannuation...

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Nine reasons why entrepreneurs should hire an accountant

Posted by on 28 Jul, 2014 in Blog | Comments Off on Nine reasons why entrepreneurs should hire an accountant

Below is a great article summarising why working with an accountant is so important for a business. This article is written by Ms Jennifer Warawa and was previously shared by a collegue. “When it comes to asking for help, a recent survey showed that startups are more likely than owners of established businesses to enlist mentors or coaches. Long-time business owners, on the other hand, were more likely to rely on the services of accountants, lawyers and bankers than their younger counterparts. Considering the number of startups that...

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Limited Recourse Borrowing Arrangement – can we?

Posted by on 18 Jul, 2014 in Blog, Superannuation | Comments Off on Limited Recourse Borrowing Arrangement – can we?

Since the borrowing restrictions have been lifted back in 2007 and further fine-tuned in 2010, SMSFs are able to borrow to acquire investments. LRBA is the arrangement that enables an SMSF to acquire an investment using a borrowing. There are two (2) types of LRBA that an investor should be aware of: 1) LRBA (bank borrowing) and 2) LRBA (related party borrowing), the one the banks won’t tell you about. Both types of LRBA have their moments and place. Depending on a number of variables specific to your circumstances you will end up...

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Business owners, self-managed super is for you!

Posted by on 26 May, 2014 in Blog, Superannuation | Comments Off on Business owners, self-managed super is for you!

Business owners often think that running their own self-managed superannuation fund (“SMSF”) is just “another thing to do”.  Not so. An SMSF should be seen as a wealth building vehicle instead. Below are just some of the benefits of having your own SMSF if you are a business owner: 1) Stamp duty and deposit money for your new business premises do not need to be borrowed. They can be paid from your superannuation savings; 2) an SMSF offers superior assets protection from creditors and in case of a litigation; 3)...

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Joining your parents SMSF (“Self-managed superannuation fund”) is it a good idea?

Posted by on 10 Apr, 2014 in Blog, Superannuation | Comments Off on Joining your parents SMSF (“Self-managed superannuation fund”) is it a good idea?

I am being asked this question quite often. It could be a seemingly attractive thought to join an existing fund and as a consequence not to have to spend on its formation. The  answer to this popular question is: “It depends on your and your parents’ circumstances and the other reasons behind this decision”. Example 1. You are a small business owner in your 30s in need of business premises. In fact, not having the premises to operate your business from significantly hinders growth of your business. Your own superannuation...

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Should my business be registered for GST voluntarily?

Posted by on 7 Feb, 2014 in Blog | Comments Off on Should my business be registered for GST voluntarily?

The answer to this question is more relevant to the owner of a business with the annual turnover below $75,000. Once the turnover is over $75,000 a year, GST registration is no longer a matter of choice, it is compulsory. If your business is new or small and though voluntary registration is a possibility, one should ask themselves whether there is any benefit in being registered for GST voluntarily? On too many occasions, the GST registration is entered into automatically as part of obtaining an ABN for the new business without giving much...

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When your income is PSI (“Personal Services Income”) and what can be done?

Posted by on 9 Jan, 2014 in Blog | Comments Off on When your income is PSI (“Personal Services Income”) and what can be done?

  There has been plenty of confusion over the years about when income constitutes PSI and when it does not, even among the tax professionals. The Commissioner of Taxation says that if the majority (more than 50%) of your income is for the skills, knowledge, expertise or efforts of the person who performed the services, this income will be classified as PSI. PSI income is taxed in the hands of individual performing the services, regardless of whether the income is invoiced via a trust or a company. Deductions are limited to the range of...

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