Sales Commission contractor vs employee

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30/04/2017

Sales Commission contractor vs employee

Sales Commission contractor vs employee – ATO  makes the correct decision The ATO accepts that a commission only salesperson is NOT an employee. Instead, they are independent contractors. But you need evidence of this. In the Commission contractor vs employee debate, it comes down to what is in your Independent Contractors […]
22/04/2017

How to Build a Div 7A when the borrower is a Family Trust

Need a Division 7A when the Family Trust lends money to a bucket company? You distribute Family Trust income to your children and spouse. As much as you can. But you run out of family members on a low marginal tax rates. The Family Trust then distributes the rest of […]
18/04/2017

Can a beneficiary disclaim or renounce their entitlement to Family Trust income?

Can a beneficiary disclaim or renounce their family trust entitlement? Each financial year your Family Trust gets an income. It may be from passively renting out property. It may be from operating your business. Someone has to pay tax on that income. Every year you get the choice of which […]
12/04/2017

Added risks if Financial Planners operate out of a company? Consider ASIC v Cassimatis (Storm Financial)

Financial Planners operate out of a company. But is it wise? Directors make mistakes. ASIC punishes them. Fair enough. However, the court goes further when Financial Planners operate out of a company structure. Because Storm Financial held an Australian Financial Services (AFS) license it suffered twice. This is an alarming attack. […]
10/04/2017

Does your SMSF allow election to treat pension as lump sum? ATO is trying to stop you

Treat pension as lump sum? ATO says yes, but only if Deed allows it Treat pension as lump sum? The ATO has reluctantly confirmed that a Self-Managed Superannuation Fund’s exempt pension income is reduced when an election is made. This is to treat a pension payment as a lump sum. […]
01/04/2017

Top 7 legal documents Accountants build at end of financial year

7 documents Accountants build at end of financial year I have sold over 16,000 Self-Managed Super Funds and 18,000 Family Trust Deeds online. Surprisingly, however, these are the 8 most common documents Accountants build at End of Financial Year: 1. Trust Distribution Statements for Family Trusts 2. Family Trust Vesting […]
31/03/2017

Travel costs to visit Accountant & Adviser tax deductible – says ATO TD 2017/8

When are costs of travel for a tax return deductible to your accountant? This ATO Tax Determination TD 2017/8 was issued 29 March 2017. When you visit your accountant or financial planner the cost of travelling is tax deductible. This is when you are having your tax return prepared by a ‘recognised […]
28/03/2017

Accountant & Adviser’s reviewing client Wills – 8 questions to ask

Reviewing client Wills each year Estate Planning and Wills are primarily the concern of the Accountant and Adviser. You know your client. You see your clients at least once a year. The end of the financial year is a good time to sit down with your clients and review their […]