Pink Carat is a boutique jeweller in Unley specialising in custom-made jewellery, as well as jewellery inspections, repairs and remodelling. Owner Bevan Jones initially founded the business in early 2014, with just one part-time employee and himself as the only jeweller.
It is possible to receive amounts that are not expected by the ATO to be included as income in your tax return. Although some of these amounts may be used in other calculations, and may therefore need to be included elsewhere in your tax return.
The ATO classifies the amounts that it doesn’t count as assessable into three different categories: Exempt income; non-assessable non-exempt income; and other amounts that are not taxable.
Most people think of retirement as a time to put your feet up and relax, but it can also be a time when pre-retirees and retirees alike actually need to flex the grey matter.
With all the rules and regulations swirling around the superannuation sector these days, it’s not unusual for those nearing retirement to feel compelled to dust off the calculator and bone up on certain superannuation concepts. The transfer balance account and the transfer balance cap are topics that can challenge many retirees.
A general law partnership is formed when two or more people (and up to, but no more than, 20 people) go into business together. Partnerships are generally set up so that all partners are equally responsible for the management of the business, but each also has liability for the debts that business may incur.
Initially founded in 1973, Olga’s Fine Foods is a South Australian family-owned business offering renowned pre-made patties, burgers, schnitzels, sausages and marinated steaks. They’re best known for their beef chevapchichi – an iconic food product in SA – which was pioneered by the company’s founders, Olga and George Ujvary, Sr.
Government agencies regularly access data contained in the ABN registration, and where this is not up-to-date the taxpayer may be missing out on stimulus measures, grants, and other government support.
This became painfully evident during the 2019-20 bushfires, and is now re-surfacing during COVID-19 when it was found that a concerning amount of ABN data was out-of-date.
The ATO and the Australian Business Register are making efforts to remind businesses and relevant taxpayers that it is essential to ensure ABN registration details are accurate and completely up-to-date.
The special circumstances that coronavirus has thrown our way looks like having some very practical outcomes on certain areas of fringe benefits tax. One of the most prevalent and well-established category of fringe benefits centres on the provision and use of vehicles.
The parking of a car, for instance, is a benefit that comes with very specific conditions regarding the taxable values that attract FBT.
The ATO has produced a “Cash Flow Coaching Kit”, which is a free resource and designed as a value-add advisory tool for small business owners. It does not replace any existing accounting or financial tools, although it can be used to complement software accounting packages.
A lump sum payment in arrears is a payment you may receive that relates to earlier income years. The tax offset that can be utilised with these sorts of payments works to alleviate the problem of a taxpayer being expected to pay more tax in a year when a lump sum of back payments is received — where they would be disadvantaged by paying more tax than if the income had been spread over several income years.
The Director Identification Number (DIN) regime may have been lost in many business owners’ peripheral vision, or even dropped off the radar completely, as it has been on the horizon for some time. But it is worth keeping in mind the ramifications of the measure, as the details could become important sooner than many realise, even before this year is out.
The latest annual statistical report from APRA has been released, covering the 2020 income year but only made public at the end of January 2021.
Total superannuation industry assets were $2.9 trillion as at 30 June 2020. Of this total, $1.9 trillion was held by APRA-regulated superannuation entities and $0.7 trillion was held by self-managed superannuation funds (SMSFs), which are regulated by the ATO. The remaining $210 billion comprised exempt public sector superannuation schemes ($147 billion) and the balance of life office statutory funds ($63 billion).
Not long ago, there were over 100 brick manufacturers around Australia, but many have since been taken over by competitors or have simply gone out of business. Oreon Partners’ client Littlehampton Bricks and Pavers, on the other hand, has not only stayed in business as a privately owned family firm, but has expanded and gone from strength to strength. Their growth and endurance show the value of having a well-respected and trusted brand, which owner Mark Fiora and his family have worked very hard to establish over their 120+ year history.
To coincide with the Adelaide 500 motor racing weekend, Oreon Partners proudly hosted a fun-filled corporate event in our grounds with viewing decks, food, drinks and plenty of action. Enjoy our recap video from the weekend.