In 1995, husband and wife team Mark and Amanda Jensen moved from Adelaide to Mount Gambier to manage a Bakers Delight Store. After a few years and still only in their 20’s they purchased the store, built a second store and had a child – all in the same year! After buying and selling a couple more bakeries in Darwin, the couple is now back to owning one store in Mount Gambier, which they relocated last year to a commercial property on Compton Street that was purchased in partnership with another fresh food retailer. At the time, the relocation was risky and costly, but they’ve continued to grow and delight their customers with everything from hearty breads to sweet buns, savoury bites, pizzas and much more.
There has been an increase in the number of SMSFs entering into arrangements where real property is purchased and developed to subsequently be sold or rented out. Such investments can help the fund build up its wealth more quickly than other forms, and from a tax standpoint, any rent or eventual capital gain may enjoy concessional tax treatment.
If you are an employer registered for goods and services tax (GST), you may be entitled to claim GST credits for payments you make to reimburse employees (including company directors) or partners in a partnership for certain work-related expenses.
Sometimes an individual or couple decide to buy a new home before selling their existing one. In such cases, a concession exists that allows for both houses to be treated as a main residence for up to six months – but only if certain conditions are met.
When an Australian trust makes a distribution to a non-resident beneficiary, it is often the case that the Australian trust is required to pay tax on the distribution.
The trustee’s payment of tax on trust distributions to non-resident beneficiaries of an Australian trust is a tax collection security measure. It is a type of withholding tax, which is not a final tax in Australia.
New legislation will ensure that when an employee moves jobs, the super fund they used with their former employer will be ‘stapled’ and will automatically follow them.
Under current rules, if an employee changes jobs multiple times over their working life and does not nominate a superannuation fund to their employer, they could end up with multiple superannuation accounts, each charging their own fees and insurance premiums.
Good Physio was established in 2015, when husband and wife team Tristan and Natalie Chai took the leap and left their full-time jobs to start a new physiotherapy business from scratch. Based in Glenelg, the clinic offers physiotherapy, sports/remedial massage, acupuncture, rehabilitation and exercise therapy – and has seen revenue grow by approximately 30% per year since 2017.
Recent legislative reforms to the superannuation arena are set to change the retirement savings landscape for many Australians.
The Federal Government says the Your Future, Your Super reforms will help ensure superannuation works in the best financial interests of all Australians by removing unnecessary waste, increasing accountability and transparency, and providing more flexibility for families and individuals.
Rental property investors can claim capital works deductions for construction costs for a rental property, however there are limits imposed in relation to the dates such works were completed. The deductions are only available on residential properties if these were built after 17 July 1985. Generally, up to 15 September 1987 the rate is 4% a year (over 25 years) and after then is 2.5% (but over 40 years).
Who can (and can’t) be part a family group for the purpose of making a family trust election (FTE)?
As you can see by the diagram below, the ‘family group’ is dependent on the choice of the ‘test individual’. Once that person is chosen, the family group includes the person’s spouse, plus any of their children, grandchildren, parents, grand- parents, brothers, sisters, nephews, or nieces. The spouses of any of these people are also included.
The purpose of a trust is to separate the legal and beneficial ownership of assets. The legal ownership of the asset rests with the trustee. The beneficiaries benefit from the income that flows from the assets.
A trust is not a legal entity. It is best described as a legal “relationship” that is controlled by the trustee of the trust under the terms of the trust deed.
Many businesses and organisations offer their customers loyalty award-based incentive programs. They are designed to reward customers for purchasing or using a company’s goods and services (or sometimes affiliated businesses).
Yates Electrical Services (YES) founder Mark Yates started out in 2004 as an independent electrical contractor. Now specialising in the renewable energy sector, the company won its biggest contract earlier this year – worth $36m! It’s been quite a journey.
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.