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Understanding self-managed super fund performance
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In a recent research report titled "Understanding self-managed super fund performance," the University of Adelaide used data from over 318,000 SMSFs between 1 July 2017 and 30 June 2019 to identify the minimum amount of capital required for an SMSF to achieve comparable investment returns with much ...
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Director Identification Number (DIN) and its purpose
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You may have heard about the new rules which require directors of Australian companies to obtain a Director Identification Number (director ID). The new requirement to obtain a director ID also applies to individuals who have an SMSF with a corporate trustee, which is why we wanted to bring this new ...
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Artificial Intelligence and its impact on the Accountancy profession
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Many of us believe that Artificial intelligence can completely change how one accountant works in the future. Still, the accountant and bookkeeper remain an essential part of the accountancy profession because the Digital tool can promote efficiency but won’t replace the profession.In 2015 the UK ...
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FBT thresholds for year 2022-23Record keeping exemption – Increased from $8,923 to $9,181Benchmark Interest Rate – 4.52% unchanged FBT - Living Away from Home Allowance (LAFHA) – Reasonable amount for Meals for the Year 2022-231 Adult - $2892 Adults - $4343 Adults - $5791 Ad ...
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Why Expense Tracking is important for Small business?
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At the beginning of a small business, paying a subscription fee for an expense tracker may not be feasible. In this case, small businesses can use an excel dashboard template to track their expenses. While the tracking will be manual, you will be on top of your finances.Why do you need Excel Dash ...
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Demand for ethical investing continues to grow as more people seek to align their investments with their values. Ethical investing involves using your ethical principles to filter and guide your investment decisions. The practice has been around for more than 30 years in Australia and has started to ...
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E-commerce Bookkeeping requires extra care and focus to maintain and keep the books in order. If the responsibility to manage E-commerce Books were given to be a general bookkeeper, the books might become messy within a few weeks if not taken care of regularly. This business requires specialised boo ...
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Tax ComplianceTax Compliance determination of large corporate groups is never simple.There are inherent risks due to the business complexity & uncertainties around the law.The behaviour of large corporate groups/MNCs in recent times was seen as avoiding tax in Australia by shifting the pr ...
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Tax Relief for Flood-Affected CommunitiesThe below relief measures are announced to alleviate pressures of small businesses & individuals in flood-affected areas of QLD & NSW:Additional time to meet any upcoming BAS/IAS obligations.Option to vary the quarterly PAYG Income Tax Instalme ...
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Income protection insurance can provide a safeguard when you become sick or injured and are unable to work, leaving you unable to make your usual SMSF contributions.What is SMSF Income Protection Insurance?Most industry and retail super funds offer default income protection insurance for thei ...
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