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SMSF - Corporate or Individual Trustee?

Pay a Little Now for a Corporate Trustee or Potentially Pay Thousands More Later - Your Choice

Our advice is almost always to establish a corporate trustee.

We have included a useful video from the ATO at the bottom of this post which explains why a corporate trustee is almost always the best option and summarised the key points below:

  • All members must play an active role in managing the fund.
  • Single member funds must have 2 individual trustees but can have a single director of a corporate trustee so there is no need to get advisers, friends, or family involved.
  • The trusts is recorded as owner of all assets of the SMSF. If there are individual trustees this means that all names must be listed. If membership changes then there can be a significant cost and time attached updating all ownership documents to reflect the change.
  • Each trustee is fined for penalties so an SMSF with multiple individual trustees could be charged multiple penalties. A corporate trustee receives only a single penalty. 

If you would like any more information give our office a call right now on (07) 5493 1600 or CLICK HERE to Make an Appointment with our Qualified SMSF Team.

Don't Let the ATO Sting You for FBT!

Among other things, the ATO regularly matches vehicle registration information against company and business tax files. If you own a vehicle in your business then you are at risk of being targeted for a Fringe Benefits Tax enquiry or audit.

The FBT year runs from 1 April to 31 March 2015, so now is a good time to consider how the FBT rules may affect you. Where an Employer provides a non-cash benefit (ie. use of a motor vehicle) to an employee (including an Owner of the business who is a Director) FBT applies to the value of that benefit at the FBT rate of 49%.

If you provide vehicles to your staff or director(s) or provide other fringe benefits then FBT may apply to you and you should give us a call on (07) 5439 1600 to discuss your possible liability. Or CLICK HERE to make an appointment with one of our qualified advisors.

 

ATO Penalties Don't Have to Hurt

Affordable ATO Payment Arrangements – Don't Pay Unnecessary Penalties and Interest!

When business gets tough cash can be applied to payments that are absolutely vital to keeping your business going. Often this means that funds are not always available to make your tax payments as and when they fall due. We have an excellent track record of successfully negotiating affordable arrangements with the ATO and have even managed to have thousands of dollars of penalties and interest remitted too.

We always advise a proactive budgeting strategy to ensure you can afford to meet your tax obligations as and when they fall due.

Here at Complete Business Strategies though, we understand the realities of doing business and the pressures of managing your cash effectively. If you have a tax liability that you think you may struggle to pay in full and on time talk to us early. We will advise you on the best course of action to avoid unnecessary penalties and interest and talk to the ATO about an affordable payment arrangement for you  Give our office a call right now on 5493 1600 and speak to one of our qualified experts and let us help you reduce your exposure to unnecessary penalties, interest, and legal recovery action. 

Complete Business Strategies strive to provide innovative solutions to legally minimise the tax payable on our clients' hard earned income. CLICK HERE to Make an Appointment with our Qualified Team.

Drowning in Your Receipts?

Get Rid of the Shoe Box Forever

If the ATO asked you for a $65 receipt for petrol from 2 years ago could you find it and could you read it?

Records must be kept for up to 7 years and we know this can be a painful process for many clients. We regularly get asked about easy ways to record and store these documents and we are happy to say there are many simple cost effective solutions available.

While our answer is always guided by your specific circumstances, more and more clients are turning to the cloud to store their receipts. What happens to the paper receipt after filing then becomes largely unimportant.

Cloud based document storage may sound complicated but it can be as simple as popping your receipts into an envelope and posting them away. Of course, if you were more technically oriented you could scan them from the phone App and code them on the run. The choice is yours.

Receipt Bank is just one possible solution but most cloud systems can also integrate into your accounting system saving you time and money on bookkeeping too.

Complete Business Strategies strive to provide innovative solutions to minimise the time and cost of doing business. We know business is tough and with our range of innovative solutions we can help you achieve your goals quicker. If you want more information on this or other innovative solutions just pick up the phone and give Vicki in our office a call on 5439 1600. Or CLICK HERE to Make an Appointment with our Qualified Team to show you how easy it is to set up and use.

New ATO Scam Warning - Beware

WARNING: New ATO Scam - You Need to Read This!

We have been advised from a client that he has just received a phone call from a person claiming to be from the Australian Tax Office (ATO).

The caller wanted to organise a meeting to discuss some "irregularities" in our client's tax affairs.

Enquiries with the ATO proved the person was a fraud.

If you receive a similar call do not provide any details and certainly do not agree to a meeting. It is most likely the meeting is just an excuse to ascertain your level of gullibility and the first step in fraudulently extracting your personal details.

 

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