From 1 July 2021, the maximum number of members a Self Managed Super Fund can have increased from four to six. Why would you have a fund with six members and what are the implications? Recently enacted laws increased the maximum number of allowable members in an SMSF and small APRA fund from four to
Since its inception over 23 years ago, BDH Leaders have offered our clients personalised service and deep relationships, along with the quality and expertise you would expect from a much larger accounting firm. While we are most widely known for our accounting and taxation services, we also provide financial advice and strategic guidance. This emphasis
In an attempt to reign in undeclared income, proposed new laws will require platform providers in the sharing economy to report all transactions through their platforms. Traditional employment models have shifted in favour of more flexible options including contracting, self-employment and use of labour hire. Consumers are increasingly paying to ‘use’ rather than ‘own’
Increase of the Superannuation Guarantee contribution rate to 10% The minimum superannuation contribution rate on ordinary times earnings paid to your employees is about to increase from 9.5% to 10%. This takes effect from 1 July 2021. Computer based pay-roll systems should make the correct calculations automatically. Digital Service Providers, that produce pay-roll software
Last night the Treasurer, Josh Frydenberg handed down the Federal Budget - declaring Australia’s economic engine is “roaring to life” with a quicker than expected economic recovery. As a result, the budget focuses on Australia’s pandemic recovery. In particular, there is an emphasis on addressing skills shortages as well as including a “women’s budget
With the borders between the State and Territories all but open and 2021 insight, there is a hunger for a return to ‘normal’. The recent Westpac-Melbourne Institute Index of Consumer Sentiment articulates this desire to ‘get on with things’; sentiment reached its highest level since November 2013 and Christmas spending is expected to be
On 1 January 2021, new laws came into effect that introduces a new, simplified debt restructuring and liquidation framework for small businesses. Drawing on key features of the Chapter 11 bankruptcy model in the United States, the new system aims to speed up the insolvency process, reduce costs and where possible, restructure to help
We’re often asked the best way to sell a business. There are two key components at play in the sale of a business; structuring the transaction and positioning the business to the market. Both elements are important and can significantly impact your result. Structuring the transaction covers things such as pricing the business, the
