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DO YOU NEED AN AGREEMENT WITH YOUR BUSINESS PARTNER?

Going into new business with other people is exciting and can be extremely rewarding. A Formal agreement can set the ground rules and stop owners getting caught out if things don't quite go as well as planned.

Whether your firm is structured as a partnership or a company, you and your business partners need to agree on the terms of your professional relationship. This will be a partnership agreement, a shareholders agreement or, where you are operating a trading trust, a unitholders' agreement.
           
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ALERTS, NOT ALARMS         

Every now and then you might read or hear about a 'taxpayer alert' being issued by the ATO. Taxpayer alerts are the ATO's 'early warning' signals to the public about a certain area of concern - it could be about fraudulent schemes, or dodgy investments, or perhaps about a tax minimisation tactic that the ATO has been made aware of and knows will get people into trouble.
                        
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INVESTMENT TAX ISSUES YOU NEED TO BE AWARE OF

Investors must consider a range of tax laws dealing with income, assets and deductions. Even that term 'income', the meaning of which most of us would assume, can take on nuanced shades of meaning when considered in regard to investment. For example, investment income earnings such as dividends and interest are typically considered ordinary income. Franking credits, net capital gains and net trust distributions are 'statutory' income.          

                        
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CONSUMERS COMPENSATED BY FINANCIAL INSTITUTIONS STILL NEED TO CONSIDER TAX

With the ongoing financial services Royal Commission, and likely future cases brought before various courts for compensation - or indeed the present building of class action lawsuits on the back of various revelations to come out of the Royal Commission - the ATO has felt the need to run over the rules (as they stand) regarding the taxation of compensation paid to individuals for advice from financial institutions.                                                            

         
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2018 CHRISTMAS CLOSURE

           


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