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FRANCHISE BUSINESSES AND TAX

The Australian Competition & Consumer Commission (ACCC) is the government body responsible for enforcing the Franchising Code of Conduct, and if you or someone you know are considering entering into a franchise arrangement, this will probably be a good starting point to get an idea of what to expect.

The code imposes strict obligations on franchisors to make sure that franchise agreements are fair (you can use the search tool on the ACCC's website to find it).
           
Click here to download a pdf version of the newsletter to read the full article                                                                                                                       


INTEREST DEDUCTIBILITY AFTER INCOME-PRODUCING ACTIVITY CEASES         

An issue that sometimes arises for business owners is whether interest expenses incurred on borrowed funds used in a business remain deductible after the business's income earning activities have ceased.

As a general rule, in order for interest expenses to be deductible in the relevant income year, a taxpayer is generally required to demonstrate that the expense was either incurred in gaining or producing assessable income, or necessarily incurred in carrying on a business for the purpose of gaining or producing that assessable income.
                        
Click here to download a pdf version of the newsletter to read the full article.                                                                                                                  

 


           

SUPERANNUATION CONTRIBUTIONS 'WORK TEST' FOR OVER 65'S

Whether or not the trustee of a complying superannuation fund can accept member contributions for those aged between 65 and 75 depends on the member satisfying a 'work test'.

The work test requires a member to have been gainfully employed for at least 40 hours in a period of not more than 30 consecutive days during the financial year a contribution is made.

                        
Click here to download a pdf version of the newsletter to read the full article.  

 


           

LOOK BEFORE YOU LEAP WITH TESTAMENTARY TRUSTS

A testamentary trust works in tandem with a will, and is similar to a discretionary trust, with the major difference being it only takes effect upon the death of the person who made the will. The trust can be funded by some or by all of your assets, and by payments derived as a consequence of death, such as life insurance payouts and superannuation death benefits.                                                                       

         
Click here to download a pdf version of the newsletter to read the full article.            




 

          

FINANCIAL SOLUTIONS

 
Insurance – protect your most valuable asset

How would your family or loved ones cope if you suffered an accident or illness? Would you be able to survive a forced retirement? Nearly a third of Australians over the age of 45 retire early due to ill health.  You have worked hard to support your family and have built up a healthy level of savings. A serious injury or illness could put these life savings and retirement plans in jeopardy.

Australians insure their homes and cars, often with barely a second thought, but only a minority protect themselves and their loved ones should something happen to them. In fact, we're one of the most under-insured countries in the developed world with many families suffering financially if something happened to one of the breadwinners.

Let us help protect you and your loved ones. Contact us today to arrange a complimentary meeting to discuss your personal life insurance needs.

·         How much cover do I need?

·         Should I hold insurance inside or outside of super?

·         Stepped vs level premiums?

·         Any vs own occupation?

·         I'm paying a large premium now, do I need to be?

·         I've got existing cover in my super but don't know if it's appropriate?

·         I'm a SMSF trustee but haven't considered the insurance needs of the members.

Visit our website for more information or contact Erich or En to organise a introductory meeting.