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Can you believe that it's already the end of June and we're moving into the second half of 2016?
Exciting things have been happening including the announcement of plans to launch an Entrepreneur School in Sydney, which we share more below. We also feature our blog piece on helping new businesses understand how GST is relevant to them and introduce a handy app launched by the ATO for easy tax planning. If you haven't, be sure to catch my webinar covering tax planning for businesses and investors.
We hope you've enjoyed reading our newsletters so far and we will aim to continuously provide you great content for the remaining of 2016. As always, my team and I are happy to help you if you have any questions.
- Adrian Hill
Founder, Superior Accounting Group
Traditionally, SMSFs grow their funds through a variety of investment strategies like shares, managed investment schemes, derivatives and more. Investing in property was a less popular choice due to the large amount of funds required to purchase one however this has changed since 2007.
The introduction of superannuation laws in Australia have allowed SMSFs to borrow money to invest in property which makes property investment yet another viable option for growing a SMSF. If you're considering growing your SMSF, why not consider property investing?
Starting a new business is both an exciting and daunting time for any entrepreneur or business owner. The setup phase requires managing an overwhelming number of tasks, which makes it highly possible that some important aspects of taxation, such as the Goods and Services Tax, to be overlooked.
For any business owner, the basic knowledge that you must have about GST includes knowing whether your business needs to be registered for GST, setting up and managing GST and how often you should be paying GST.
We cover the above points in our blog and also some mistakes businesses commonly make when dealing with GST that you should know and avoid.
Modelled on Sweden's renowned Stockholm School of Entrepreneurship, the Sydney School of Entrepreneurship (SSE) will be set up in partnership with universities and TAFE to foster potential technology and other start-ups in NSW. $25 million of the State Budget will be invested into establishing the school, which is set to be up and running next year.
The school is supported by some of Australia's high-profile entrepreneurs and businessman including Tony Shepherd and will see about 1000 top students each year from partner universities and TAFE NSW attend the school, likely to be based at Ultimo TAFE.
The myDeductions tool is an official application by the Australian Tax Office that wants to help you file your taxes easier. The ATO also says that the app will be useful in reminding Aussies what they can and can’t claim come tax time.
The app works such that when making a a tax-deductible purchase, you just need to enter the details of the purchase, snap a photo of the receipt and save it to your deductions for the year. It also has the ability to either automatically upload all your deductions straight into your tax return, or email your information to your tax agent or accountant.
Missed Adrian's recent webinar on tax planning for businesses and investors?
We've got you covered. The full webinar is now available so be sure to check it out. Happy tax planning!
You may also be interested in our other helpful videos.
Did you know that Superior Accounting Group's founder, Adrian Hill, recently published a book? Titled "Investment Property + Time = Wealth", the book is a must read for anyone who wants to know how to create wealth through property investing.
Don't miss out. Hurry get your copy today!