ATO requires all taxpayers who own a business to keep records of all financial transactions entered into during the year. Wherever a taxpayer is required to make a choice, an estimate or a calculation, documented details must be kept. This also includes documentation explaining how your income and expenditure figures were determined. All taxation records must be kept for a minimum period of five years and penalties and interest may apply if you fail to do so.
As the end of the financial year is fast approaching, we’ve put together a checklist of what you’ll need to provide to your accountant:
Courtesy of SBDC
Tips to Make a Profit in your Business
Investment in the correct place is crucial for maintaining portfolio and wealth management of an individual or group or any other entity nowadays. This is because money kept idle means no chances of getting multiplied and can even witness a decline in the value as well. On the other hand, money if invested in the right way can lead to huge profits and gather a certain amount of fund that can be utilized in the future. These can be ensured with the help of appropriate investment strategies.
Types of investment strategies
The collection of rules, systems and procedures related to investment are known as investment strategies and the type of investment will vary from one person to another based on the income, assets, family details, work details and various other factors. Given under are the main pillars of investment:
A type of trust strategy based on superannuation aiming at providing financial benefit to the members or trustees on retirement is known as Self Managed Super Fund or SMSF. This is a special type of super fund that is exclusive in its own way because it comprises of members ranging within one to four and all are considered as trustees of the SMSF. In this trust structure, every member has equal importance and everybody is entitled to the benefits of the funds in times of need. There is a considerable amount of control present in this type of SMSF.
Features of SMSF
SMSF works with completely different set of rules and therefore, it has got a separate Tax File Number (TFN), Australian Business Number (ABN) and transactional bank account that are required to manage their funds after retirement. The various strategies that are utilized under SMSF are: