Labor vows subbie safeguards

The West Australian, 2.8.16: WA Labor is making a pitch for blue-collar voters, with a policy that guarantees subcontractors will be paid for work on government projects and aims to tighten protections on private building schemes. Revealing the policy today, Opposition Leader Mark McGowan will back calls for public construction contracts to use project bank accounts, to protect funds that …

Subcontractors deserve to get paid for honest building work

The West Australian, Editorial, 3.8.16: It was the Senate Economic References Committee that stated most clearly the overriding goal that should concern governments regarding the payment of subcontractors on building projects. “In the view of the committee, there is one principle and one principle only that should be observed in relation to security of’ payment in the construction industry,” its …

What does the NAB restructure mean for SMEs?

SmartCompany, July 25 2016: Source: AAP Last Friday National Australia Bank chief executive Andrew Thorburn announced an organisational restructure, which saw three members of its nine-person leadership team leave the bank. The question NAB’s SME customers will be asking is: “what do these changes mean for me?” A new division called Business and Private Banking will look after all the …

Self-managed super funds hit

The West Australian, 29.7.16: The 100,000 West Australians who manage their own superannuation have been rocked by research showing half will be hit by the Turnbull Government’s tinkering with nest eggs. Investigations by the Self-Managed Superannuation Fund Association and research house Accurium also revealed: One in five people with DIY super would be caught out by the plan, to limit …

ATO cracks down on SMSF tax scams targeting small business owners

SmartCompany, August 1 2016: The Australian Taxation Office is cracking down on “pot of gold” tax schemes that use self-managed super funds (SMSFs) to milk profits out of private companies or turn normal income into superannuation. The ATO has lost patience with the practices and set up a project called Super Scheme Smart designed to warn off errant SMSF investors …

A third of SMSFs face trouble

The Weekend Australian, July 30, 2016: An increasing number of people with self-managed superannuation funds are worried that they won’t have enough money for a comfortable retirement, according to a new survey by the SMSF Association. It shows that the proportion of people with SMSFs who won’t have enough money for a comfortable standard of living has risen from 25 …

The Coach: Family self-managed superannuation funds

The Weekend Australian, July 30, 2016: We have a self-managed superannuation fund and are considering including our adult children in the fund. We want to pool our funds as a family for investment purposes. What should we be aware of in making this decision? A family SMSF can deliver advantages to all the members of the fund. However, you need …

Understanding the definition of a super contribution can guide SMSFs

The Australian, August 1, 2016: What is a superannuation contribution? It’s important to know what it is because it can have big implications for staying under the contributions cap. The superannuation law does not define the term “contribution”. However, in the Tax Office’s publication, Tax Ruling 2010/1, it states a “contribution” is anything of value that increases the capital of …

Scammers target pensions

The West Australian, YOUR MONEY supplement, 1.8.16: Self-managed funds of $600 billion a tempting prize, ATO warns public Australia’s $600 billion in self-managed superannuation savings is emerging as a lucrative target for promoters of contrived and potentially illegal tax-minimisation schemes. The Australian Taxation Office has warned that people over 50 and looking to put away big amounts of money for …

MESSAGE FROM OUR CEO

The Australian on 26.7.16 reports: “Australian Capital Territory senator Katy Gallagher has been appointed as [the Labor] shadow minister for small business. The small business portfolio will remain in the shadow cabinet. Gallagher said. “Bill Shorten has recognised the important role that these businesses play in the economy by ensuring that the portfolio remains at the shadow cabinet level.” Gallagher …