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 …

Labor appoints Katy Gallagher as shadow minister for small business

SmartCompany, July 25 2016: Leader of the Opposition leader Bill Shorten unveiled his new-look shadow ministry over the weekend, which includes a change in the small business portfolio. Australian Capital Territory senator Katy Gallagher has been appointed as shadow minister for small business, a post that was previously held by Michelle Rowland. The small business portfolio will remain in the …

Penalty rates are strangling small business

The Australian, July 22, 2016: Mark Scanlan sits at an outdoor table at his Kirribilli establishment, poring over his accounts. The restaurateur is comparing his books covering the past 12 months with those from seven years ago, and there is a worried expression on his face. Less than a 1km down the road lies Kirribilli House, the Prime Minister’s official …

Superannuation folly will cost Libs dearly

In The Weekend Australian, 23.7.16, Grace Collier writes: “Nationals MP George Christensen gave us a much needed display of courage. If only we had more who would do the same. Christensen vowed to vote against the [superannuation] policy and spoke the truth: “These policies are Labor-style policies which hit those people who have worked hard all of their lives; those …

ACCC slams big business for effects test distortion

The Australian, 25.7.16: Australian Competition & Consumer Commission chairman Rod Sims says framing section 46 reform as protectionist policy driven by the National Party is “bullshit”, and has slammed big business for distorting debate around the so-called effects test laws. Following the federal election, the Nationals are set to gain their strongest influence in the federal cabinet in 60 years …

WOMEN’S WORK IS DONE HERE

The Sunday Times, 24.7.16: PERTH’S first women-only co-working space opened this week to “close the gender gap”. Broadspace, located at Enterprise House in Wanneroo, was developed to upskill female students and get them ready to enter the job market- Founder and UWA marketing tutor Mikayla Maricic said she opened the co-working space after numerous cries for help from her students. …

Election uncertainty leads to drop in retail sales

SmartCompany, July 5 2016: The Coalition had attempted to reinforce stability and confidence throughout its election campaign but the Australian people appear to have not taken that to heart when visiting the shops. Data sourced from the Australian Retail Index by Retail Express, shows the last week of the federal election caused a significant drop in retail spending rates. A …

$500,000 pay common in SMEs

The West Australian, July 19, 2016: Nearly a quarter of the bosses of Australia’s small and medium-sized businesses are pocketing at least $500,000 in annual pay, according to the surprising findings of a new survey. The Bankwest Business Leadership report, which also identified concerns around leadership burnout, found that one in 10 company chiefs draw $1 million or more in …