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Business Advisory & Taxation - Agribusiness - SMSF - Auditing
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SuperStream Update - Extra Time To Get Ready
In late June 2016, the Australian Taxation Office (ATO) recognised that some small businesses may need extra time to get ready.
The ATO are supporting small businesses that are not yet SuperStream ready by giving them another four months to make the changes and meet their SuperStream obligations by 28 October 2016.
There are a number of options a small business can choose to implement SuperStream:
- Using a payroll system that meets the standard;
- A super fund’s online system;
- A messaging portal; or
- A super clearing house like the ATO’s Small Business Super Clearing House (SBSCH).
The SBSCH is a free, optional service for small business with 19 or fewer employees, as well as businesses with an annual aggregated turnover of $2 million or less.
Contact our office or visit Employers & SuperStream | ATO for more information
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NBN Sky Muster Satellite Service
The Sky Muster Satellite is intended to change the way you work, learn and live by providing NBN broadband coverage for regional and remote areas not able to access broadband Internet.
A team of more than 600 technicians will be installing dishes at premises across Australia that are unable to connect to the fibre, fixed wireless or hybrid-fibre coaxial parts of the multi-technology NBN.
Sky Muster replaces the NBN's interim satellite service, which has been oversubscribed and congested, resulting in poor internet connections for thousands of Australians.
The 37,000 customers currently connected to the interim service are expected to be migrated to the long-term service within a year.
The rollout schedule aims to connect 85,000 premises by the end of June next year, and a further 50,000 by June 2018.
Eligible customers can register with their local retail service provider to connect to the network — not with NBN, which is a wholesaler. Prices and plans will vary depending on providers.
The satellite has a life span of 16 years. It will be joined by a second satellite later this year to jointly deliver broadband services across Australia.
For more information and to check your eligibility visit Sky Muster Service
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Loan Agreement "At Call"
Dad lent his son $300k to buy his first home. His son married an attractive but street-smart girl. After a few years she left him and got 1/2 of the $300k. Dad pleaded with the Family Court that it was his, not his son's money. But without a Loan Agreement he had no evidence. At common law when money transfers from a father to a child, it is prima facie a gift (in contrast, if a mum or a child transfers money to a dad, then it is prima facie a loan.)
All parents should have Loan Agreements with their children - if the children divorce, the money is then not lost. The loan agreement formally sets out the terms and conditions of the loan.
"At Call" Loans - is the Family Court bound?
You need freedom to determine when you want repayments made. The loan agreement allows for “at call” loans. This is where the loan is only repayable when Dad demands the money back. The Family Court still removes the debts from his son's marriage assets.
But I keep giving my son more money
What if you don’t know the final amount that you are lending? That’s ok. If you don’t know you can leave it as the default answer; “as lent from time to time”.
If I charge interest I pay tax
With charging interest, you have a few options. You can:
- charge nil;
- leave it open to be decided later “as demanded from the lender from time to time";
- or a flat rate or varying rate.
If no interest is charged then no tax is payable. If your child divorces, you can dramatically increase the interest rate to remove even more wealth from the Family Court pool of money.
Contact our office to learn more.
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