From 1 July 2017, the following key changes to the contribution rules now apply:
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When your business is registered for GST, you know that you are able to claim a credit back on your next BAS for the GST you pay to your Supplier. But what happens when the Supplier is charging you GST when they aren’t actually registered to collect GST? You may pay them the extra 10% on their invoice but you are not entitled to claim that credit back from the ATO. If it has already been claimed, you may have to refund it to the ATO at a later date.
So how do you prevent this happening?
Usually we start our businesses up as we have a great idea in mind and would love to share it with the world. It would start in your back yard, garage or study. When it comes tax time you wonder if you need to declare it in your tax return or not.
Self Managed Super Funds or SMSFs as they are known by, are often referred to as Do-It-Yourself funds. But it’s not that easy! In reality, you will need help to ensure you understand the complex superannuation rules and ensure your fund remains compliant.
It is with great pleasure that we announce that Emily Yip has joined us as a partner from 1 July 2017.
