B1G1 Legacy book launched

At last ... it's here on Kindle. And it's great.

We're thrilled to be able to invite you to jump on Amazon to grab your very own Kindle copy of our new co-authored book.

B1G1 Legacy BookIt's called 'LEGACY: the Sustainable Development Goals in Action.'

17 really hard-hitting chapters, 52 amazing authors with stunning insights all based around how you and we can make an amazing impact in our world.

You'll be genuinely surprised by it. And you'll be uplifted too.

Talking of 'uplifting', when you grab your Kindle copy on Amazon in these next 48 hours, you'll get it for just USD$1.99. 100% of the proceeds from that go to give kids in need much better outcomes in life by giving them access to quality education.

We hope you LOVE our book as much as we do. This is the first book of its kind in the world. It shows you how small businesses like ours can make a real difference through the power of 17 Sustainable Development Goals.

Grab yours now, right here.

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Trust asset ownership

Who owns the assets of a trust?

It's not uncommon for people to put assets such as their family home into a trust, particularly professionals working in litigious fields or family groups wanting to protect assets. 

trustA recent case highlights some of the tax problems that can occur.

The taxpayer in this case had become the owner of their main residence as a result of a Family Court order. At that time, they caused the property to be held in the name of a trust (with a corporate trustee of which the taxpayer was a director).

4 years later when the property was sold, the taxpayer sought to access the main residence exemption to exempt the property from capital gains tax (CGT). After all, it was their main residence. 

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Single touch payroll exemption

Single touch payroll exemption for directors and family members

The ATO has provided a concession from single touch payroll for payments by small employers to closely held payees.

payroll wages salarySingle touch payroll (STP) was extended to cover all employers on 1 July 2019. For directors of their own company or for family businesses employing family members, there are some practical problems with STP - sometimes they don't know exactly what their salary or wages are for the year until just after the end of the financial year. STP however demands that payments are reported to the ATO in real time.

A new concession allows payments made by small employers with 19 or less employees to closely held payees, such as directors and family members, to be exempt from STP until 1 July 2020. Payments to arm's length employees will need to be reported using STP.

FBT and taxi travel

ATO advice re employee travel

Employers must pay fringe benefits tax (FBT) on certain benefits they provide to their employees in respect of employment. 

employee travelHowever, some benefits are exempt from FBT or receive concessional treatment.

Taxi travel by an employee is an exempt benefit if the travel is a single trip beginning or ending at the employee's place of work.

Taxi travel can also be an exempt benefit if it is a result of sickness or injury and the whole or part of the journey is directly between:

  • the employee's place of work
  • the employee's place of residence
  • any other place that it is necessary, or appropriate, for the employee to go as a result of the sickness or injury.

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Super, insurance and exit fees

Super, insurance and exit fees: The 1 July changes

From 1 July 2019, new laws prevent superannuation providers from eroding member balances with unwanted or unnecessary insurance and exit fees. 

JulyPlus, inactive accounts with low balances will be moved to the ATO to try and unite the unclaimed super with its owner.

These changes do not apply to self-managed superannuation funds or small APRA funds.

Insurance inside your fund
Up until 30 June 2019, superannuation providers were required to provide members with appropriate life and total and permanent disability (TPD) insurance inside superannuation on an 'opt out' basis. That is, the insurance was automatically put into place when you became a member of the fund.

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