BPC, Author at BOSS PRIVATE CLIENTS

THE ROLE OF TRUSTS

BPC — Mon, 12 Oct 2020 04:33:47 +0000

Whilst the concept of trusts has been around for hundreds of years, the use of modern trusts as we know them in Australia today gained popularity in the late 1970s. Whilst the use of trusts today is common, understanding of their complexity is not. Having said that we believe that trusts have a vital role …

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DIVISION 7A: PART 2

BPC — Thu, 08 Oct 2020 04:29:47 +0000

Follow on from last week, in this week’s edition we discuss Division 7A options available for trustees. The 5 main options available are as follows: Option 1 – Interest Only 7 Year Loan The trustee may put the funds representing the UPE on a 7-year interest only loan. The trust must pay an annual return …

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DIVISION 7A: PART 1

BPC — Thu, 01 Oct 2020 04:17:31 +0000

Division 7A is one of those items that can sneak up on a company or a group of companies, often unintentionally. The consequences can be severe: The potential additional tax impost can be as high as 62.55% of the income earned The potential cash flow consequences of having to repay the funds to the company. …

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INCOME TAX AND STRUCTURING

BPC — Thu, 24 Sep 2020 03:18:52 +0000

Income tax is a critical factor when considering the most appropriate structure. This predominantly comes about because varying tax rates apply to various structure types as listed below as an example Australian resident Individuals pay tax on a marginal tax scale and have a tax-free threshold. Non-resident individuals also pay tax on a marginal tax …

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STAMP DUTY

BPC — Thu, 17 Sep 2020 02:29:53 +0000

The stamp duty rules vary from state to state in Australia. In Victoria for example the transfer of a business and its related assets is not subject to stamp duty whereas it is dutiable in some of the other states. In Victoria the transfer of real property between spouses is not dutiable, even where the …

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CAPITAL GAINS TAX

BPC — Thu, 10 Sep 2020 02:20:54 +0000

Because of the concessional treatment that is available to active assets under the small business capital gains tax concessions in Australia under our current tax provisions, particular importance and consideration needs to be given to the type of entity that should house the particular capital assets Some important factors are: Is the asset commercial real …

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ASSET PROTECTION

BPC — Thu, 03 Sep 2020 04:48:53 +0000

The key objecting in structuring, when considering asset protection, is to segregate the high-risk business assets from investments accumulated by the family. In some cases however, it may not always be possible to completely eliminate risk. At Boss Private Clients, our role is to consider and action the following within our clients’ family group: Identify …

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ECONOMIC STIMULUS UPDATE- 19 AUGUST 2020

BPC — Wed, 19 Aug 2020 05:42:21 +0000

JOBKEEPER Last Friday, the Treasurer registered a legislative instrument bringing into effect the change that would see staff employed by 1 July now eligible for JobKeeper, an extension from the previous 1 March reference date. This legislative instrument, if passed, clarifies some pending issues we identified in our last post in respect to JobKeeper, namely: …

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ECONOMIC STIMULUS UPDATE – 14 AUGUST 2020

BPC — Fri, 14 Aug 2020 01:30:13 +0000

JOBKEEPER On 21 July 2020, in light of the continuing COVID-19 crisis, the Government announced it will extend the JobKeeper program by six months to 28 March 2021. We refer to these changes as JobKeeper 2.0 and covered them in detail during a webinar on 24 July 2020. However, the worsening economic conditions in Victoria …

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UPDATE ON FEDERAL GOVERNMENT STIMULUS MEASURES FOR SMES

BPC — Mon, 27 Jul 2020 02:12:25 +0000

Below is a table which outlines the stimulus measures available to SMEs. The table compares the stimulus measures announced at the beginning of the economic shutdown with measures announced over the last month. Stimulus measure Initial announcement Further announcements Income support and JobKeeper Businesses impacted by the coronavirus (their turnover has been reduced by more …

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