Sportspeople, media personalities, celebrities and ‘insta’ influencers beware. The ATO has taken a U-turn on how fame and image
should be taxed.
If
you’re famous and make an income from your fame and image, the way the ATO believes you should be taxed on the income you make may change
under a new draft determination set to take effect on 1 July 2023. It is not uncommon for celebrities to attempt to transfer the rights to
the use of their name, image, likeness, identity, reputation etc., to a related entity such as a company or trust.
This related entity then manages these rights, generating income from exploiting their fame and image. For example, where a media
personality’s image is used on product packaging. One of the aims of arrangements like this is to enable the income to taxed in the entity
at a lower rate of tax or to be distributed to related parties who might be subject to lower tax rates.
What will CHANGE?
The new draft determination (TD 2022/D3) deals
specifically with the rights to use a celebrity’s fame and image. The ATO’s argument is that the individual doesn’t have a
proprietary right in their fame, which means that attempting to transfer the right relating to their fame to another entity would not be
legally effective. That is, you cannot separate the fame from the individual, it vests with the individual regardless of any agreements put
in place.
As a result, any income relating to an individual’s fame or image that is received by a related entity is treated as if it was simply
being collected on behalf of the individual and should be taxed in the hands of that individual.
Housing affordability continues to be a major challenge for many Australians. But if you’re willing to live outside the big cities, you could find the right property for your budget – just don’t forget to consider your lifestyle needs.
Do not sell without first gaining professional advice
For the majority of small to medium sized business owners, the value of your business is your biggest asset, and very likely, your
retirement fund.
Upon sale of your business it is critical you receive the maximum available net proceeds. However, many taxpayers miss this once in a
lifetime chance through poor transactions planning and the holding of assets in inappropriate structures. Just because you consider yourself
a small business does not mean you have automatic access to all available CGT concessions.
While the rules are complex, if the correct planning is in place, a husband and wife team can receive up to $4 million tax free after the
sale of their business. (If you’ve run your business for at least 15 years, all the sale proceeds might be tax free!)
Are you thinking of acquiring, upgrading or replacing capital assets that will be used in running your business?
The Fringe Benefits Tax (FBT) year ended. With the ever increase budget deficits, the ATO will be reviewing whether all employers who
should be paying FBT are, and that they are paying the right amount.
To help you meet your fringe benefits obligations, we’ve put together a list of essentials every employer needs to know about FBT and review
every year, such as:
Nicolette Rubinsztein has built a successful career as a senior financial services executive and non-executive director – all while working part-time and caring for three young daughters. She shares her seven strategies for working parents who want to have a great career – and a happy family.
How to help a family member who can’t get finance get onto the property ladder without incurring capital gains tax.
SESSION 3: FINANCIAL AWARENESS
The better you understand your business, the easier it will be to make more money.
Management decisions rely on a sound understanding of the financial implications for a business. We have developed this workshop to enable
business owners to fully understand and interpret their numbers, so they have a strong foundation on which to grow their business.
We recommend this workshop to you if you are passionate about your business and want to better understand your numbers, so you can answer
questions like:
1. How much profit have I made this year?
2. Why has my profit increased but I have no cash?
3. Is my cash level increasing or decreasing?
4. What is affecting my cash level?
Spring is boom-time for the real estate industry, with a surge of homes on the market after the quieter winter months. So, if you’re planning to buy a home this season, the good news is that you should have plenty of options to choose from. But first, you’ll need to know what you’re looking for, depending on where you’re at in life
With the Fringe Benefits Tax (FBT) year end of 31 March 2019 upon us, it is time to assess the annual FBT obligations of your business.
Thinking about using your car, home or personal skills to make some extra cash over summer? Before you do, make sure you understand what’s involved.
The ‘sharing economy’ refers to the sharing of goods, skills or services for a fee, usually facilitated by a third party through a website or app.1 In recent years, it’s revolutionised how we book holidays, get around town, source help – and even earn money. So how can you aim to profit in this new economy?
Many investors have a personal share portfolio. When it comes to your SMSF, did you know that you can contribute more than simply cash? You are also able to contribute listed shares
One of the advantages of self-managed super funds (SMSFs) is the ability to acquire a business real property (BRP), such as a commercial property, a shop or even a farm through your SMSF.
It's on again! SMART Business Solutions together with Clothes4U Boutique once again bring you the fabulously fun and feel-good event,
Fashion For A Cause.
Last year, this brilliant clothes-swap concept raised in excess $6,500 for the most vulnerable people in our Mornington Peninsula community.
You started your business with the intention of making it a success yet your long-term vision most likely does not take into account what will happen to your business when you retire or in the event you should not be able to continue working.
SESSION 2: Successful Selling
You're already good at what you do. However, most business owners have never received any formal sales training. In a world of rapid change,
tighter margins, and greater competition due to digital marketing, it’s essential that business owners dedicate time and energy to
obtaining their share of the market.
This Lunch & Learn session provides valuable sales learnings and advice to help you streamline your sales process, boost the
performance of your sales team and significantly improve your results.
Being successful in business demands you have certain essential components in place. Such as a durable business model. A solid plan of action. Sound financial management and bookkeeping.
The tax lodgement due date is fast approaching..... make sure you get organised to avoid any unnecessary penalties or interest changes.
The ATO has just announced that it will begin contacting businesses in the building and construction industry who have not lodged their Taxable Payments Annual Report for the 2018 and prior financial years. What is it? Do you need to report? What information should you report? What if you haven't lodged your report? We answer these questions and more.
Our Lunch Learn Program combines two of life's essentials; food and knowledge. And what better way to combine the two than with a 2 course catered lunch alongside like-minded business owners who are keen to learn & network.
A more casual alternative to formal training and seminars, the best lunch and learns become an integral part of company culture - and a tasty perk that everyone looks forward to.
With free advice, you often get what you pay for. It’s been a long time since I’ve been surprised by clients or colleagues telling me about the latest tip that’s shared around the barbeque. What strikes me is the blind faith put in these comments.
One of the most effective ways to deal with a cash flow crisis is to call in your debts. Only downside is this typically involves picking up the phone and speaking with your debtors in person.
For many, the word ‘budget’ is about as appealing as the word ‘diet’. It seems to imply what you will go without, rather than what you will achieve.
To a successful business owner, however, the word ‘budget’ has a very different meaning.
As an accountant, we wear many hats when dealing with clients. Sometimes we’re accountants, sometimes advisors, sometimes a confidante, and sometimes we’re just another parent of a kid on your child’s soccer team.
Our Lunch Learn Program combines two of life's essentials; food and knowledge. And what better way to combine the two than with a 2 course catered lunch alongside like-minded business owners who are keen to learn & network.
Our Lunch Learn Program combines two of life's essentials; food and knowledge. And what better way to combine the two than with a 2 course catered lunch alongside like-minded business owners who are keen to learn & network.
Our Lunch Learn Program combines two of life's essentials; food and knowledge. And what better way to combine the two than with a 2 course catered lunch alongside like-minded business owners who are keen to learn & network.
Whether it's generating more leads, or selling more to your existing customers, taking the time to set your marketing goals and determine the actions required to achieve them is the first step.
A new financial year is a bit like “new year’s eve”, a time to make those New Year’s resolutions. Insurance is not typically first and foremost in your mind when you’re dealing with the day-to-day running of your business.
Here it is, my blog on why I purchased $5,000 on Xero shares for each of my two children. For over 6 months I have been contemplating whether this experience would be beneficial to anyone if I shared it. I kept thinking, “Who would want to read it?” and “What would I say?” and “Would anyone care?” Well, here I sit on my way back from seeing the Grand Canyon whilst holidaying in the USA with the family. I have time, so I pulled out my iPad and started to write. So, here it is. The story of why I purchased those Xero shares.
Our Lunch & Learn Program combines two of life's essentials; food and knowledge. And what better way to combine the two than with a 2 course catered lunch alongside like-minded business owners who are keen to learn & network.
Our Lunch & Learn Program combines two of life's essentials; food and knowledge. And what better way to combine the two than with a 2 course catered lunch alongside like-minded business owners who are keen to learn & network.
Update your wardrobe with items that spark JOY and join us for a fun evening of fashion as we tackle the War on Waste whilst assisting women in need on the Mornington Peninsula.
There has been a lot in the news lately regarding self-managed super funds (SMSF’s) from the Royal Commission into financial planning, and the banks tightening up on lending to SMSF’s some may wonder if it is all still worth it or a viable option. Yes absolutely! However, some of these changes are there to protect members of super funds because a SMSF may not be the most appropriate for everyone.
I always say, “cash is king” you can have a great idea, make lots of sales but if no-one is paying how can continue to pay your bills?
With the success of 2017, BITE Conference is back for 2018 - The Mornington Peninsulas leading conference for small business. With a focus on 4 key ingredients integral to success in modern business: Business Innovation Technology Efficiency, BITE Conference is the number 1 thing you can do for your business this year
In short, the answer to the above question is yes if actively letting residential rental properties is your business and that you have pursued the said business post 1 July 2017. In addition, Companies, superannuation funds (not SMSFs, however), public unit trusts, and managed investment trusts are still allowed to claim travel deductions for any costs related to the upkeep and management of their residential rental properties.
Join us at our 7 Ways to Grow Your Business event. We’ll cover the key areas in your business that you can influence and the strategies you can adopt to achieve growth and improvement.
Join us at our 7 Ways to Grow Your Business event. We'll cover the key areas in your business that you can influence and the strategies you can adopt to achieve growth and improvement
If you knew you only had a short period of time to live, what would you do differently? That was the question that Sebastian Terry, author of 100 Things: What’s On Your List?, asked himself following the death of a close friend at a young age.
Learn How To Construct Compelling Award Entries - Afternoon Session
We know that award nominations can be daunting, attend this free seminar to learn how to do it and construct a compelling award entry that can put you on the map. With nominations for the Peninsula Business Awards quickly drawing to a close, it has got us thinking about why businesses should enter awards. It takes time, energy and a good dollop of realism to piece together your story authentically, but the benefits are unchallenged, from third-party endorsement to increase your credibility to opening new networks and celebrating your team. Read more about the endless benefits of entering awards here.
There's a couple of weeks left to enter the Peninsula Business Awards, but there are plenty of valuable and powerful small business awards to enter throughout the year. Join us next week as we ease you through the submission process and prep you for award success. The seminar is free to attend, but you must book now to secure your seat at the event!
Learn How To Construct Compelling Award Entries - Evening Session
We know that award nominations can be daunting, attend this free seminar to learn how to do it and construct a compelling award entry that can put you on the map. With nominations for the Peninsula Business Awards quickly drawing to a close, it has got us thinking about why businesses should enter awards. It takes time, energy and a good dollop of realism to piece together your story authentically, but the benefits are unchallenged, from third-party endorsement to increase your credibility to opening new networks and celebrating your team. Read more about the endless benefits of entering awards here.
There's a couple of weeks left to enter the Peninsula Business Awards, but there are plenty of valuable and powerful small business awards to enter throughout the year. Join us next week as we ease you through the submission process and prep you for award success. The seminar is free to attend, but you must book now to secure your seat at the event!
The Flourish Business Coaching Program is designed specifically for small to medium business owners committed to growing their business. The program provides you with essential ingredients to improve your financial literacy,helping
you make informed strategic decisions to help accelerate your business growth.
Tax planning is more than just a financial necessity—it's a strategic advantage for businesses of all sizes. By proactively managing your tax strategy, you can significantly reduce your liabilities, enhance cash flow, and ensure full compliance with ever-evolving tax regulations.
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