The answer is yes you can, as long as the asset is genuinely for retirement income purposes, not for your personal use now, and not acquired from a related party. But the Government is looking closely at what SMSF’s acquire and how those assets are managed.
The timing benefits do exactly that. They create tax savings that should ultimately materialise over the life of the business but they bring them forward.
For the third consecutive year, Hayes Knight Sydney is proud to be an official sponsor of the City of Sydney Business Awards. This is the most prestigious awards program for small to medium enterprises in the City of Sydney, which helps thousands to connect, grow and celebrate their business achievements. We love being a part of it!
Speak to any successful entrepreneur and there’s a good chance that he or she will have experienced cashflow problems in the early stages of their business.
The yawning gap between money coming in and going out proves fatal to thousands of start-ups each year. However, a handful of key practices can help avoid a cashflow crash.
This FREE webinar presented by Startupsmart, which will cover critical areas such as:
Some recent tax cases are a reminder of the risks you run if you don’t keep sufficient separation between personal and business. Get it wrong and you can lose some valuable tax deductions. The risk occurs where you are operating your business through another entity such as a company or trust. This is quite common and makes good sense from an asset protection and separation perspective. The problem occurs when you incur expenses on an individual basis, on behalf of your business, and then seek to claim tax deductions for them.
Hayes Knight is the brand name of the Hayes Knight group, a network of independent firms across Australia and New Zealand. Each firm within the Hayes Knight group is, and acts as, a separate legal entity. Liability for each Australian entity is limited by a scheme approved under the Professional Standards Legislation.
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