Engagement Letters

On the 1st March 2010, the Tax Agents Services Act 2009 (“the Act”) regime commenced.

In addition to introducing a nationwide registration and regulation process for tax agents and bookkeepers, the Act now requires the use of engagement letters.

So, what is an engagement letter? 

Read more ...

Return on Investment

Businesses today operate in an extremely complex environment. A simple ratio will not be able to take into consideration all of the underlying complexities of a business and the issues it faces. Ratios should be utilised as a starting point, or as indicators to be investigated further.

Return on Investment (ROI) is one of the most commonly used financial ratios. It is popular because it takes into consideration two important questions of any business/investment decision, “How much have I invested?” and “How much have I made?”

Read more ...

Pension Payment Relief Extended

Those of you who are drawing superannuation pensions, either from your own self-managed superannuation fund or a public-offer fund superannuation fund, will know that the Government reduced the required minimum pension to be drawn during the 2009 financial year.

This concession applied to anybody drawing an account based, allocated or market-linked pension.

Read more ...

Superannuation Caps

According to Tax Office research, few taxpayers are aware that there are limits on how much superannuation can be contributed by any one person throughout a financial year where a tax deduction is sought.

The table below sets out the limits for the 2010/2011 financial year.

Age  Amount of Cap
Under 50 years  $25,000
50-74 years  $50,000

Read more ...