Welcome to this month’s issue of our newsletter. Our aim is to keep you informed about current tax and superannuation related matters.
This month we look at:
- Registering a trademark for your business: A trademark legally protects your brand and helps customers distinguish your products or services in the market from others. Trademarks can be used to protect a logo, phrase, word, letter, colour, sound, smell, picture, movement, aspect of packaging or any combination of these. Have you considered registering one? Do you know how?
- Appointing an SMSF auditor: Early last month, the ATO issued a reminder around auditors. If you have an SMSF, you need to appoint an approved SMSF auditor for each income year, no later than 45 days before you need to lodge your SMSF annual return (SAR). Your auditor will perform a financial and compliance audit of your SMSF’s operations before lodging. Approved auditors must be registered with ASIC.
- Purchasing and maintaining a caravan/motor home for work-related travel: In these challenging and changing times, many have jumped on the modern version of the proverbial band wagon and purchased a caravan or motor home to use for work or business-related travel. We explore the tax treatment of this scenario including where you have a business logo on the side on your van or motor home.
- Self-education: It’s not uncommon for individuals to change careers, seek a promotion, top-up their current skills or knowledge etc. In doing so, they may incur significant self-ed expenses. However, there are certain criteria which must be met before these expenses become deductible.
- 50% CGT discount: This can effectively halve any capital gain that you make when you sell a CGT asset including land, rental properties, shares etc. However, the asset must be held for 12 months or more. Most entities are eligible with the main exclusions being companies and trusts.
- Beware of SMSF scheme promotors: Don’t be tempted by ‘too good to be true’ SMSF schemes promoted by an advisor you don’t trust and who isn’t on the ASIC Financial Register. You may risk losing some or all of your retirement savings and receive significant penalties if you enter into one of these schemes.
Click here to read the Rose Partners September 2023 Newsletter.
If you would like to discuss anything raised in the newsletter, please contact our Team.