Snapshot of what’s happening within the accounting industry and our firm

WHY SHOULD I MAKE A FAMILY TRUST ELECTION?

Just because your family trust includes the words “Family Trust” in its name, doesn’t mean your family trust is a family trust for income tax purposes.

Confused?

In this article we explain it all.

WHAT DO I HAVE TO DO IF I EMPLOY STAFF?
We are often asked what responsibilities businesses have when they employ staff. Below are the various responsibilities you are required to meet if you are in business and are employing staff.

Click here to learn more on safe workplace, PAYGW requirements, workers compensation, payroll tax superannuation and more.

WHEN CAN I ACCESS MY SUPER?

SMSFs have strict rules on when super monies can be withdrawn from the fund, most commonly when a member satisfies a form of retirement and/or reaches a certain age.

To read our full article click here.

HOW LONG DO I HAVE TO KEEP MY TAX RECORDS FOR?
By law, you must keep business and taxation records generally for five years from the later of when they are prepared, obtained or the transaction is completed. For those with very simple affairs you may be able to retain your records for only two years, however things are not necessarily that straightforward.

In this article we outline a number of instances that may require you to hold onto your records for longer.

Kreston Stanley Williamson Team

*Correct as of October 2017

*Disclaimer – this article has been produced by Kreston Stanley Williamson as a service to its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas contained in this article, it is imperative you seek specific advice relating to your particular circumstances. Liability limited by a scheme approved under professional standards legislation.