Shooting for the Stars
by Southern Cross Business Advisers
The team at SCBA are committed to Build and Protect our clients Financial Independence. Listen as we share our knowledge and learnings to educate and provide solutions that work!
Podcast episodes
Season 3
The Importance of Trademarks
No matter how big or small your business or individual brand is, if you don't have a trademark in place - or, more importantly, the right trademarks in place - you run the risk of either losing the ability to protect your brand and effectively market it (which can lead to significant loss of income), or - worse still - infringing on the legal rights of another business or individual (which can lead to even greater loss than just income!). Louie chats with veteran trademark expert Binh Rey from Pointon Partners to highlight just how important and meaningful trademarks are, with real world examples to further point out what works and what can land you in hot water. Binh also provides her tips on how to make your trademarked brand memorable and stand out more to consumers, both current and potential. E: admin@scba.com.au P: (03) 5018 6444 Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
Company Tax Losses - Continuity of Ownership and Similar Business Tests
While tax losses are never fun to incur, there is a bright side to them - they can be used to lower the tax payable on future profits. However, the ATO requires certain criteria to be met before a loss can be used. In the case of companies, there are two tests they are subjected to in order to be able to offset prior year tax losses against future taxable income: the Continuity of Ownership Test, and the Similar Business Test. Only one of the two tests needs to be passed, with the Similar Business Test only required if the company fails the Continuity of Ownership Test. The Continuity of Ownership Test is pretty self-explanatory; however, the Similar Business Test is not so straightforward... Louie is back in full voice and back with Senior Client Manager Nihit Mittal to help explain these two different tests, and what has to happen in order to pass each of them. E: admin@scba.com.au P: (03) 5018 6444 Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
Farm Household Allowance Explained
Fighting off the effects of mild laryngitis, Louie is back to help our legends of the land, our fantastic farmers, learn more about the Australian Government's financial support program known as the Farm Household Allowance. This allowance provides support to primary producers in times of financial hardship, no matter the cause of the hardship. Income and Assets test assessment do apply; however, further support is available through a Services Australia Case Officer and/or a Rural Financial Counseller. E: admin@scba.com.au P: (03) 5018 6444 Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
Division 7A - The Importance of Compliance
A company tax structure is a very popular one, and can be the most appropriate for your own circumstances. However, unlike an individual, partnership, or trust tax structure, withdrawing funds from a company for personal use is not as straight forward, as tax legislation requires such withdrawals to be paid back to the company (subject to few exceptions). Louie returns from a COVID-19/flu-forced absence last fortnight to provide some further clarity and understanding around the Division 7A requirements for companies, shareholders and their associates, with the assistance of detailed explanations from Assistant Commissioner/Chief Tax Counsel of the ATO's Tax Counsel Network Fiona Dillion (as part of the ATO's Division 7A series co-ordinated by Shailla Van Raad). Contact us: E: admin@scba.com.au P: (03) 5018 6444 Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
Changes Taking Effect From 1 July 2022
Louie welcomes us into the new financial year by discussing the main changes taking effect from today: National Minimum Wage Increase Adult Minimum Award Wage Increase (for most Awards) Superannuation Guarantee Increase $450 monthly minimum ordinary earnings threshold removed for superannuation purposes Cessation of the Pandemic Leave Disaster Payment Low and Middle Income Tax Offset Increase Happy New Financial Year! Contact us: E: admin@scba.com.au P: (03) 5018 6444 Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.