Entries by synecticgroup

Considering a change of structure for your small business?

The final tranche of 2015 small business budget announcements have made it into law, now expanding the tax relief available for small businesses to change the legal structure of their business. This new arrangement is designed to provide greater flexibility for small businesses to change legal structures without incurring an immediate CGT liability, and allowing […]

Work-related travel expenses: Why are they on the ATO’s radar?

Many people, as employees, get their tax returns wrong in relation to claiming work-related travel expenses. The absence of hard and fast rules can makes claiming travel expenses difficult. Often the deductibility of such costs can depend on the nature of employment, the amount of time spent away from home, and whether an allowance has been received to cover the costs.

What is the right legal structure for your business?

Choosing a business structure can be tricky. How you choose to legally structure your business can have many tax, legal and financial implications. There are four commonly used legal business structures in Australia: sole trader, partnership, company and trust. The advantage and disadvantages of each should be carefully considered before you decide which one is […]

When can your SMSF benefits be paid?

The money put aside in your self-managed superannuation fund (SMSF) is, of course, intended to be kept to fund the retirement of you and your fellow fund members. The over-riding obligation of you as trustee is to adhere to this “sole purpose” test.

2016 Synectic UTas “Scholarship in Business” winner

Synectic wish to congratulate Monique Lindridge, University of Tasmania (UTas) recipient of the 2016 Synectic “Scholarship in Business”. The annual scholarship is made available to a student entering the second year of an undergraduate Business degree. In recognition of the long heritage of our firm in the Devonport region the student must originate from North-West Tasmania, however may be attending any of […]