Employers who have entered into a salary sacrifice arrangement with their employees in relation to a jointly held investment asset (eg. a low interest loan for shares or an investment property) must renegotiate the salary package to avoid incurring a FBT liability.

ATO warns against early release of funds in SMSF’s. If you use funds from a SMSF in your business to help you with cash flow relief or a promotor helps you to gain access to your super funds early, you could face heavy fines in increased tax & penalties as well as prosecution.

If you run a SMSF in Australia, you may need to investigate the in-house assets of the fund as a result of the current financial crisis. If not, you may be in breach of the 5% rule and your SMSF may become non-complying.

Budget: Download our free budget planner for individuals if you want to pay your bills on time, eliminate your debts and invest to retire early

The Australian stimulus package will benefit a number of business sectors on a temporary basis while others will benefit in the longer term. Is your business in a sector that will benefit from this package?