Tax treatment of insurance payments for damaged or destroyed property after a disaster

Tax treatment of insurance payments for damaged or destroyed property after a disaster

The Australian weather can be unpredictable, resulting in intense weather conditions. Bushfires, severe storms or floods can cause personal properties and assets a lot of damage. In the case that this does occur, individuals need to determine the tax treatment of any insurance payouts or relief payments that they may receive. Usually, individuals are unlikely…

Types of partnerships

Types of partnerships

There are three types of partnerships. The partnership type you choose will depend on what best suits the partners involved. General Partnership (GP) All partners involved will be equally responsible for the management of the business. Each member has unlimited liability (personally liable) for the debts and obligations that the business incurs. Limited Partnership (LP)…

Things you can do to protect your customer’s confidentiality

Things you can do to protect your customer’s confidentiality

Customers trust businesses with a lot of personal information and it is the business’ responsibility to maintain confidentiality. Businesses should take relevant precautions to ensure that the privacy and personal information of their customers is not compromised. Encrypting the information you receive from customers: There are programs available which encrypt information that customers send to…

Basics of SMSF investing

Basics of SMSF investing

Setting up an SMSF fund is the simplest step. Establishing a fund which delivers you consistent returns from your investments is much more difficult. Investing successfully involves determining precise goals and picking investments which will effectively achieve those goals. The advantage of SMSFs is that you can build a portfolio which reflects your short-term and…