Small business owners need to be aware of recent changes to commercial law in Australia, with the House of Representatives recently passing amendments to the Competition and Consumer Act 2010 (Cth) and Australian Securities and Investments Commission Act 2001 (Cth) that apply directly to small business.
Managing a Self-Managed Superannuation Fund – Penalties for Abuses by Trustee:
A Self-Managed Superannuation Fund (“SMSF”) is a legal tax structure in Australia, with the sole purpose of providing for your retirement and they are used in place of paying your superannuation into a public fund. Administered by the Australian Tax Office (“ATO”), a SMSF can have between one and four members, with each member being a trustee of the fund.