Changes to the registration process for new Self Managed Superannuation Funds (SMSF) came into effect in January 2010 which will increase the time it takes to rollover member benefits from other superannuation funds.

Significant changes to tax legislation relating to self employed people means that new doctors need to seriously consider the business structure they intend to establish.  Many new doctors have been incorrectly advised to automatically set up a new company to practice through, despite the fact that this structure may end up costing thousands more in tax and compliance fees.   

Business owners with employees travelling away overnight on business may dramatically reduce their record keeping requirements by ensuring employees are paid a reasonable daily allowance, instead of asking employees to keep receipts for every expense.  The payment of the allowance is often an easier way to ensure business owners are meeting the rigid record keeping requirements associated with overnight business travel.  Doctors, other self employed health industry professionals, as well as other small business owners that travel away on business can benefit dramatically from the allowance.