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Crowdfunding business dreams

Crowdfunding can provide a platform for struggling start-ups to raise capital or businesses trying to get ahead with an injection of cash into a new project.

Although crowdfunding is still in its relatively early stages; it is rapidly gaining momentum. There has been a boost in crowdfunding due to the increase in the level of professionalism, ease of use and ability to access.

Crowdfunding describes the collective effort of individuals who network and pool their resources, usually via the internet, to support efforts initiated by other people or organisations. It allows an interested party to invest in an idea that they find inspiring.

Businesses also can offer perks in exchange for contributions, such as a discounted price of a product once it is developed. Crowdfunding has been used in support of a variety of efforts, including disaster relief, startup company funding and inventions and software development.

There are, however, terms and conditions of the projects listed on some crowdfunding websites. Kickstarter is an all-or-nothing platform, in that it only delivers the business the money if the project’s target is met. Sites such as Indiegogo will pay the business their money if targets are not met, though do charge higher fees.

To receive crowdfunding for a project businesses should consider:
– researching and learning from other successfully funded projects
– planning the project with a set of goals in mind
– having an active online presence, particularly on social networking sites, to spread the word of their project
– thanking all the supporters who contribute to the project

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News

Reviewing your super

July 19, 2018

The ATO is encouraging taxpayers to review their super this tax time.

Finding lost super or consolidating any unwanted multiple accounts can make a massive difference to your nest egg.

There is over $18 billion in lost and unclaimed super. Those who have changed their name, address, job or lived overseas are at high risk of having lost super.

During the last five years, more than $10.7 billion of super has been consolidated from over 2.1 million accounts through ATO online services.

The ATO is also reminding taxpayers that the new super deduction is available. Most people under 75 years of age can claim a tax deduction for personal after-tax super contributions.

Personal super contributions deductions provide a level of flexibility for young people that change jobs frequently, self-employed contractors, small business employees, freelancers and people whose employers do not offer salary sacrifice arrangements.

To claim a deduction for any personal super contributions made in 2017/18, you must lodge a notice of intent to claim a deduction with your fund and receive a confirmation letter from them before lodging your tax return.