2013/14 Individual Tax Return Checklist
Tax saving strategies prior to 1 July 2014 A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce overall taxable income in the current year. The tax rates for resident...
2013/14 Year-End Tax Planning Strategies for Businesses
With the end of the financial year fast approaching, we look at some common tips and strategies for businesses looking to reduce their taxable income and tax bill by 30 June 2014. Small businesses Tax planning strategies differ if your business is considered a small...
Update for SMSF Trustees
Self Managed Superannuation Funds (SMSFs) play a major role in Australia’s super system. As an SMSF Trustee, there will be changes to your SMSF obligations that you need to prepare for. The changes aim to increase community confidence and improve the integrity,...
SMSF Trustees may soon be fined for breaches by their fund
The ATO has cautioned Trustees of Self Managed Superannuation Funds (SMSFs) about new penalty provisions that are coming into play on 1 July. Newly enacted legislation will apply to impose penalties on Trustees for contraventions occurring in their super fund...
Post-Employment Restraints – Tips & Traps
Over the years business owners have caught on to the amount of value that resides in the people that work in their business, and the amount of damage those people can do when they leave. Post-employment restraints were, at one time, usually seen only in...
Why we must all exercise great care with super at year end
This case involves a taxpayer being penalised with excess contributions tax (ECT) because payments that his bookkeeper was supposed to make in the 2009 and 2011 years inadvertently all ended up in the 2010 year. As is often the case with ECT, this was not a positive...
Changes to the super guarantee rate
To help grow Australian workers’ savings for retirement, the compulsory super guarantee rate will gradually increase from 9% to 12%. When you make super payments on behalf of your employees based on the minimum 9.25% super guarantee rate, you will be required...
Change in the FBT rate – 2014/15
FBT Rate – 2013/14 & 2014/15 The FBT rate of tax has been increased by half a percent from 1 April 2014. The new rate of tax and the consequent increased gross-up rates follow: FBT Year Ended Rate of Tax 31 March 2015 47.0% 31 March 2014 46.5% ...
Aged Care
If you or a family member can no longer manage to live independently at home, you may need to consider moving into residential aged care. Before you do, there are many factors to consider, including your eligibility, the costs involved and the effect on your finances...
Thinking of Retiring?
A regular income stream from an allocated pension or annuity can be an effective way to fund your retirement. Some retirees may also be eligible for social security benefits from the Australian Government. It’s important to understand how all these options work, to...