The super fund pension exemption extended after death of recipient
Clients with a Self Managed Superannuation Fund (SMSF) may be aware that, if the fund pays a pension, income from the assets supporting the pension can be exempt from tax (the ‘pension exemption’). However, if the pension ceases, this generally means that the...
ATO urges caution with SMSF property investments
The ATO has warned trustees of Self Managed Superannuation Funds (SMSFs) to be cautious when investing in property. The ATO is concerned that people are using their SMSFs to invest in property without fully understanding their obligations under the law, or that...
Look for Legitimate Tax Reductions Before the Financial Year End
Wouldn’t it be great if there were some magic method whereby we could all enjoy the benefits of improved government services right across the board without having to pay tax? We would get to keep everything we earned and still have all the services that make us very...
2012/13 Individual Tax Return Checklist
Tax saving strategies prior to 1 July 2013 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 individual...
Super Co-Contributions
About the Super Co-Contribution If you are a low or middle-income earner, you may be able to take advantage of the super co-contribution payment by making eligible personal super contributions to your super fund. The Government will then match your personal super...
Planning for a Smooth End of Financial Year
The end of the Financial Year is fast approaching. It does not have to be the usual daunting process of sorting receipts and invoices that pile up on your desk or that have been hidden in the filing cabinet. Let the skilled staff at Affinity Accounting Plus (AAP) take...
Proposed Changes to Superannuation System Announced in the Budget
The government has confirmed the changes to the superannuation system which had been announced earlier this year. A succession of governments have tinkered with the superannuation system so that it is now quite complex, and not easily understood by people outside the...
Proposed Super Reforms
Reforms to Australia's super system have been announced that will be considered by Parliament after the Federal election in September 2013. If legislated, the proposals will impact many super fund members before and after retiring. Below is an overview...
2013 Budget Update
The Treasurer has handed down the Federal Budget for the 2013/14 year. In response, we have provided a summary of the relevant announcements and some strategies which could assist you. We trust this information is a useful resource for you and your...
Specialised Programmes Assist Business Owners to Improve and Expand
Regardless of how well a business is performing, there is always room for improvement but often, the business owners are too involved in daily operational issues to examine improvement and expansion opportunities. This is doubly true when the business is not...