Minimise taxes in transition to retirement

on February 13, 2015 General with 0 comments

Recently there have been some changes to superannuation law that allow individuals to contribute larger amounts to their retirement savings without incurring tax liabilities. In the 2014-15 financial year, the concessional contributions cap has been lifted to $35 000 for people over the age of 49. This means that you can salary sacrifice up to…

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Get on top of your record keeping

on February 13, 2015 General with 0 comments

Get on top of your record keeping Effective and reliable record keeping is extremely important for small businesses. Maintaining organised records will help you to meet your tax obligations and will be extremely helpful in the event that you get audited. A good record keeping system can also help you to monitor and reflect on…

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Can my SMSF purchase my investment property?

on December 4, 2014 General with 0 comments

A common question that often comes up is, can my SMSF buy a residential rental property, holiday home, or house from me or someone related to me? The answer is no, not unless the property is business real property (a property used wholly and exclusively for business). And, in most cases, residential property will not…

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Family investment properties

on November 22, 2014 General with 0 comments

The holidays are often a time that people reflect on ways that they may be able to give their family members a little extra help. With the price of Australian real estate continuing to climb, especially in capital cities, a lot of people are considering the challenges that will face their children when they want…

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A legally responsible Christmas

on November 22, 2014 General with 0 comments

It is that time of year again, the holiday period is just around the corner and the excitement of the work Christmas party is setting in. End-of-year celebrations are an important way for employers and staff to reflect on the progress they have made as a team throughout the year. It is also a time…

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Closing the superannuation gap

on September 20, 2014 General with 0 comments

On average, Australian women are retiring with just over half as much superannuation as their male counterparts. This disparity in super balances is made even more problematic by the fact that women have significantly longer life expectancies, meaning that many women have to live off less money that is also stretched over a longer period.…

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Transferring a business property into your SMSF

on September 19, 2014 General with 0 comments

Under a limited set of circumstances, it is possible for SMSF members to make non-cash contributions, also known as in-specie contributions, to their funds. One way in which this can be done involves the transfer of a ‘business real property’ to an SMSF. Using a combination of the non-concessional contributions cap and the CGT retirement…

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PROTECT YOUR MOST IMPORTANT ASSET AT YEAR END

on September 19, 2014 General with 0 comments

As employees look forward to celebrating the year gone by, employers should not lose sight of their responsibilities. It is easy for staff to become overly enthusiastic at office functions. However, it is the employer who may be held liable for any injury or misadventure suffered by an employee at or directly after an office…

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ATO targets false Medicare exemptions

on September 15, 2014 General with 0 comments

A recently announced ATO initiative will target individuals who are falsely claiming an exemption on the Medicare levy. Using metadata matching technology, the ATO will aim to ensure that individuals are meeting their tax obligations. The program is also predicted to identify a number of individuals who do qualify for the exemption, but have not…

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Division 7A and family breakdown

on September 15, 2014 General with 0 comments

The ATO has made its final ruling on the application of Division 7A to relationship breakdowns. If a private company is ordered by the family court to make a payment or transfer an asset to a separating partner, then the settlement will be treated as a distribution of profits for tax purposes. The ruling has…

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