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Preparing your finances for the New Year

I know what you’re saying; “We have barely got through Christmas and now your talking about the New Year”!  If you are like me, it only felt like a few weeks ago that we were ringing in 2017 and now it is nearly done.  In all seriousness, managing your finances should be a year round responsibility however the New Year is the perfect time to review, evaluate and reset.  In…  Read more

Thinking about the First Home Super Saver Scheme?

In our final article this month on managing family wealth, we look at the First Home Super Saver Scheme.  This is relatively new with the scheme having been announced in the last Federal Budget and legislation only recently being enacted. We have put together a quick fact sheet on the topic which you can access here.  Whether it is you, a child, grandchild or a friend that could benefit, please…  Read more

How do you pass wealth to the next generation?

This is a topic that everybody will eventually think about.  Whether it is the transfer of modest savings to children through to more significant amounts of money, the issues that are faced are generally similar. We have put together an eBook that looks at the topic of passing wealth to the next generation which you can access here.  We would love to receive your feedback on this.  Read more

Teaching kids how to manage money

A couple of weeks ago, we shared with you some thoughts on how you can help older children into a property.  We must have struck a chord with a few of you as we received a number of calls to chat further. This week, we thought it would be a good idea to look at the very young members of your family.  The topic of teaching kids about money is…  Read more

Tax & the Sharing Economy

The traditional business model has changed significantly in a very short period of time with many now operating in the online or “sharing” economy.  Whilst the channel for the delivery of outcomes may have changed, it does not necessarily mean an alteration to the tax implications of the business. If your business has moved into the sharing economy, make sure you avoid the big stick of the tax office.  The…  Read more

Your business should be your most important investment

This week, we want to talk to you about what may turn out to be the most significant investment you could ever make. It is your own business. You may be surprised to hear that most financial planners are actually prevented from advising clients about their own business. Their licencee (the person under whose authority they provide advice) will not let them do so. Licencees typically insist that the advice…  Read more

Year End Strategies 2017

Topics covered in this issue: Reducing Capital Gains Tax Claiming depreciation on Investment property Staying on top of your records CGT relief provisions for SMSFs Tax tips for property investors 2017 year end tax tips Easier GST reporting for food retailers ATO targeting online selling Super reforms on the way   Read here  Read more

Tax Matters – Budget 2017

Our newsletter topics: A continued commitment to growth Keeping tax payers honest CGT events affecting shareholders Rates increase for fuel tax credits Building a sustainable lifestyle ATO to report unpaid debts A better workplace A guide to negative gearing Speed up your BAS refund   Read here  Read more

Business Matters – April 2017

May newsletter topics include: Managing morale through change Common traps at tax time ACCC compliance priorities for 2017 Changes to penalty rates Applying small business restructure rollover Are your website costs tax deductible? Managing your GST liability Growing your business with live streaming   Read here  Read more

Wealth Matters – March 2017

March 2017 topics: Protecting your finances after separation Reverse mortgages : a retirement solution Preparing for the super changes Boost your retirement savings Common errors when investing Investing in property through an SMSF Preparing to help out parents financially Why use a Binding Death Benefit Nomination?   Read here  Read more

Business Matters – January 2017

February newsletter topics: New Year’s Resolutions for 2017 Tips for improving cashflow Preparing for public holidays in 2017 New safe harbour for car fringe benefit Are you short changing your employees on super? Intellectual property law basics Optimising your LinkedIn Common GST mistakes   Read here  Read more

Understanding unfair dismissal

The number of unfair dismissal applications lodged last year suggests that employers are still struggling with unfair dismissal laws.  Around 14,800 unfair dismissal claims were filed in 2015 and while most cases were settled before a formal hearing, they do create an unproductive distraction for employers. Australia’s unfair dismissal jurisdiction does not cover all workers; employees that earn over $133,000 per year cannot access unfair dismissal laws unless they are…  Read more

Revisiting super basics for employers

for may employers, it can be easy to forget the responsibility of managing your superannuation obligations amidst the busy lifestyle of operating a business. However, those who fail to meet their superannuation obligations risk facing severe and even damaging liabilities. Employees who pay their workers $450 or more before tax in a calendar month must pay superannuation on top of the employee’s wages.  If any employee is under the age…  Read more

Diversifying your portfolio

It is never the wrong time to start thinking about diversifying your investment portfolio. One of the keys to investment success lies in knowing how to diversify as a precautionary measure before it becomes a necessity.  However, being overly cautious can limit your capacity to attract good returns. The real art to amazing investment portfolios lies in knowing how to strike the perfect balance between caution and risk.  This is…  Read more

Borrowing for property via superannuation

Incorporating a borrowing strategy within self managed superannuation funds (SMSF) to purchase a property has become increasing popular in recent years. However, it is important for SMSF members to undertake sensible and detailed analysis of the true risks involved or they could find themselves in serious trouble with the ATO. Limited recourse Members have to follow strict borrowing conditions called a “limited recourse borrowing arrangement” (LRBA) when gearing their super…  Read more

Negative gearing for property investors

Negative gearing is arguable the most generous tax break available to Australian property investors. Whether you’re an established property investor or contemplating purchasing your first investment property, you may care to familiarise yourself with the way that negative gearing works. A property is considered to be negatively geared if the owner has taken on debt in order to acquire it and the net rental income is less than the costs…  Read more

Is there GST payable on sale of my property?

When selling a property registered for GST, the margin scheme can be used as an alternative way to work out the GST payable on a concessional basis. Where the scheme is applied, GST is paid for one-eleventh of the sale price.  The margin scheme calculates GST on the increase in value since 1 July 2000 if the property was acquired before 1 July 2000; or the difference between the purchase…  Read more

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