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Customising your super strategy Posted on Aug 27, 2015 by editor

Super

Adjusting your super fund strategy so you can have a more active role in managing your retirement savings can often result in a number of rewards and benefits. However, it is important for those who opt to take more control of their super fund’s asset allocation to consider aspects in the long-term, rather than react to any short-term financial changes. The typical investment strategy options for super accounts are cash, conservative, balanced, growth and high growth. Most default funds combine members who are still saving for retirement into the same balanced option. But while conservative and growth assets tend to […]

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Working from home deductions Posted on Aug 27, 2015 by editor

Tax

Those who produce some form of assessable income at home or incur expenses from using that home as a workplace can claim for expenses and tax deductions. Individuals can claim deductions for their home if it is used for income earning activities but isn’t a place of business, or if it is being used as the main place of business. The tax implications vary depending on which of these circumstances applies to an individual. Expenses individuals can claim generally fall into the following categories: Depreciation on equipment: Deductions can be made for depreciating items like electrical tools and devices, desks, […]

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Splitting your super Posted on Aug 18, 2015 by editor

Super

Super splitting is a sensible, simple and strategic way of dividing contributions, managing the transition into retirement and maximising income. It involves transferring concessional or tax deductible contributions from the account of a fund member to their partner. It is particularly beneficial where there is a reasonable age gap of around five years or more, or where there is a difference in incomes between the partners. It is also a great way of building up the super balance of a partner on a lower income, such as a spouse who is out of the workforce for several years raising children. […]

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Building the instant tax deduction into your business plan Posted on Aug 18, 2015 by editor

Tax

With the 2014-15 financial year at an end, business owners should now be planning for a tax regime that includes a $20,000 instant asset depreciation. Since the government’s introduction of an instant tax deduction on up to $20,000 of capital items in the May budget, business owners should integrate the new rules into their cash flow and tax planning. The instant deduction gives business owners the ability to claim the total amount of a capital purchase up to $20,000 in one go as a tax deduction. Business owners no longer have to depreciate capital purchases with a schedule or claim […]

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Supercharge your super Posted on Aug 17, 2015 by editor

Super

An individual’s superannuation is typically one of their biggest assets along with their home. So while it is natural to start thinking about how you can boost your superannuation balance leading up to retirement, putting in the effort well before then can make a big difference to your retirement lifestyle. Below are four simple ideas to supercharge your super: Make additional contributions: Although employers are legally required to contribute to your chosen superannuation fund, relying on these contributions alone means it can take quite a while for an individual’s super balance to grow. Making additional, voluntary contributions, also known as […]

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Claiming deductions for employee training courses Posted on Aug 17, 2015 by editor

Tax

Business owners sometimes need their employees to develop their expertise or skills in a particular area. While training courses like seminars and one-day intensives can be a worthwhile investment, there are still a few things employers should consider from a tax point of view. Although employers can claim deductions for the full costs incurred when providing education to employees, including aspects like travel costs, many owners tend to forget to consider FBT implications. Paying for employee work-related course fees generally constitutes as a fringe benefit and is subject to FBT. However, FBT law allows a full or partial reduction of […]

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Beware segregated pension traps Posted on Aug 9, 2015 by editor

Super

Applying the segregated pension method for an SMSF can result in cash-flow issues caused by the division of earnings and expenses. While the decision to segregate assets in an SMSF into pension and accumulation mode may be due to tax purposes, there are still a range of important issues to consider. Bank accounts are usually the biggest issue with segregating an SMSF into pension and accumulation pools. If an SMSF trustee has one account, they must be able to keep track of everything since every dollar earned from every asset will go into that one bank account. However, two separate […]

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Claiming tax deductions for your holiday house Posted on Aug 9, 2015 by editor

Tax

Leasing out your holiday house to others can make owning the property more affordable. The principles that apply to an investment rental property also apply to leased or rented holiday houses. This means owners are entitled to claim expenses for the property based on the proportion of the income year when it was rented or available for rent. Some deductible expenses include: Property insurance Interest on any funds borrowed to purchase the house Repairs and maintenance costs (such as materials, council tip fees, trailer hire) An agent’s commission The decline in value of depreciating assets Capital works However, if owners […]

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