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Making tax-deductible super contributions Posted on Oct 26, 2015 by editor

Super

There are two types of super contributions individuals can make: non-concessional (after-tax) and concessional (before-tax). From 1 July 2015 to 30 June 2016, eligible individuals can make concessional contributions of up to $30,000 per year if they are 48 years of age or under on 30 June 2015. Eligible individuals who are 49 years of age or over on 30 June 2015 can make concessional contributions of up to $35,000 for the year. Those who are self-employed or not employed can claim a tax deduction for their super contributions as they are treated as concessional contributions. Individuals who are under […]

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Rolling over your CGT Posted on Oct 26, 2015 by editor

Tax

A capital gain or capital loss is the difference between the cost of an asset and the profit or loss made when it is disposed of.  In certain circumstances, a capital gain from a CGT event can be deferred, or ‘rolled over’, until another CGT event happens which involves an asset in the following events: Marriage or relationship breakdown If an asset, or a share of an asset, is transferred from one spouse to another upon their marriage or relationship breaking down, any CGT is usually deferred until another CGT event takes place i.e. one spouse sells the asset to […]

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Nominating a beneficiary Posted on Oct 21, 2015 by editor

Super

Superannuation can often form a significant part of an individual’s wealth. Therefore, the transfer of such an asset upon their death can potentially cause dispute among the deceased’s family and potentially others. Unlike assets owned in an individual’s personal name, superannuation does not form a part of their estate when they pass away. Instead, it can pass directly to a beneficiary rather than via a Will. However, this depends on who the beneficiary is and how the nomination was made. Under superannuation laws, a nominated beneficiary must fall within at least one of the following categories of dependants: Spouse (includes […]

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What are CGT events? Posted on Oct 21, 2015 by editor

Tax

A CGT event occurs when an individual or company makes a capital gain or capital loss by selling or disposing of an asset they own. Determining the timing of a CGT event is quite important, as it determines which income year an individual will report the capital gain or capital loss, and may affect how their tax liability is calculated. When a CGT asset is disposed of, the CGT event usually takes place when a contract for disposal is entered into. When there is no contract, the CGT event happens when an individual is no longer the owner of the […]

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Home-based business expenses Posted on Oct 21, 2015 by editor

Tax

Over the last few years, there has been a significant increase in the number of home-based businesses starting up in Australia. While working from home can help improve a person’s work and life balance, when it comes to claiming home expenses for these business owners, there are a multitude of factors that need to be considered. There are two types of house expenses home-based business owners can claim: Occupancy costs, including council rates, house insurance, rent and mortgage interest Running costs, like electricity, phones and gas For home-based business owners to be able to claim occupancy costs, the house that […]

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Thinking about your cash flow Posted on Oct 15, 2015 by editor

General News

If the three most important things in real estate are “location, location, location,” the first three rules of business are “cash, cash, cash.” It is necessary to be profitable, but “profit” is a number that shows up on your accounts at the end of the year; cash is the money you have in the bank. In a small business, it is cash that determines whether you can pay your bills. Businesses can’t get money in unless they get their invoices out. However, many business people delay sending out their bills. This may be because they feel uncomfortable asking someone for […]

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Utilise your small team for success Posted on Oct 15, 2015 by editor

General News

Small teams provide many benefits to both employees and employers. In comparison to larger teams, small teams are shown to have higher levels of productivity and effective communication. However, a vital component to the success of these teams relates to the support and coordination provided by management. Ways to maximise your small team’s efforts can include: Cross-functional communication If your employees understand how the other functions of your business work and how their work will directly impact all aspects of the business, it can provide them with more responsibility. It allows for all staff to work towards a common goal. […]

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Shares vs property in SMSFs Posted on Oct 11, 2015 by editor

Super

Shares and property are two very good investment options for those with a self-managed super fund. However, since they both have very different attributes, choosing the one that will achieve the best outcome for an SMSF depends on what the trustee wants to achieve. The advantages of investing in property include: property prices are negotiable undercapitalised properties can be renovated for profit property prices are less volatile since it can take months to advertise, sell and settle a property purchase in Australia. However, returns from property rentals are usually low due to factors such as land tax, utilities and rates, […]

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Avoiding tax scams Posted on Oct 11, 2015 by editor

Tax

If a tax refund or promise sounds too good to be true, then it probably is. Tax scams can take many forms, such as false emails and text messages, but phone scams are the number one threat in Australia. Phone scammers usually impersonate an ATO employee and tell the receiver that they owe a tax debt. The scammers may intimidate or threaten the receiver with severe penalties if they don’t pay. Some scammers will even try to go beyond stealing your money, and will try to steal your identity instead. These scammers are more interested in accessing personal identification data, […]

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SMSFs: Getting SuperStream right Posted on Oct 2, 2015 by editor

Super

Although the new SuperStream standard for superannuation payments can provide SMSF trustees with a number of benefits, around five per cent of SMSFs fail to comply with the SuperStream requirements. Under the new SuperStream system, a non-related employer must send superannuation contributions to an SMSF electronically, using an electronic service address (ESA). For this to happen, an SMSF must first be registered with a messaging provider to obtain an ESA. One an SMSF has been registered, the messaging provider will link the SMSF to an ESA. The employer cannot send SuperStream contributions electronically to the SMSF until this is done. […]

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