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New tax policy set to hit Australia’s wealthy Posted on Feb 23, 2016 by editor

Tax

Wealthier individuals in Australia may have to pay higher taxes on their superannuation in the near future, with the government hinting that superannuation tax concessions will be reorganised to target those who are most at risk of relying on the age pension in retirement. Industry groups are expected to be advised of the proposed changes this coming week. Some industry observers believe that the government will tax super contributions at people’s marginal rates minus a discount to ensure everyone receives the same tax benefit on super contributions, regardless of their level of income. At present, super contributions are taxed at […]

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Five tips for creating a successful SMSF Posted on Feb 17, 2016 by editor

Super

There are many advantages to having a self-managed superannuation fund (SMSF). Increased flexibility and control over your savings are the most obvious benefits, with many SMSF trustees and members appreciating the ability to make their own investment decisions. Here are five tips that can help set your SMSF up for success in 2016:  Have a written investment strategy and review it annually While having an investment strategy is mandatory for all SMSFs, not having one that is adequate enough is a common mistake among most SMSFs. An SMSF’s investment strategy should be specific and suitable for all members of the […]

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How do franking credits work? Posted on Feb 17, 2016 by editor

Tax

Franking credits are a kind of tax credit that allows Australian companies to pass on the tax paid at company level to shareholders. Franking credits can reduce the income tax paid on dividends or potentially be received as a tax refund. Where a company distributes fully franked dividends (and those dividends are included in the taxable income of the taxpayer) the taxpayer can claim a credit against their taxable income for the tax that has already been paid by the company from which the dividend was paid. For example, an individual who owns shares in a company receives a fully […]

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What to consider before starting an SMSF Posted on Feb 9, 2016 by editor

Super

There are a lot of advantages to having a self-managed superannuation fund (SMSF). Increased flexibility and control over your savings are the most obvious benefits, with many SMSF trustees and members appreciating the ability to make their own investment decisions. Other advantages include the possibility of investing in a property, the ability to manage administrative costs, and, in some cases, tax breaks. However, there are also a lot of responsibilities associated with running a SMSF, and it is not necessarily an advisable choice for everyone. Here are some things to consider if you are interested in starting an SMSF: To […]

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Tax office uncovering Australia’s wealthy Posted on Feb 9, 2016 by editor

Tax

The ATO is currently working with insurance providers in a bid to identify wealthy Australians with policies that cover an expanded range of asset classes. Last month, the office launched a data-matching program, which involves contacting insurers to distinguish policy owners of various classes of insured assets that are often associated with wealth. Insurance policies that cover damages or losses related to marine, aviation, enthusiast motor vehicles, fine art and thoroughbred horses will all be coming under the tax office’s radar. The ATO will use the information gained through the data-matching process to create a more accurate estimate of individual […]

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Transition to retirement update Posted on Feb 2, 2016 by editor

Super

A transition to retirement allows older workers who are moving towards retirement to continue working, while at the same time, draw down on some of their superannuation benefits. Since its introduction in 2005 by the Australian Government, the policy has been used by many Australians as a strategy to save tax and boost super before retirement. Under the tax office’s new transition to retirement rules, those who have reached their preservation age are now able to reduce their working hours without having to reduce their income. Individuals can do this by topping up their part-time income with a regular ‘income […]

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Types of fringe benefits Posted on Feb 2, 2016 by editor

Tax

FBT law includes different categories of fringe benefits and specific valuation rules for each category. FBT is a tax employers pay on benefits they provide to their employees, including their employees’ family or other associates. The benefit may be in addition to, or part of, an employee’s salary or wages. Employers who provide fringe benefits must pay FBT, even if the benefit provided is to an associate of their employee or by a third party under an arrangement with the employer. The type of fringe benefits employers must pay FBT on include: Car fringe benefits If an employer makes a […]

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