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Salary sacrificing your super Posted on Dec 21, 2016 by editor

Super

Contributing extra to your superannuation is a good way to boost your retirement funds. One of the ways you can add more to your super is through salary sacrificing. Salary sacrifice is an arrangement with your employer to forego part of your salary or wages in return for your employer providing benefits of a similar value. Salary sacrificing your super means your employer will redirect some of your salary or wages into your super fund instead of to you. These salary sacrifice contributions are taxed at a maximum rate of 15 per cent, which is generally less than your marginal […]

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Guide to tax-deductible gifts Posted on Dec 21, 2016 by editor

Tax

Giving to charity this Christmas is a great way to give to those less fortunate while receiving some extra tax perks. Charitable donations are tax deductible which only adds to the incentive to be generous this holiday season. Here are some tips for maximising your tax breaks on charitable donations: The charity must be registered Make sure the charity you donate to has been endorsed by the ATO as a deductible gift recipient (DGR) organisation. It is important to note that not all charities are endorsed as a DGR. The gift must truly be a gift The donation must be […]

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Are you short-changing your employees on super? Posted on Dec 15, 2016 by editor

Super

A new report has revealed around 2.4 million or almost one third of Australian workers are missing out on some or all of their super entitlements and little is being done about it. Under the Superannuation Guarantee (SG) employers must contribute 9.5 per cent into the super account of every worker over the age of 18 earning $450 a month. But, according to data from the Australian Taxation Office and Australian Bureau of Statistics, many Australian employers are dodging compulsory superannuation payments to the tune of $3.6 billion a year (2013-2014). This equates to $1,489 or close to four months […]

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Common GST mistakes Posted on Dec 15, 2016 by editor

Tax

Despite the Australian Tax Office’s education campaign on GST reporting, many small business owners continue to make errors when claiming GST credits in their GST returns or Business Activity Statements. The vast majority of errors are easily unavoidable and relate to the over-claiming of GST credits. Here are the top ten common GST mistakes: Residential rental property: Incorrectly claiming GST credits on expenses relating to residential rental properties where the entity is registered for GST. Bank fees: Generally, annual fees, monthly fees and loan establishment fees are input-taxed, and therefore, there is no GST to claim. However, GST is charged […]

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Benefits of franking credits in a SMSF Posted on Dec 6, 2016 by editor

Super

Dividend franking turns 30 in 2017. Despite this, many are unfamiliar with the benefits franking credits can bring, especially to SMSFs. SMSF trustees who invest in Australian shares can benefit from franking credit refunds which can offset the fund’s expenses, such as tax payable or any lump sums. A franking credit, also known as an imputation credit, is the amount of tax paid by a company of the dividend to the SMSF. Franking credits are particularly beneficial for SMSFs as the tax rate for the fund is 15 per cent, while franking credits can be equal to 30 per cent […]

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When to charge GST Posted on Dec 6, 2016 by editor

Tax

If your small business is registered for GST (Goods & Services Tax), most of your sales in Australia will include GST. Sales which include GST (taxable sales) are: – made for payment (monetary or other) – made in the course of operating your business (including any capital assets sold) – connected with Australia For these taxable sales, the business must: – include GST in the price – issue a tax invoice to the buyer – pay the GST it’s collected when it lodges its activity statement When not to charge GST A business does not include GST in the price […]

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