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The in’s and out’s of asset allocation Posted on Feb 23, 2018 by admin

Super

Deciding where to allocate your assets can be confusing and even daunting, particularly if you aren’t confident in your knowledge of the current financial sphere. Consider the following in’s and out’s of asset allocation to make the process much easier: Set goals Goal-setting is extremely important, particularly when it comes to your money. When deciding out where to allocate assets, you should set both short-term and long-term goals. If you are planning to save for a vacation or a new car, this would be a short-term goal, a mortgage would be a medium-term goal and your nest egg would be […]

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The ATO targeting record keeping of small businesses Posted on Feb 23, 2018 by admin

Tax

The Australian Tax Office is honing in on small businesses failing to comply with guidelines regarding appropriate record keeping. Findings from the ATO’s Protecting Honest Business campaign indicated that one of the leading factors for small business failure is their poor record keeping practices. Small business owners are required to disclose particular information, and keep records of the following: Income tax records Income and sales records Expense or purchase records Year-end records Bank records Goods and services tax records Employees and contractors records Fuel tax records By law, all Australian businesses must keep these records for a period of five […]

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Understanding various kinds of super fees Posted on Feb 16, 2018 by admin

Super

No matter the kind of superfund you opt for, you will be subject to super fees. Understanding how these fees work and the difference they can make to your next egg is vital. When it comes to superfund fees, there are two factors you need to get your head around; the kinds of fees you are being charged and the rate of fees you pay. Opting for a superfund based on these two factors can see you retire with hundreds of thousands more money. You should be aware of the various types of fees you are being charged. If you […]

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Minimising the risk of fraud Posted on Feb 16, 2018 by admin

Tax

The Australian Taxation Office is urging all businesses and individuals to take care in relation to avoiding the risk of fraud. With a focus on criminals lodging fraudulent returns in order to obtain unwarranted refunds through accessing banking information that is not their own, the ATO recommends businesses and individuals practice the following: Discussions with staff and clients Keep your employees and your clients about safe behaviours to protect them from being vulnerable to criminals, such as not clicking on downloads, hyperlinks or opening attachments in unsolicited emails. Protection on devices Ensuring the devices you use for confidential information such […]

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Understanding the First Home Super Saver Scheme Posted on Feb 6, 2018 by admin

Super

With much controversial discussion surrounding the First Home Super Saver Scheme, understanding exactly what the Scheme entails is necessary. The scheme was announced in the 2017-18 Federal Budget as a means to reduce the pressure surrounding housing affordability across Australia. The formalities of the scheme are as follows: As of 1 July 2017, individuals can make voluntary contributions, both concessional and non-concessional, into their super fund. As of 1 July 2018, individuals can release these contributions, as well as their associated earnings, and use this money to help purchase their first home. Individuals eligible for this scheme are able to […]

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ATO cracking down on developers avoiding GST Posted on Feb 6, 2018 by admin

Tax

This year, the Australian Taxation Office has placed a greater focus on property developers and are particularly watching company directors with a history of GST obligations avoidance. As of May 2017, the Government announced new requirements on those purchasing newly constructed residential properties or new subdivisions to remit the GST directly to the ATO as part of the settlement process. The ATO has placed a strong emphasis on making sure this occurs legitimately, ensuring property developers do not get away with failing to meet their GST obligations. These proposed requirements were addressed in consultation in November 2017 and are to […]

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Maximising your SMSF returns Posted on Feb 2, 2018 by admin

Super

Many Australians opt for a self-managed super fund but fail to understand how to truly make it perform optimally. If you have an SMSF and are serious about maximising your returns, consider the following: Risk Without taking risks, you won’t be able to experience great profit. However, there you still need to be cautious of where you invest your money. After taxes, at the moment, property and real estate are not the best of investments, but this hasn’t always been the case. Many individuals with a SMSF are interested in cryptocurrencies. At the end of 2017, they were performing extremely […]

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ATO reforms on deductible gift recipients Posted on Feb 2, 2018 by admin

Tax

The Government has announced a reform of the Deductible Gift Recipient (DGR) status to strengthen governance arrangements, reduce administrative complexity and ensure trust and confidence in the sector. The reforms are as follows: From 1 July 2019, non-government DGR’s must be registered as a charity with the Australian Charities and Non-for-profits Commission. Non-government DGR’s that are not already registered will automatically be registered as of 1 July 2019 and will have a 12 month transitional period to assist with compliance. The four DGR registers currently administered by other government departments will be integrated into the ACNC’s charity register, and duplicative […]

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