2021 Tax Planning Opportunities

The 30 June deadline approaches quickly every year, and it is important for business owners to review their annual tax figures and look at tax saving options before they miss the limited window of opportunity.  As your trusted advisor, we can promote strategies to maximise cash-flow, minimise tax and comply with regulatory requirements.  These [...]

2021 Tax Planning Opportunities2021-05-18T21:34:46+10:00

Allocation of Professional Firm Profits

Overview The ATO released new draft guidance relating to the allocation of professional firm profits on 1 March 2021.  The Draft Practical Compliance Guideline PCG 2021/D2 (the Draft PCG) explains how the ATO intends to assess the tax risk of individual professionals who operate professional practices and how they will allocate their compliance resources [...]

Allocation of Professional Firm Profits2021-04-19T13:53:49+10:00

Superannuation Guarantee Rate Increase

Superannuation Guarantee Rate Increases from 1 July 2021: Revisiting the Superannuation Guarantee Rules and What to do Next Under Australia’s current legislation, employers are required to pay 9.5% of an employee’s ordinary time earnings into a complying superannuation fund. In recent years, there have been concerns that employees will have an insufficient level of [...]

Superannuation Guarantee Rate Increase2021-04-06T09:28:23+10:00

HomeBuilder: What is it and how do you access it?

The Government has announced grants of $25,000 to encourage people to build a new home or substantially renovate their existing home. The HomeBuilder scheme targets the residential construction market by providing tax-free grants of $25,000 to eligible owner-occupiers, including first home buyers, to build a new home or substantially renovate their existing home. The [...]

HomeBuilder: What is it and how do you access it?2020-06-05T14:51:20+10:00

Superannuation Guarantee Amnesty Window Open – Act Fast!!

On 6 March 2020, the government passed the Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 as law. This bill provided a one-off amnesty to encourage employers to correct their Superannuation Guarantee obligations dating from 1 July 1992 to 31 March 2018. The amnesty period will now run from 24 May 2018 to 7 [...]

Superannuation Guarantee Amnesty Window Open – Act Fast!!2020-04-28T14:12:15+10:00

Superannuation Guarantee – Tips &Traps

With the end of financial year fast approaching, it is important to have an overview of key aspects of the super guarantee contribution rules and also stay up to date with the ever changing rules. Super guarantee contributions The amount paid is set at a percentage of each employee’s Ordinary Time Earnings (OTE). The Australian [...]

Superannuation Guarantee – Tips &Traps2019-05-20T09:10:31+10:00

Happy New Financial Year!

As we put down the credit cards after the plethora of end of financial year sales events, we kick off what we all hope will be a prosperous new financial year. Despite the many uncertainties in global markets and governments, we wanted to take the opportunity to remind you of some important points as we [...]

Happy New Financial Year!2017-12-01T09:46:51+10:00

Budget Summary

Budget Summary The budget was handed down last night, and there were several major announcements.  Issues dealt with include: SUPERANNUATION • Imposing a lifetime limit of $500,000 on non-concessional superannuation contributions • Reducing the superannuation concessional contribution cap to $25,000 • Capping tax-free super to balance of $1.6 million • Removing tax-free earnings on TRIS accounts • Expanding the number [...]

Budget Summary2017-12-01T09:46:51+10:00

Attention All Employers Mandatory SuperStream Superannuation Compliance Deadline

The Australian Taxation Office (ATO) reports that more than 60% of small businesses are already on board with SuperStream, but also warns that if your business is one of tardy, you have a mere 100 days remaining to get it done. With the June 30 deadline rapidly approaching, the ATO is encouraging small businesses to [...]

Attention All Employers Mandatory SuperStream Superannuation Compliance Deadline2017-12-01T09:46:51+10:00

SMSF possible borrowing changes

The Financial Service Inquiry has recently urged the government to consider changes to Australian’s superannuation system.  The panel believes that direct borrowing in superannuation funds will increase risk in the financial system and has recommended that borrowing in SMSF to be prohibited. These broad changes, if implemented by the Government, will affect superannuation funds to [...]

SMSF possible borrowing changes2017-12-01T09:47:06+10:00
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