End of Financial Year is upon us once again! It's time to make sure your tax affairs are in order and any important decisions are made and acted upon.
We've prepared this tax planning checklist that will have you breathing easy about this hectic time of year.
Business Owners
1. Superannuation Guarantee Contributions
As an employer you ar...
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The 2013 Federal Budget contained few surprises as many of the measures had already been announced, however most Australian households have been impacted in some way.
Baby bonus to be replaced with new Family Tax Benefit payment
Date of effect: 1 March 2014
The Baby Bonus, which currently pays $5,000 to eligible parents for each new born or n...
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The ATO has recently made its intentions clear when it comes to super fund members who fail to comply with income stream rules relating to funds in pension mode.
Do you need to take action?
Read this advice from our resident Superannuation expert, Sonja Rubinstein, to see if you need to take action.
If you have a Superannuation fund in pension ...
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On 5 April 2013, the Government announced a number of proposed reforms to superannuation. The proposed reforms include:
Change to tax free status of earnings on superannuation assets supporting pensionsFrom 1 July 2014, earnings (such as dividends, interest and realised capital gains) on assets supporting pensions will be tax-free up to $100...
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div style="color: #505050; font-family: Verdana; font-size: 14px; line-height: 150%; text-align: left;">From 1 July 2012, the $25,000 p.a. concessional contribution cap has applied to all tax payers, regardless of age or account balance. Concessional contributions are before-tax contributions and include Superannuation Guarantee (SG) payments...
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Bridging the cultural gap in business
Billions of people in China and around the world celebrated Chinese New Year recently. This year of the snake (revered in China for quickly pouncing on opportunity) is expected to bring about more modest growth for our neighbour to the north. I must say growth of 7-8% looks pretty good when compa...
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Until recently, the ATO’s view was that, once deceased, a pension member’s superannuation account goes back into “accumulation mode”, with any capital gain on disposal of assets to fund the payment of a death benefit therefore subject to Capital Gains Tax (CGT) and any income earned prior to payment of the benefit subject to income tax.
What’s c...
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Holidays give you time to reflect and while I was away I got to thinking about someone who recently asked me how to go about making a will and why it’s so important to have one. The short answer is of course to ensure that you decide who the beneficiaries of your assets will be when you die. But it did make me wonder how many people may have neg...
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After two years of debate on how to curtail fraudulent phoenix activity– where a company is used to intentionally accumulate debts and is then placed into voluntary administration or liquidation to avoid paying those debts – new laws came into effect in June 2012 intended to stamp out the activity. They will also increase personal liability risk...
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Capitalising on the Asian Century
It’s widely accepted that we are living through the first decade of the Asian Century – a period when Asia is predicted to continue its rise as a global economic power.
Australia is well placed to be part of the region’s growth story, but we must move beyond selling commodities and raw materials. Instead we...
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