With the move by the Reserve Bank to cut the cash rate to 2.00% earlier this month, bank interest rates are at historic lows. In the recent years of interest rate drops the property market has experienced significant growth in capital cities. Despite the more affordable borrowing rates, consumers are faced with the struggle of…
Take a moment to stop and think for a minute. Have you ever considered how your family would fare if you were suddenly unable to work through sickness or injury? Paying off the bills and managing the everyday expenses is hard enough as it is with an income, let alone without one. Under such a…
The end of financial year 2015 is looming and once again, it is that time of the year where you need to lodge your tax returns. In conjunction with lodging in tax returns, you may want to reassess your superannuation fund to obtain the most tax-effective strategy for the year-end tax planning. How can superannuation…
The lodgement dates for SMSFs have not been published for the 2015/2016 financial year. However looking at dates for the previous year can be used as an indicator for the lodgement dates for the upcoming year 2015/16 financial year.
Super Stream is a government reform which aims to improve the efficiency of the superannuation system. If your SMSF receives super contributions from an employer then you will need to ensure that your self-managed super fund is Super Stream ready. Effective from 1 July 2015, employers with 19 or fewer employees must use the Super…
May – 2015 Practice Update covers following points Employers and SMSFs must prepare for SuperStream Government ends benefits for parents who do not vaccinate 2014 online selling data matching program IGT to take on tax complaint handling function from 1 May FBT: Record keeping exemption threshold FBT: Benchmark interest rate FBT: Cents per kilometre basis…
As part of the 2015-16 Federal Budget, the Treasurer, Joe Hockey has announced that the government has expanded the accelerated depreciation for small businesses. This temporary new rule provides a benefit for small businesses with an annual turnover of less than $2 million. The immediate asset write off threshold which was previously only $1,000 will…
April – 2015 Practice Update covers following points ATO super crackdown – child care, building, cleaning, pubs Inappropriate loans from super funds What’s wrong with this type of arrangement? ATO’s audit targets Contractor payments data matching program Eligibility for net medical expenses tax offset Property developers – be careful what you wish for, from the outset…
3 potential benefits in owning an investment property. Consistent rental income Substantial tax benefits Capital growth The main focus of this article will be to provide further detail on point two, which is to explain the numerous tax benefits of owning an investment property. Tax benefits relate to the ability to claim various deductions. Examples…
March – 2015 Practice Update covers following points Small business company tax cut to go ahead Deductibility of a ‘working with children check’ Time limits for family assistance payments ATO update regarding the ‘Director Penalty Regime’ ‘Single Touch Payroll’ on the horizon Pension deeming rates to be lowered Click here for – March 2015 Practice Update
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