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Paying for your insurance, should you use your superfund?
Most industry super funds offer members a basic level of personal insurance cover. Holding your insurance within super, rather than having stand alone...
Dependant tax offset changed
A new dependant tax offset allows individuals to claim an offset for invalids and carers. At the start of the 2012-13 financial year, the ATO made some...
What is 'Stronger Super'?
You have probably heard this term in the medial lately, therefore I have added this article to provide you with a background of what they are referring to....
Growing your business
You may recall in my last newsletter the concept of only needing to focus on ‘three’ areas to help grow a business and improve its profitability. Many...
Instant Asset Write Off to be Abolished
The new Federal Government's plan to remove the Mineral Resource Rent Tax (The MRRT), also involves removing some tax benefits that are currently available to...
Xero Update – Saving Files and Eliminating Paper
As you all know I am a big supporter of the online accounting program Xero (www.xero.com.au) due to its simplicity of use, ability to access from any...
Protect Your Assets (part three)
In our past couple of editions we have discussed some foundation asset protection strategies and explored some of the misconceptions regarding various...
Have you Built a Business or Created a Job?
Many small business owners fall into the trap of building a business entirely dependent on them so that it would not survive if they were unable to work. They...
Superannuation Guarantee has increased to 9.25%.
As detailed in our May 2013 newsletter the super guarantee (SG) rate increases to 12% over seven years, as shown in the table below. 1 July 2003 - 30 June...
Protect Your Assets (part two)
In our last newsletter, we visited the issue of protecting your assets and started to discuss some of the ‘ownership’ options such as companies or trusts....
ATO holding Directors accountable
The Australian Taxation Office (ATO) now has a greater ability to make company directors accountable for unpaid PAYG withholding and superannuation guarantee...
Protect Your Assets
This is the first in a series of articles looking at how you can protect your hard earned assets; your home, your business and/or your investments. Like all...
Employee vs Contractor
What are the differences between a person being an employee or a contractor? Many business owners ask me this question. This article should help clarify some...
What is a Testamentary Trust?
Testamentary Trusts can be incorporated into a Will to provide greater flexibility for the beneficiaries of a deceased estate. A Testamentary Trust operates...
ATO review of Rental Property Information
The ATO has increased their data matching for rental property owners who are claiming tax deductions in their income tax returns. In April, the ATO revealed...
Where's the cash? We didn't make that much?!
A comment that I frequently hear when reviewing a person’s accounts and taxation returns is “… that can’t be right, we don’t have any money … where has all...
Motor vehicles as Self-Managed Superannuation Fund assets
I was recently asked by one of my clients if they could purchase a car in their Self-Managed Superannuation Fund (SMSF). Trustees of SMSF’s are aware whilst...
Zone or Remote Area Rebate
We have been working with Roxby and other remote area workers for over 20 years and during this time have been asked a lot of questions about zone rebate....
What is the tax difference between a Property Developer and an Investor?
An area that I am commonly asked about is about what are the taxation implications of developing a property? Given the significant value of the transaction it...
ATO increase in penalties
There are now greater penalties in place for breaches of most Australian tax laws. The ATO has increased the value of a penalty unit from $110 to $170, the...
Top Tax Tips for Individuals
With 30 June 2013 only 3 weeks away it is perfect time to review your situation to make sure that you take advantage of any planning opportunities to ensure...
Why change your accounting system to a cloud based system.
You probably have now all heard of cloud computing, but how can it help you with your bookkeeping and accounting? Presently the accounting software industry...
What the budget 2013 means for you
Image source www.dfat.gov.au Significant changes that will impact on individuals. Increased Medicare levy The big news item is a 0.5 per cent increase in the...
Personal super strategies for year end
With the end of financial year fast approaching, starting to prepare now will save time and headaches when the June 30 deadline arrives. There are a few...