Category

Taxation

Sharing Economy

Tax and the sharing economy

By | Business, Compliance, Taxation | No Comments

The concept of a “sharing economy” has been around for long enough now to have had a very real impact on how our financial transactions are conducted. As for the taxation treatment of these transactions, the ATO has found it necessary to provide guidance. By now, most people will have realised that the “sharing” part of the concept does not refer to an absence of any monetary exchange, but rather to the use and access of shared physical or human resources or assets. The means…

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5 things your accountant should be doing for you besides your taxes

By | Business Improvement, Starting a business, Strategy, Tax Planning, Taxation | No Comments

If your accountant is just a tax-time paper pusher, you are missing out on a range of opportunities to grow your business. In addition to filing your tax return and BAS statements, your accountant should be acting as a trusted advisor, delivering valuable advice across business functions to help improve your profits, reduce your costs and streamline your business. Your accountant should be available to you year-round, know your business inside out, and offer regular advice that assists you to improve your profits and grow…

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Tax Time

Year End Guide: Superannuation Contributions

By | Superannuation, Tax Planning, Taxation | No Comments

Superannuation is a highly tax effective environment, where income is taxed at a maximum tax rate of 15% and capital gains, where the asset has been held for over 12 months are only taxed at 10%. In circumstances where the fund is paying pensions to its members, both income and capital gains can be completely tax free. Further, business and certain individuals may be entitled to a tax deduction for contributions made to complying superannuation funds. As a result, superannuation is a significant tax planning…

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Dividends & Distributions

Year End Guide: Distributions and Dividends

By | Strategy, Tax Planning, Taxation | No Comments

Approaching the end of financial year presents a unique opportunity for small business owners to plan for and take action to minimise the income tax payable for that financial year. However, having said that, there are also many considerations that need to be taken into account to ensure that the decisions made are effective and have the desired impact As many small businesses operate using a company or trust structure, this article explores some of the considerations as well as some important requirements when making…

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The Secrets of Self-Managed Super Funds

By | Investment, SMSF, Strategy, Taxation | No Comments

Self-managed super funds (SMSF) can be beneficial to securing your financial independence. But is a SMSF the right option for you? What is a SMSF? Self-managed super funds essentially present a do-it-yourself approach to managing your superannuation. SMSFs can be single member, or comprised of up to four members. Members of a SMSF also act as trustee or director of a corporate trustee, and together, the trustees control and and invest the funds assets. Trustees of SMSFs assume responsibility for the overall investment strategy, subsequent…

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Federal Budget Summary

By | SMSF, Taxation | No Comments

Below is a summary of the key Budget measures announces in last nights Federal Budget. Please dont hesitate to contact us if you any questions, or would like to know how the measures may affect you. PERSONAL TAXATION Budget Repair Levy – 2% from 1 July 2014 on income over $180,000 The Treasurer announced the introduction of a Budget Repair Levy, which will apply for three years from 1 July 2014. This temporary levy will apply at 2% for income over $180,000 (only levied on the excess)…

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Eliminate Tax on Investment Income – SMSF Borrowing Strategy

By | Investment, SMSF, Strategy, Taxation | No Comments

Superannuation is the most tax-effective vehicle for investment. Either taxed on earnings at 15 per cent, or for those funds that are paying pensions to their members, a superannuation fund’s earnings become tax free. The problem however, is that the government knows all too well how concessionally taxed superannuation has become, so it has limited the amount that individuals can contribute to their concessionally taxed superannuation funds. As a result, many people have significant investments outside of superannuation that are taxed a higher individual marginal…

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