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Superannuation

Are you ready for the end of financial year?

Are you ready for the end of financial year?

The end of financial year is upon us again (yep sneaks up doesn’t it!). Are you ready? Have you considered what you can do to maximise your opportunities at this time of the year? There are many ways to take advantage of tax planning initiatives to manage taxable income.

What does Single Touch Payroll mean with your EOFY reporting?

What does Single Touch Payroll mean with your EOFY reporting?

Single Touch Payroll (STP) is a new regulation introduced by the ATO. All large businesses (more than 20 employees) should now be using STP, or have applied for a later start date. For employers with less than 20 employees, STP reporting will begin on 1 July 2019.

A Labor Government on Tax & Super

A Labor Government on Tax & Super

In general, taxpayers are able to deduct from their assessible income any expenses they incur generating or producing that income. An investment is negatively geared when the cost of owning the asset is more than the return. Negative gearing is not limited to property but can apply to other assets such as shares.

What do you do if you've been hacked, breached or scammed

What do you do if you've been hacked, breached or scammed

The latest data breach report from the Office of the Australian Information Commissioner (OAIC) is surprising for the simplicity of the problems - 37% of data beaches resulted from human error not malicious attack. In over 20% of reported cases, personal information was simply sent to the wrong recipient. Another 6% of complaints were attributed to system faults.

What do you think would happen if......?

What do you think would happen if......?

It’s a sad fact that life does not always go to plan. While we logically know that, most of us don’t plan for the worst - it’s all a bit morbid and time consuming.

The downside of not planning is the potential for hard earned assets to be squandered, family fall-outs, and money handed to the Government that could have been distributed in accord with your wishes. If you are a business owner, then the stakes are even higher.

Why women need to think about working with a financial planner

Why women need to think about working with a financial planner

Why is it that many women choose not to seek more professional financial advice?

In general, women have a longer life expectancy than men, living on average 6 years longer, so there is a high chance of women outliving a partner. This means that for many women, their superannuation will have to stretch further.

Your essential EOFY checklist

Your essential EOFY checklist

No one wants to pay more tax than they need to or face unnecessary risks. We’ve compiled a list of our top tips for you.

What’s changing on 1 July 2018?

What’s changing on 1 July 2018?

For individuals there are personal tax bracket changes coming from 1 July 2018 - The top threshold of the 32.5% personal income tax bracket will increase from $87,000 to $90,000*.

One-off Super Guarantee Amnesty

One-off Super Guarantee Amnesty

Employers that have fallen behind with their superannuation guarantee (SG) obligations will have 12 months to “self-correct” under a new amnesty announced late last month.

2018 Federal Budget Update

2018 Federal Budget Update

The 2018 Federal budget was handed down by Treasurer Scott Morrison in Canberra on Tuesday 8 May in the midst of Australia experiencing its 27th year of consecutive growth.

Single Touch Payroll: what you need to know

Single Touch Payroll: what you need to know

Single Touch Payroll (STP) – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – comes into effect from 1 July 2018.

Tax Deductions: the danger zones

Tax Deductions: the danger zones

A recent Parliamentary Inquiry into Tax Deductions created some fairly sensational headlines about what and how deductions are being claimed - $22 billion worth to be exact. 

Should you use the new super measures when you buy/sell your home?

Should you use the new super measures when you buy/sell your home?

From 1 July 2018, new laws come into effect allowing first home buyers to use their super to help buy a home, and at the other end of the spectrum, downsizers to contribute proceeds from the sale of their home to super without many of the normal restrictions.

What's changing in 2018?

What's changing in 2018?

On 1 July 2018 Super concessions for downsizers come into effect. If you are over 65, have held your home for 10 years or more and are looking to sell, you can contribute a lump sum of up to $300,000 per person to superannuation without being restricted by the existing non-concessional contribution caps - $100,000 subject to your total superannuation balance - or age restrictions.

Directors on ‘hit list’ for not paying employee super

Directors on ‘hit list’ for not paying employee super

An analysis by Industry Super Australia submitted to the Economics References Committee into Wage Theft and Superannuation Guarantee Non-compliance, indicates that employers failed to pay an aggregate amount of $5.6 billion in SG contributions in 2013-14

Super Guarantee – What Happens When You Get It Wrong

Super Guarantee – What Happens When You Get It Wrong

The ATO receives around 20,000 reports each year from people who believe their employer has either not paid or underpaid compulsory superannuation guarantee (SG). In 2015-16 the ATO investigated 21,000 cases raising $670 million in SG and penalties.