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Using your tax return wisely

Posted on July 8, 2019 by admin

Getting your tax refund back is exciting, but as tempting as it is to splurge, consider other ways you can put that money to good use. It is easy to get caught treating your return as extra money when you shouldn’t see it any differently than your regular paycheck. Give the money a purpose by thinking about your personal financial situation and determining your needs. Emergency fund: An emergency fund can make all the difference if a difficult financial situation comes up, acting as a backup in the case of an emergency such as losing your job or medical costs. Building an emergency fund with enough money to cover at least three months worth of expenses is a good starting point. Make sure the money is added to a high-interest savings account to utilise compound interest. If you are contributing regularly to this fund, adding money from your tax return can boost it above schedule. Make debt repayments: With a bit more money at your disposal, now is the time to make repayments on debts you may have. Start with the higher interest debts and work down, your interest repayments will drop when you lower your outstanding balance. These debts […]

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Budget 2018: living stronger

Posted on May 9, 2018 by admin

The Government is focused on encouraging older Australians to better grow and secure their personal retirement funds. Retirees exempt from work test An exemption from the work test will be established to allow retired Australians aged between 65-74 who have total super balances below $300,000 in their first year that they do not meet the work test criteria, to make voluntary payments into their superannuation funds. Retirement income strategy Superannuation trustees will now be required to produce a retirement income strategy for their superannuation fund members. This is due to new amendments to the Superannuation Industry (Supervision) Act 1993. The Government is also set to revise the Corporations Act 2001 to ensure providers of retirement income products will supply standardised and simplified reporting to assist with more informed decision making. Pension Work Bonus Increase in funding to the Pension Work Bonus will mean that pensioners can now receive up to $300 per fortnight before their pension payments are affected. The Bonus will also cover self-employed individuals, who will be entitled to receive up to $7,800 per year without reducing their pension payments. Funding for older workers program Additional funding will be provided over four years to form the Skills Checkpoint […]

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Thinking about your cash flow

Posted on October 16, 2015 by admin

If the three most important things in real estate are “location, location, location,” the first three rules of business are “cash, cash, cash.” It is necessary to be profitable, but “profit” is a number that shows up on your accounts at the end of the year; cash is the money you have in the bank. In a small business, it is cash that determines whether you can pay your bills. Businesses can’t get money in unless they get their invoices out. However, many business people delay sending out their bills. This may be because they feel uncomfortable asking someone for money, afraid of being challenged on how much they’ve billed, or just too busy working to bill for it. The longer you wait to send out your invoices, the greater the chance you won’t get paid. No matter what business you’re in, you’re going to have a lag between outgo and income. If you’re a consultant, you have to pay for your phone, stationery, marketing materials, and rent before you get your first client. Once you’ve got them, you’re not going to see complete payment for at least 30-60 days after you finish a project. Things are much worse if […]

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Utilise your small team for success

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Small teams provide many benefits to both employees and employers. In comparison to larger teams, small teams are shown to have higher levels of productivity and effective communication. However, a vital component to the success of these teams relates to the support and coordination provided by management. Ways to maximise your small team’s efforts can include: Cross-functional communicationIf your employees understand how the other functions of your business work and how their work will directly impact all aspects of the business, it can provide them with more responsibility. It allows for all staff to work towards a common goal. The key is to provide staff with holistic training and education that fosters greater understanding. Delegate with descriptive job rolesDelegation can provide employees with guidance on what needs to be achieved to reach the end goal. It can provide clear direction for staff while employers can oversee budget and timing schedules. It also allows the employer to focus on other opportunities such as business growth. Break down large goals into small, achievable tasksIt is important to keep in mind the overall strategic goals when completing daily tasks. The daily tasks set should directly correspond with the larger goals. Reframe the way […]

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Fraud an issue for SMSF’s

Posted on May 23, 2012 by admin

Accountants and financial advisers who promote self-managed super funds (SMSF), may now have to inform clients of the loss of protection when a contributor  shifts from a regulated fund to an SMSF. A recently released Parliamentary report into the collapse of Trio Capital has sheds some light on the pitfalls of managing a SMSF, naming fraud as a significant issue. If possible a contributor should sign a form of acknowledgement, accepting this risks.  If you have any questions, contact your account who will discuss the matter further with you.

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Personal income tax changes to make life easier

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Changes to the personal income tax system will make it more simple and transparent to use. From July 1, the Government will serve tax cuts to low and middle-income individuals by increasing the tax-free threshold and modifying the initial two marginal tax rates over two phases. The tax-free threshold will increase from $6000 to $18,200, with the maximum value of the low-income tax offset reduced from $1500 to $445. The first marginal tax rate will be increased from 15  to 19 per cent and apply only to that part of taxable income which exceeds $18,200, but does not exceed $37,000. The second marginal tax rate will increase from 30 to 32.5 per cent and apply to that part of taxable income which exceeds $37,000, but does not exceed $80,000. Phase two of tax cuts will come into effect July 1, 2015.

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Theft tops economic crime list

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Theft has risen to the top of the list as the number one economic crime impacting Australian businesses, a recent survey has revealed. The theft of assets and funds was the largest economic crime committed against organisations, with cybercrime following closely behind. In the last 12 months almost half of Australian businesses were the victim of at least one incident of economic crime. Economic crime included asset misappropriation, employee expense fraud and fraudulent invoicing. According to the Global Economic Crime Survey, conducted by PwC, cybercrime was emerging as the biggest growing threat to businesses with its low costs, high rewards and anonymity broadly appealing.

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SuperStream deadline looms

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With the deadline for SuperStream projects looming, the ATO is urging superannuation funds to act now to ensure compliance before the June 2013 cut-off date. SuperStream is a set of standards implemented by the government which intend to improve the process of everyday superannuation transactions. Funds are urged to start bringing reform plans forward to ensure compliance with the June 2013 deadline. The new measures would improve fund processes, including fund-to-fund rollovers which will be required in an electronic format.

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10 highlights from the 2012 Federal Budget

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No Company Tax Cut as previously promised Family Tax benefit A increases payments to families and individuals on welfare No standard deduction on company tax for small businesses New Schoolkids bonus scheme for education expenses Super high contributor’s tax for over 50’s earning greater than $300,000 per year Funding for GST additional compliance extended Deferral of contributions cap increase for over 50’s with low super No 50% discount on interest income Company loss carry-back scheme to receive refund on tax paid in prior year New Income support supplement for workers with children

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Super changes for over 50’s

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New superannuation laws announced in the 2012 Federal Budget will effect high income earners who are over 50 years old.  From 1 July 2012 individuals with income exceeding $300,000 will have the tax concession on their contributions reduced from 30% to 15% .This means that taxpayers may face an increase in tax of up to $3,750, which may cause some Baby Boomers to rethink their retirement plans.  To further complicate matters, increased contributions may now lead to cap breaches.For further information contact us to discuss how these changes may effect your super.

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