At the risk of sounding like a Christmas grinch, I have outlined below the income taxation and Fringe Benefits Tax implication of holding a Christmas party at a venue such as a restaurant. The following applies to businesses that are not tax-exempt organisations and do not use the 50/50 split method for meal entertainment. The […]
With a recent change in legislation (passed the Senate and awaits Royal assent), you will have the opportunity to top up your superannuation with part of the proceeds of the sale of your home if you are over age 55 and satisfy the following additional conditions; The downsizer contribution to superannuation is up to $300,000 […]
Does that family member also receive Centrelink or Veteran’s Affairs income support? Assisting a family member to enter aged care is a lot of hard work and a very emotional journey. Many emotional and financial decisions need to be made in a very short time. One of the more difficult decisions is whether the family […]
Investment scams have increased by over 160% compared to last year. Investment scams are becoming more sophisticated and dexterous. In the past, investment scams involved promises of big payouts, quick money or guaranteed returns. Generally speaking, you could surmise that if it sounded too good to be true, it probably was. Now, investment scams are […]
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If so, Treasury has proposed changes to the record-keeping requirements to reduce the FringeBenefits Tax (FBT) compliance cost. Fringe benefits – an extra benefit supplementing an employee’s money wage or salary, for example, a company car, private healthcare, etc. The proposal is less stringent on the need to obtain specific documents such as employee declarations. […]
You’ll have more time on your hands, so it’s essential to consider what you want to devote that time to. A study found that 97 per cent of retirees with a strong sense of purpose were generally happy and satisfied in retirement. Think about what gives your life meaning and purpose, and weave those elements […]
Are you or are they considering selling the family home? If you answer ‘yes’ to the above two questions, you may consider taking advantage of making a ‘Downsizer Contribution’ to your superannuation fund. What is the downsizer contribution? The downsizer contribution allows you and your spouse to make an after-tax contribution to your superannuation fund […]
Do you have investment assets outside of superannuation? Currently, if you are aged 67 to 74 years old, you can only contribute to your superannuation fund if you meet the “work test”. To satisfy the “work test,” you need to be working at least 40 hours over 30 days in the financial year. So, if […]
What effect does rising interest rates have on a company’s share price? If interest rates rise and a company has debt, servicing that debt will be more expensive. Assuming that sales and expenses remain similar to the previous financial year, the company’s profit will decline. If its profit falls, its value or share price will […]
Whether you have a Self Managed Super Fund (SMSF) or you are considering starting one, have a read of these facts. What is an SMSF? Self-managed super funds (SMSFs) are a way of saving for your retirement. The difference between an SMSF and other types of funds is that the members of an SMSF are usually […]