Over 65? You may qualify for the downsizers contribution to superannuation

Are you or your parents over age 65? Are you aware of the tax incentive for over 65 year olds to downsize their home? What is the downsize contribution strategy? This strategy as the name suggests involves selling your home, purchasing another more modest residence and contributing the surplus funds up to $300,000 per individual member […]

Are You Receiving Your Employer Superannuation Contributions?

Periodically check you have received your compulsory superannuation Generally if you are an employee you are entitled to receive superannuation contributions from your employer. The minimum your employer must contribute is 9.5% of your gross wage. This payment must go into a complying superannuation fund account. In most cases you can choose your own superannuation […]

Are you (or your children) saving frantically to buy your first home?

It is well documented that saving for your first property is challenging. From 1 July 2018, the First Home Savers Scheme will enable first-home buyers to save for a deposit inside their superannuation account, attracting the tax incentives and some of the earnings benefits of superannuation. Home savers can make voluntary concessional contributions (for example […]

Important facts about small business in Australia

The Australian Taxation Office (A.T.O.) has provided the following statistics; There are more than 2 million small businesses in Australia. The A.T.O. define a small business entity as a business with total turnover of less than $2 million. 96% of all Australian businesses are small businesses. Small businesses account for over $330 billion of Australia’s […]

Blended families, superannuation and death benefits – what you need to know

Are you in a blended family relationship?  If you answered “yes” to this question, read on. By way of an example, let’s say that you are now in a relationship where you have children from a previous relationship and your partner, spouse or de-facto has children from his/her previous relationship. With regard to your superannuation […]