Working from home: What can I claim? Everyone wants more tax deductions, particularly those tax deductions that do not incur an additional cost. That is, you will incur this cost regardless whether the expense is tax deductible or not. For example, you own a motor vehicle you bought the car, you paid the rego insurance […]
Category Archives: Articles
Tax deductions and Christmas parties If you are the owner of a small business there is a high probability that you will be in the process of organising your work Christmas party. The purpose of this article is to highlight what is tax deductible, what’s not tax deductible, what is subject to Fringe Benefits Tax […]
One in four Australian families find money a source of conflict in their relationship. – St George bank survey This research also found that 40% of respondents believing the reason for the conflict was due to their partner’s overspending. In my experience one partner may be paying more of the family bills than the other, […]
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 […]
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 […]
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 […]
With the changes to the superannuation laws from 1 July 2017 most pre retirees are concerned that they will outlive their retirement and investment assets in retirement. Others are concerned that they only will have two choices. (i) they either downsize their residence to free up capital in order to retire, or (ii) continue to […]
After much success last year, I’ve decided to do the CEO Sleepout once again. Homelessness in Australia is an issue that sits under the radar for most of us. I feel that as a community, it is up to us to make a positive difference to those who need a hand up when things get […]
The clock is ticking for investors who want to take advantage of the more generous tax concessions available in super this financial year. As of July 1, new rules come into effect that will reduce contribution limits. Until then, individuals can make a non-concessional (after-tax) contribution of up to $540,000 under the bring-forward rule which […]
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 […]