Are you a small business owner? Don’t forget the $20,000 tax deduction for purchase of new assets (this will increase to $30,000* from Budget night) What is the instant asset write off? Assets purchased for the business costing less than $20,000* can be claimed as a full tax deduction in the financial year of purchase, […]
Category Archives: Articles
Do you work and incur Self Education Expenses? Many college and university students do not realise that they can claim a tax deduction for their self education expenses These are the costs that you incur to undertake a work related course at a college or university or other recognised place of education. The course you […]
Now or in the future you will need to consider aged care options for your parents As our parents age and become fragile we need to consider safety, home care and aged care services for them. From my experience, in most cases we are not able to provide this assistance ourselves, we need to consider […]
As the saying goes buy in gloom and sell in a boom. On that note more and more 30 – 40 year olds are considering managing their own superannuation with the view to buying a property or blue chip shares and holding onto those assets for the next 20 or 30 years. The financial news […]
Did you know that over the past decade the cost of private school education has increased by 61%. This compares to wage growth of only 34% over the same period.1 The ASG Planning and Education Index has metropolitan New South Wales as the most expensive region for private school education. The ASG website projects that […]
Do you have a SMSF? Did you know? the average asset balance of a SMSF, per member, is $652,000. the majority of contributions to a SMSF were by the member not the employer. Member contributions were 5 times more than employer contributions. 84% of SMSF members are over age 45. only 7% of SMSF’s have […]
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 […]
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 […]