Small businesses often derive significant value from innovation, which frequently results in the creation of Intellectual Property (IP). However, this vital aspect is often overlooked, particularly since internally generated IP is not recognized on balance sheets for accounting purposes unless acquired from outside. Since the introduction of the small business restructure rollover on July 1, […]
In 2020, a husband and wife approached us with the intention of maximizing their superannuation contributions after selling their family home for just under $2 million, where they had lived for nearly 20 years. To achieve this, we devised a strategy that combined Downsizer, non-concessional, and concessional contributions. At the time, individuals over the age […]
If you’re planning a permanent move between New Zealand and Australia, you may be wondering what happens to your superannuation or KiwiSaver savings. The Trans-Tasman Retirement Savings Portability Scheme allows you to transfer retirement savings between the two countries under certain conditions. Here’s what you need to know. Key Points to Consider Voluntary ParticipationThe scheme […]
As retirement approaches, many couples find significant imbalances in their superannuation accounts. Addressing these disparities proactively can enhance retirement strategies and improve financial outcomes. Your Total Superannuation Balance (TSB) as of30 June each year determines your eligibility for several superannuation strategies in the following financial year. These include: The Age Pension and Superannuation BalancesFor couples, […]
Dealing with a tax bill can be a challenging experience for many Australian businesses. Recently, the Australian Taxation Office (ATO) has adopted a proactive approach to debt recovery. However, their focus remains on working collaboratively with businesses to manage and resolve tax debts effectively. Checking Your Tax Debt You can review your tax debt by […]
As the year winds down, many businesses take the opportunity to celebrate the festive season and acknowledge their employees’ hard work. While holiday parties and gifts are a wonderful way to show appreciation, it’s crucial to understand the potential tax implications—particularly regarding Fringe Benefits Tax (FBT)—to avoid unexpected liabilities. FBT is a tax employers pay […]
Navigating the Australian tax system can be complex, especially when it comes to understanding the Medicare levy and the Medicare levy surcharge (MLS). Here’s a breakdown to help clarify how these charges work, who they affect, and how private health insurance impacts your tax obligations. What is the Medicare Levy? The Medicare levy is a […]
The Australian Government has proposed significant changes to the Higher Education Loan Program (HELP) that could impact millions of Australians with outstanding HELP debts. While these changes are subject to legislative approval, they are planned to take effect by 1 June 2025. Here’s what you need to know: 1. A One-Off 20% Debt Reduction The […]
The Australian Government has announced a plan to modernise the nation’s payment system, striking a balance between embracing digital payments and ensuring inclusivity. While digital payment methods continue to grow, the government is taking steps to ensure cash remains an option for essential transactions and to phase out cheques in a gradual, considered manner. Key […]
Opting for salary sacrifice can be a smart way to grow your superannuation balance and strengthen your financial future. By contributing additional pre-tax income to your super fund, you could set yourself up for a more comfortable retirement. Here’s what to consider when deciding if salary sacrifice is right for you. What Is Salary Sacrifice?Salary […]
Starting 1 July 2025, new parents receiving government paid parental leave (PPL) will begin receiving superannuation contributions alongside their PPL payments. The government announced this change in early 2024, and the necessary legislation has now been passed. Under this new arrangement, eligible parents with children born or adopted on or after 1 July 2025 will […]
The Australian Taxation Office (ATO) has expanded its data-matching efforts, including a specific program focused on high-value “lifestyle” assets. From 2023 through 2026, the ATO will work with insurance providers to gather information on assets exceeding certain value thresholds, aiming to enhance tax compliance. The assets and respective value thresholds targeted include: • Caravans and […]
With BAS deadlines approaching, it’s a perfect time to ensure your business is prepared to meet reporting requirements. If your business is registered for GST, you’ll need to lodge a Business Activity Statement (BAS) monthly or quarterly, and in some cases annually, depending on your turnover and circumstances. When you register for an Australian Business […]
If you own a holiday home that you sometimes rent out, it’s important to understand how this affects your tax obligations. Rental income from your holiday home is taxable, and you may be able to claim expenses associated with earning that income. However, expenses must be proportionally allocated if: Expenses directly related to renting out […]
You may have heard that the annual cap on non-concessional contributions (NCCs) has increased for 2024–2025. This is great news for superannuation members who want to maximise their retirement savings. NCCs are your own after-tax contributions, meaning they’re distinct and separate from concessional contributions such as compulsory employer contributions made for you, additional salary sacrifice […]