There are advantages and disadvantages to holding your income protection insurance within superannuation. Money Management Magazine outline how to navigate these complex waters in the article below: When should Income Protection cover be held inside Superannuation?
Since 2007, Self-Managed Super Funds have been able to utilise leverage to invest. But the rules surrounding this amendment are exceptionally complex. Our friends over at Cooper Grace Ward have shed a little light on the subject, see the link below. Self Managed Superannuation Funds – January 2014
What happens to your Superannuation in the event of your death? It may not be as simple as you think. Follow the link below to find out more: Death benefits from super – whose will?
A very good article from the Charter Magazine detailing the complicated world of contractor versus employee. Follow the link below: Contractor or Employee? Who can tell?
Traditionally the primary driver behind Superannuation strategies, the tax breaks available to funds held within Super, have been a contentious and varying topic. As it stands, there are still advantages for employing a well-constructed superannuation contribution strategy. You may remember back to a previous article where we discussed the various types of contributions that can be made … Continue reading “Super – A Taxing Topic”
Recent studies indicate that approximately 15% of Australians seek assistance with management of their personal financial affairs. Many of those surveyed replied that they had no spare cash available to invest – a fair point when you consider that most of us spend more than we earn! With the cost of living constantly increasing, including … Continue reading “Will I ever get ahead?”
There are a number of structures that you can choose from when creating your business. The four main types of business structures commonly used by small businesses are: • Sole trader: an individual trading on their own • Partnership: an association of people or entities running a business together, but not as a company • … Continue reading “Choosing the right Business Structure”
A ‘Will’ is a document setting out your wishes as to how you would like your assets and belongings (called your ‘estate’) to be dealt with after you die. In Australia, people have full freedom of ‘testamentary disposition’. This means that you can leave your estate to whomever you choose. So while people commonly choose … Continue reading “What is a Will?”
Continuing on from last month’s article regarding motor vehicle deductions, it is now time to elaborate on when you are eligible to claim such a deduction. So to refresh your mind, there are 4 methods used to determine the amount of motor vehicle deduction available. They are; Cents per kilometre, 12% of original value, One-third … Continue reading “Motor Vehicle Deductions (continued)”
From 1 July 2013, the amount of time you have to lodge a lump sum claim or confirm your income changed. You now have one year instead of two years to: •lodge a lump sum claim for Family Tax Benefit and Child Care Benefit •lodge a lump sum claim for the Single Income Family Supplement, … Continue reading “Changes to the time period for lodging lump sum claims and confirming income”
You can claim a deduction for work-related car expenses if you use your own car in the course of business or performing your job as an employee. For example; carrying bulky tools or equipment, attending conferences and meetings, delivering items or collecting supplies, travel between two separate places of employment or travel to a client’s … Continue reading “Motor Vehicle Deductions”
Many of our clients have been asking about a fairly new accounting software product called Xero. Xero is a cloud based bookkeeping / accounting product and at CNS Partners, we love Xero. The features include: – The ability to collaborate online. Work together as a team on financials. Collaborate with your accountant and bookkeeper to … Continue reading “Xero – New-Wave Bookkeeping”
For many people, the attraction of creating a Self-Managed Super Fund lies in the ability to use previously unavailable funds to invest in property. While this can be a very effective strategy, it may not always be the best fit for your objectives. Good advice is incredibly important when considering purchasing real estate within an … Continue reading “Real Estate – Real Decisions”
Thanks to recent government reforms, the financial planning industry has had to radically overhaul the way advisers are remunerated. A call for greater transparency and accountability has created renewed enthusiasm for ‘fee for service’ models as opposed to the traditional commission based models. Commission payments are still the dominant income stream for the industry, but … Continue reading “The True Cost of Financial Advice”
Read the ATO’s new Cash and hidden economy review and audits guide. This will help you know what to expect if involved in a review or audit. It steps through the process of providing documents or other information the ATO ask for, to assist their review. Note that the use a variety of risk indicators … Continue reading “New ATO Cash and hidden economy review and audits guide”
Many clients ask us how the ATO reviews and audits businesses that may be operating outside the law. The ATO has published a short article that outlines their procedures. Follow the link below to check it out. Cash and hidden economy review and audits
An interesting article that can be found on the CA website: https://www.charteredaccountants.com.au/secure/mycommunity/blogs/lwestover/Superannuation%20blogs/441/raising-the-pension-age
Finding missing super monies is now more straightforward. Check out this article taken from the December 2013 issue of Charter Magazine (institute of Chartered Accountants) Lost and unclaimed super.pdf
Excess super concessional contributions made from 1 July 2013, will be included in an individual’s assessable income and taxed at their marginal tax rate. As part of the assessment process clients will receive a non-refundable tax offset of 15% of their excess concessional contributions along with an additional excess concessional contribution charge. To assist payment … Continue reading “Changes to how super excess concessional contributions are taxed”
Changes to instant asset write off and accelerated motor vehicle depreciation The Government has announced that, due to the abolition of the mining tax, certain tax concessions will also go along with it. The one that will affect small businesses, those with an aggregated turnover (annual turnover from you, connected entities and affiliates) less than … Continue reading “Small Business Christmas Spending Splurge”