End of Financial Year Checklist
With the end of the financial year fast approaching, we’ve made a list of tasks to help keep you and your business prepared for the EOFY deadlines. 1. Perform inventory stocktake & update your asset register Conduct inventory counts on all the business’ assets near 30 June. Make sure all records are adjusted before calculating […]
Economic Response To Coronavirus
The Coronavirus outbreak has had economic implications for several businesses around the world. To support our local businesses during this economic downturn, the Australian Government has amended the eligibility for the instant asset write-off and is incentivising business investments for the next 15 months. Instant Asset Write-Off (IAWO) The IAWO threshold has increased to $150,000 […]
Invoice Finance – A Quick Boost To Your Cashflow
Being in control of your business’ cashflow can be challenging. For instance, not having enough money in the business account each day to pay wages, suppliers, rent and any other financial commitments can be a stressful scenario and yet it is one which most business owners face at some point in time. It becomes increasingly […]
Catch Up Contributions
Carry-forward (catch-up) super contributions could be the answer for many Australians looking to boost the balance in their super account. Catch up contributions are concessional (before tax) contributions made to your superfund. From 1st July 2018, eligible individuals have been able to accumulate unused concessional contributions and carry them forward. From July 1, 2019, you […]
The Bring-Forward Rule
Have you ever wondered how to contribute large amounts of savings into Super? Preparing for retirement can be a challenging time and one of those challenges is maximising superannuation balances and getting more money into your super account up until retirement. One way of achieving this goal is by using the bring-forward rule. What is […]
Downsizer Contributions
Have you been considering downsizing your home or lifestyle? Did you know you may be able to contribute the proceeds to a more tax effective environment? If you’re 65 or over, you may be able to contribute the proceeds of selling your home into super and be exempt from some of the normal super contribution […]
Spouse Equalisation Contributions
It is very common for couples to have differing superannuation balances. This is especially if one has been employed in a part-time capacity, temporarily taken time from work to care for the family, or differ in age, occupation and income. There are some opportunities for couples to equalise their personal superannuation accounts. This helps to […]
Salary Sacrificing To Super
Salary Sacrificing: A tax effective way to make super contributions Making voluntary super contributions is a great way to build up your superannuation into retirement, and it could also reduce the amount of tax you pay. Salary sacrifice is an arrangement between you and your employer with your employer paying some of your pre-tax salary […]
Making Superannuation Contributions
By making additional super contributions, you can help boost your superannuation balance prior to retirement while at the same time potentially lowering your marginal tax rate. You can choose whether you want to make concessional or non-concessional contributions, or even a combination of both. How do I maximise my Super balance to plan for a […]
Transition To Retirement (TTR)
Have you been considering retirement, but you’re just not sure where to start or if you can afford to retire? Your retirement age is not set in stone. Once you’ve met your preservation age, there are a number of options available to you when deciding on your retirement. Understanding where you are financially, both now and […]