From 1 July 2018, people aged 65 and over will be able to sell their main residence and then make a ‘downsizer’ contribution into superannuation of up to $300,000 from the sale proceeds of their main residence. Both members of a couple can take advantage of this...
Leaving your family home and moving to a residential aged care residence can be a challenging time with many personal and financial decisions needing to be made but early planning and good advice can minimise the impact for you and your family. In this article,...
Your SMSF is a long-term plan. Much can happen during this time including illness, incapacity or death of a member. It is best practice to have contingency plans in place to deal with unexpected events. For example, if a fund member dies, leaving you as the...
With the end of the financial year fast approaching, now is the perfect time to ensure everything is in place for your SMSF before 30 June. The following are some superannuation strategies that you might want to know more about to get the best out...
The ATO’s recent crackdown on tax deduction claims means that good record keeping is more important than ever. Simple up to date records mean that you can claim ALL the tax deductions you’re entitled to so you’ll never pay too much tax! This guide will provide general advice to...
What do you know of Bitcoin and cryptocurrency? Are you invested? Have you considered your taxation consequences? The term cryptocurrency is generally used to describe a digital asset in which encryption techniques are used to regulate the generation of additional units and verify transactions on the...
The Federal Treasurer, the Hon. Scott Morrison MP, delivered his third Federal Budget on the 8th of May 2018. Like many Australians, we tuned in to find out how the announcement would impact our clients. The Government is pitching a plan to deliver tax relief...
The ATO’s ‘Single Touch Payroll’ (STP) initiative will start on 1 July 2018 for many employers — but businesses and their advisers cannot be complacent until then. The next six months is a crucial time for ‘substantial employers’ (≥ 20 employees) to understand how STP will...
You may have noticed significant media coverage recently regarding the Australian Labor Party’s proposed policy to stop SMSFs from receiving tax refunds for the franking credits they receive in conjunction with the dividends paid from Australian companies they own. First of all, what are franking credits...