Creating your own emergency fund
By Westcourt Blogger Individuals may want to consider creating an emergency fund to prepare for unexpected financial shortfalls such as accidents and disasters. While an emergency fund is a great asset to have, building one up can seem be quite intimidating for those who feel their current circumstances limit how much they can save for […]
Personal superannuation contributions overview
By Westcourt Blogger Adding your own contributions to your super fund is a simple and effective way to boost your superannuation. Personal super contributions are amounts an individual contributes to their super fund from their after-tax income. These contributions are in addition to any compulsory super contributions an individual’s employer makes on their behalf and […]
Taking out a chattel mortgage
Taking out a chattel mortgage to finance the purchase of a business vehicle is an attractive option for small business owners from a tax-saving perspective. A chattel mortgage is a mortgage on a movable item of property i.e. motor vehicles. A finance company lends money to a business to purchase a car, which the business […]
Accessing your superannuation
Australians are required to meet a condition of release under superannuation law before they are allowed to cash preserved benefits, restricted non-preserved benefits or access any of their super. Some conditions of release restrict the form of the benefit or the amount of benefit that can be paid. These are known as ‘cashing restrictions’. The […]
ATO warns small businesses of SuperStream deadline
The Australian Tax Office has warned small businesses that time is running out to start paying superannuation contributions in the new and mandatory electronic standard called SuperStream. SuperStream is the new mandatory way employers must make super contributions on behalf of their employees. It involves employers sending all super payments and employee information electronically in […]
Changes announced to ATO withholding amounts
Following an announcement in July, the Australian Government recently increased the 32.5 per cent tax threshold from $37,001 – $80,000 to $37,001 – $87,000. The new PAYG withholding rates will apply to individual taxpayers who earn more than $80,000 from 1 October 2016. The Australian Tax Office provides a range of tables to assist employers […]
SMSF investment in a private company or business
Self-managed super funds (SMSFs) are allowed to invest a private company or business provided the business is operated for the sole purpose of providing retirement benefits for fund members and it is allowed under the trust deed. SMSF trustees must take into account the sole purpose test when determining whether purchasing a private company or […]
Home-based work expenses
By Westcourt Blogger The Australian Tax Office allows Australians who work at or from their home to claim a deduction for the additional expenses they incur from running their business. Generally speaking, the deductible expenses that can be claimed are divided into two categories; occupancy expenses and running expenses. Occupancy expenses: relate to’the place of […]
New PAYG withholding rates
By Westcourt Blogger New PAYG withholding rates will apply to individual taxpayers who earn more than $80,000 from 1 October 2016. The Government announced in July that the marginal tax rate of 37 per cent, for individual taxpayers, will start at $87,000 instead of the current $80,000. This means the 32.5 per cent tax threshold […]
Increased focus on SMSF compliance
By Westcourt Blogger The Australian Tax Office (ATO) is taking a more serious approach to SMSF non-compliance over the coming year. The Tax Office has found that more than an acceptable number of SMSF trustees are lacking transparency and are operating of the system, i.e. not lodging SMSF annual tax returns and/or not undergoing an […]