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STRENGTHEN YOUR BUSINESS – PLAN FOR RISK Many businesses will fail if they lose one large customer or supplier. Creating a disaster plan will help you cope with the worst possible scenario. It is the nature of entrepreneurship to take risks. But by being strategically diversified businesses can lessen the impact of an unforeseen difficulty. […]

SMSF members whose accounts are in the accumulation (tax paying) phase, should remain informed of which expenses of the fund are tax deductible and which are not. The ATO has guidelines regarding tax deductible expenditure in SMSF funds. It considers something tax deductible if it is an expense incurred while producing or gaming assessable income […]

The last few years have been financially tough on many business, increasing the temptation to cheat with their GST. This is clearly recognised with the Government’s renewed commitment to the ATO’s compliance program. The Government continues the pressure for another two years with the announcement that it will provide $195.3 million to the ATO in […]

Small businesses that are suffering after the economic slowdown following the Global Financial Crisis and declining demand will benefit from a range of measures in the budget designed to stimulate investment spending. The changes directly impacting small businesses from 1 July 2012 relate to previously enacted or announced measures. These include: Allowing small businesses to […]

Property investors could guarantee more cash in their pockets this end of financial year by maximising property depreciation deductions. A qualified quantity surveyor inspects a property and prepares a depreciation report which can then be used as a tax return. The property investor can claim the depreciation of the investment property against taxable income and […]

With tax time in full swing, the Australian Taxation Office has announced tough new measures to clamp down on tax evasion – specifically targeting the hospitality and building & construction industries. The ATO has stated businesses that deliberately use cash transactions to hide income and evade tax obligations will be under the spotlight. Illegal behaviour […]

Time for a little crystal ball gazing and take a look at what 2013 holds. FOR BUSINESS No age limit for super contributions From 1 July 2013, the upper age limit for superannuation contributions will be abolished.   Employers will be required to contribute to the complying super funds of eligible mature age employees aged 70 […]

In December 2011 the Federal Government announced a consultation regarding amendments to the Taxation Administration Regulations 1976 (Cth) (Regulations) to require businesses in the building and construction industry to report payments made to building and construction contractors to the Australian Taxation Office (ATO). This amendment to the current reporting regime is the result of a […]

Retirement Village or Aged Care ? Many people are confused about the difference between retirement village living and an aged care facility. Retirement Villages are legally defined and regulated under relevant state legislation Anyone over 55 can buy into a retirement village lifestyle if they have the financial means to do so.  Whereas accessing most […]

Did you know? Approximately 45% of people over age 70 will use aged care services Accommodation bonds in regional areas and capital cities are now $300,000.00 All too often we procrastinate over financial decisions and panic when the event occurs. Unfortunately this procrastination can limit the financial planning opportunities. This is an all too common […]