Posts by nathan-creativeserumcom

Splitting contributions may enable you to build your super with your spouse and reduce your tax. Super contributions splitting generally allows you to split up to 85% of your employer super contributions and personal deductible contributions with your spouse. What’s in it for me? Boost the super balance of your spouse and grow your retirement…

What is the Government Superannuation Co-Contribution initiative? This is an initiative to help you save more for your retirement. The co-contribution is a payment the Government makes to your superannuation if you are in the low to middle income thresholds, make voluntary after-tax contributions to your super, and satisfy other eligibility criteria. Generally, income thresholds…

The Commissioner of Taxation Chris Jordan announced that he has extended a package of tax assistance for people impacted by the recent devastating bushfires in New South Wales, Victoria, Queensland, South Australia and Tasmania as part of the whole-of-government response to the disaster. Approximately three and a half million businesses, individuals and self-managed superannuation funds…

Are you asset rich but cash poor? Do you want to boost your income? You are not alone. According to the Australian Bureau of Statistics almost one-third of older Australians in low-income households were asset rich but cash poor. It was found that most of their wealth was tied up in liquid assets (most commonly…

The ATO has outlined common errors that need more attention when completing Income Tax Returns. Are you aware of the following? Work-related expenses Individuals are entitled to claim deductions for certain work-related expenses if: They spent the money and were not reimbursed by their employer The expense was directly related to earning their income and…

The ATO has outlined common errors that need more attention when completing Income Tax Returns. Are you aware of the following? Work-related expenses Individuals are entitled to claim deductions for certain work-related expenses if: They spent the money and were not reimbursed by their employer The expense was directly related to earning their income and…

From the 2020 financial year onwards, businesses cannot claim deductions for payments to workers if they have not met pay as you go (PAYG) withholding obligations. If the PAYG withholding rules require an amount to be withheld, to claim a deduction for a payment to a worker, the business must: withhold the amount from the…

By making personal contributions to your super, you may be able to claim a tax deduction to reduce your tax liability. What are the benefits? Pay less tax by reducing your taxable income, while growing your retirement savings quicker Retirees, self employed persons and homemakers can build wealth more effectively Since 1 July 2017, this…

Starting a new business is exciting but there’s a lot to think about and organise. Before you even begin, you should consider how prepared you are to make difficult decisions, work long hours, face financial constraints, lose sleep and confront failure. 1) Research If you have the drive to create a successful business, despite your…

A spouse contribution involves making a contribution to a spouse’s super fund to build their retirement savings. By contributing to your spouse’s super, you can receive a tax offset and help to build your joint retirement savings. What are the benefits? You may receive a non-refundable tax offset up to $540 for contributions made on…