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Contributions Splitting

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…

Government Superannuation Co-Contribution

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…

ATO Extends Tax Relief and Assistance for people impacted by Bushfires

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…

Break Free from being Asset Rich and Cash Poor

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…

Common Errors made by Individuals that Concern the ATO

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…

Common Errors made by Individuals that Concern the ATO

Changes to Deductions for Payments to Workers

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…

Are you making Personal Deductible Contributions?

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…

Tips to Help you Start your own Business

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…

Teaching children healthy money habits

Teaching children healthy money habits As a parent, you try to ensure your children have the skills to make smart financial decisions. For example, you tell them about the importance of saving or the power of compounding interest. But did you know that you could be sending them negative money messages without meaning to?…

Cashflow tips to keep top of mind

We all like a good cost saving tip, even if it is something we already know. It never hurts to revisit some top tips and take a look at our current situation to see if there are savings to be made. Any little savings we make throughout the year can be diverted to a bigger…

What to consider when transferring your wealth

We spend a lifetime generating wealth but few of us spend the time to ensure it’s passed on in the way we want it to. Having a plan in place for how and when you want your wealth to be transferred, will help all parties understand your intentions and the process. While there isn’t a…

Why does insurance matter?

The unexpected events of the past few years have made financial protection a front of mind matter for most Australians. Now more than ever we appreciate that life does not always go the way we plan. Having a plan in place if things do take an unexpected turn can mean that our health, lifestyle and…

First Home Super Saver Scheme – How does it work?

From 1 July 2022, if you’re a first home buyer you can release up to $50,000 (up from $30,000) from your voluntary super contributions to help you buy your first home. Under the scheme, voluntary concessional and non concessional contributions made on or after 1 July 2017 may be released from super to help you…

More employees eligible for super from their employer

Superannuation Guarantee (SG) requires employer to pay a minimum level of super support for eligible employees. One criteria for an employee to be eligible is based on that employee’s monthly earnings being at least $450 per month. However, this threshold is abolished from 1 July 2022. This measure primarily assists low-income earners to have employer…

Inflation – What Does it mean for Me and my Money?

Inflation is a hot topic at the moment. But what exactly is it, and how does it affect you and your money? Inflation is making news daily through wage inflation, energy inflation, food inflation, fuel inflation… and not just in Australia, but in many other countries too. In simple terms, inflation means that the prices…

How do you know when the advice is right?

Seeking advice can turn your life around and put you on a path to a happier and more secure financial future. But where do you start? Who do you trust? How do you know you are going to get value for money? There are many questions that may pop into your head when you think…

Developing Better Money Habits

The cost of goods and services will always be on the rise. The increasing cost of goods and services is a reality most Australians have to deal with. Data from the Australian Bureau of Statistics shows that living expenses for employee households were up by 1.1% from March 2020, compared to March 2019. This may…