News

  • Mortgage vs super – where should I put my extra cash?

    Mortgage vs super – where should I put my extra cash?

    Many of us wonder about the best vehicle to use for our extra savings. Is it better to direct extra savings to your mortgage or superannuation? As with most financial decisions, there is no one-size-fits-all approach as it depends on a number of factors for each individual.  Paying extra off the mortgage The priority for…

  • Succession planning for family businesses

    Succession planning for family businesses

    For most family businesses as well as private groups, succession planning (sometimes known as transition planning) involves considerations around the eventual sale of your business, or the passing of control of it to other family members when you retire. Depending on your circumstances, this may include realising assets and making other changes to ownership, but…

  • Rental properties – traps and pitfalls

    Rental properties – traps and pitfalls

    Following the ATO’s claims that nine out of ten residential rental property investors who have been audited have been getting their returns wrong, it might be worth touching on some of the tax traps and pitfalls to be wary of. In no particular order, these include: Apportionment of rental income and deductions Where a rental…

  • Getting the most benefit from fringe benefits

    Getting the most benefit from fringe benefits

    The most cost-efficient benefit an employer can give an employee is one that is both deductible for income tax purposes and exempt from Fringe Benefits Tax (FBT).   One such type of benefit is the ‘work-related item’ FBT exemption.   Like all concessions, there are some requirements that must be met to take advantage of it. What…

  • Trusts – are they still worth it?

    Trusts – are they still worth it?

    The recent ATO crackdown on trusts will no doubt have some business owners (and even some advisors) asking themselves the question: Is this structure for business purposes still worth it? To recap, trust distributions have been under the ATO microscope in recent years. The latest ATO crackdown was in February 2022 when it updated its…

  • Time for a restructure?

    Time for a restructure?

    The new financial year can be a time where business owners look at their operating structure and consider whether it still meets their needs. Choosing a structure is not simply about minimising tax, rather a range of factors should be considered as such as asset protection, establishment and ongoing compliance costs, succession planning, and your…

  • Super contribution caps to increase 1st July 2024

    Super contribution caps to increase 1st July 2024

    For the first time in three years, the superannuation contributions are set to increase from 1 July 2024.  Contribution caps to increase Due to indexation, the contribution caps will increase on 1 July 2024 as follows: What are concessional contributions? Concessional contributions (CC) are before-tax contributions and are generally taxed at 15%. This is the…

  • GST refresher for your business

    GST refresher for your business

    Most businesses are familiar with how GST works. But here’s a few reminders to make sure you’re being compliant and maximising your GST claims.  GST is paid at each step in the supply chain and business charge GST in the price of goods, services or anything else they supply. If an entity is registered for…

  • The importance of cash flow forecasts

    The importance of cash flow forecasts

    With many economists predicting a slowing of the economy, planning your business’s cashflow is more important than ever.  Studies suggest that the failure to plan cash flow is one of the leading causes of small business failure. To this end, a cash flow forecast is a crucial cash management tool for operating your business effectively. …