Treasury has released draft legislation for consultation to
enact the Government’s plan to increase the tax rate on earnings on superannuation balances above $3m from 15% to 30% from 1 July 2025.
This is the final step before the legislation is introduced into Parliament.
From a planning perspective, for those with superannuation balances close to or above $3m, it will be important to explore the implications of your personal situation – there is no one size fits all strategy and what is best for you will depend on how a potentially wide array of factors impact on your individual scenario.
Please contact us if you would like to discuss saving tax with super contributions.
For the sixth consecutive month, the Reserve Bank of Australia (RBA) has made the decision to increase the nation’s official cash rate, which now sits at 2.60%.
Supply chain pressures and inflation have dominated conversations about investment markets for much of the past year. Reporting season gives Australians a comprehensive look at how these forces are affecting businesses – and what they mean for investors.
For Shannon Smit and the team at Smart Private Wealth, providing a service centred around client education is one of their most important objectives. It is viewed as their defining point of difference.
The Australian government has reinvigorated the 120% skills training and technology costs deduction for small and medium business.
Clients with self managed superannuation funds (SMSF) often ask what assets the SMSF can acquire.
There are two key components at play in the sale of a business: structuring the transaction; and positioning the business to the market.
The tax system currently allows Australia to tax payments made by an Australian customer in relation to technical services provided by an Indian firm.
23:59 UTC on 20 September 2022 is the cut-off to register for your .au direct domain.
You’ve worked hard for what you have – it’s time to protect it for the next generation.
If you’re running a small business and need funds to either run the day-to-day operations of the business or to expand, there are a few different options for funding.
If you’re a manufacturer, then you’re likely often faced with the prospect of needing to upgrade your equipment and working out the best way to pay for it.
Most car buyers will normally think about the type of car they want to buy and then wait until they have done a test drive.
Tenants are slowly returning to CBD offices around the country as businesses get back on track.
Industrial property could be an effective way to hedge against Australia’s highest rate of inflation in decades, according to an expert.
Property prices across Australia have risen sharply over the past 20 years and the rapid increase has made it a lot harder to get into the property.
Buying your first home can be a daunting experience. It will likely take a number of months to get your financials in order and navigate the property search.
As the value of homes has steadily increased over the years, more borrowers have turned to Lender's Mortgage Insurance (LMI).
With the cost of living going up by the day, managing your money can be tricky in the current environment.
The $2,000 Small Business Specialist Advice Pathways Program Grants are for small business to employing small businesses to access financial and legal advice and services to inform current and future business decisions.
Annual reviews are a powerful business tool. They provide insight into the past year through analysing metrics and other data.
Climate change featured heavily during the election and now the Albanese Government is putting into place some of the promises it made. We look at the current state of play and the likely impact.
The RBA lifted the cash rate to 1.85% in early August 2022. With interest rates rising, what can we expect?
The ATO has released updated information on claiming cryptocurrency losses and gains in your tax return.
ONLINE Webinar: Insurance Stripped Bare - What you really need to protect your assets
Consumer price inflation rose by 1.8% in the June quarter, and by 6.1% on a rolling 12-month view. Whilst high, these measures were below consensus expectations. In turn, this prompted hopes that local interest rates might not need to increase as much as previously feared.
For the majority of small to medium sized business owners, the value of your business is your biggest asset, and very likely, your retirement fund.
If you perform some of your work from your home office, you may be able to claim a deduction for the costs you incur in running your home office, even if the room is not set aside solely for work-related purposes.
If you’ve owned your home for a decent period of time, or you’re ahead on your mortgage repayments, then you can potentially use some of the
equity to purchase assets such as a car.
With the spring selling season just around the corner, now is the perfect time to start preparing your home should you want to sell. There’s no doubt if you’re trying to market your property, it’s vital that you are able to make it as appealing to as many people as possible.
The number of cranes in operation across Australia continues to rise, with a steady increase across the commercial sector.
The Property Council of Australia's latest Office Occupancy survey found that Perth’s office occupancy rate continued to improve between May and June (63 to 65 per cent), and Melbourne’s lifted slightly (48 to 49 per cent), while occupancy levels in the ACT declined (60 to 53 per cent).
Debt levels have been steadily rising over the past few decades, but it’s important to understand that not all debt is bad. If you’re finding yourself getting into too much debt through the use of credit cards, there are a few steps you can do to get out of it.
With upward pressure on prices across many sectors of the economy, being able to effectively manage your cash flow is more important than ever. One way businesses can help their cash flow is to finance their heavy or costly equipment.
Renovating a home is a great way to increase both its value and your rental yield, if you’re an investor.
Rentvesting involves renting where you want to live and investing in a property elsewhere so you can get your foot on the property ladder.
For the majority of small to medium sized business owners, the value of your business is your biggest asset, and very likely, your retirement fund.
It doesn’t matter how much you have. It’s what you do with it that counts.
Everyone knows you don't pay tax on the sale of your family home, right..? We take a closer look at the main residence exemption that excludes your home from capital gains tax and the triggers that reduce or exclude that exemption.
There has been some confusion on what the minimum wage increase and superannuation increase means to small business employers.
Many investors become concerned when volatility occurs in global financial markets – particularly about the impact on their superannuation and other investments. In times like these, it is important to understand the causes of market movements and how to minimise your risk.
A testamentary trust is commonly used by estate planning lawyers to protect the assets and inheritance of the testator’s benefciaries from creditors, family law actions and providing flexibility in relation to the distribution of the estate.
There are limits on how much you can pay into your super fund each financial year without having to pay extra tax. These limits are called ‘contribution caps’.
Building Family Wealth takes time. But how easily can it be torn down in expensive litigation, legal challenges and regulatory and economic threat?
Prices on everyday essentials like food, petrol and medicine have increased significantly, impacting us all. Managing these price hikes is even more difficult when you’re living on a fixed income. We unpack how we got here and set out some things you can do to increase your buying power.
Industrial property has been one of the best performers over the past two years and its record run should continue, according to a leading expert.
On the back of a strong Australian economy and solid property market, office investment is set to surge according to new analysis from Knight Frank.
When people buy a car these days, many will use some form of finance. While using finance to purchase a car can help you get the vehicle you want now, it’s important to make sure you’re properly comparing loan options and not just taking what a dealership has to offer.
With interest rates tipped to rise as the RBA begins to return the cash rate to a more normal level, homeowners are wondering what the best way to handle this new environment might be.
As we head towards June 30, it's important to know what last minute tax deductions and changes are imminent. Bianca gives us a concise 5 minute summary on the new superannuation rules effective from 1 July 2022.
Tax planning is more than just a financial necessity—it's a strategic advantage for businesses of all sizes. By proactively managing your tax strategy, you can significantly reduce your liabilities, enhance cash flow, and ensure full compliance with ever-evolving tax regulations.
