Life cover is also known as term life insurance or death cover. Life cover provides peace of mind by paying a specified amount to your beneficiaries, ensuring that they are looked after in the event of your death. A lump sum or equivalent instalments can be paid to the policy owner, nominated beneficiaries or to […]
To make sure that they are properly prepared for their tax returns in the lead up to the end of the financial year, the ATO have recently released a publication for rental property owners called Rental properties – claiming travel expense deductions. In this report, rental property owners can find information on what they can […]
The Tax Office has been very interested in the way business owners and operators distinguish between their cash and the cash inside a business. Trusts are the latest in a long line of rules and regulations introduced over the last few years to pin down the flow of cash between different entity types and business […]
Australia survived the global economic crises relatively unscathed but be wary, it might not be over yet as our economy is still susceptible to international conditions. We’re predicted to grow at a comparably healthy 3.25% but that assumes that conditions remain reasonably consistent. Not all that long ago a change in economic conditions in smaller […]
With a new financial year just under way you have the opportunity to financially map your business. If you get this financial mapping right, you reduce your risk and remove some of the surprises that can occur along the way. Start by putting together an operating budget for the business. All businesses should have budgets […]
We understand. Having your accountant tell you how to prepare for the end of the financial year is a bit like your dentist telling you to floss every day or that recent advertising campaign extolling the virtues of eating an apple a day. We know we should but…So, we’re making it easy for you with […]
The Australia Tax Office has issued a fact sheet providing taxpayers with a timely reminder in relation to the documentation that needs to be kept when a CGT event is triggered. Although its title refers to small business, the fact sheet is useful for a wide variety of taxpayers. Documentation would need to be kept for the […]
Concessional contributions cap The Government has reduced the cap on concessional contributions from $50,000 to $25,000 p.a. for the 2010 financial year, and the transitional cap for those 50 or over from $100,000 to $50,000 p.a. from 1 July 2009 to 30 June 2012. (See table below) Concessional contributions include: employer contributions (including contributions made […]
Medicare is the scheme that gives Australian residents access to health care. To help fund the scheme, resident taxpayers are subject to a Medicare levy. Normally, the Tax office calculate the Medicare levy at the rate of 1.5% of your taxable income. A variation to this calculation may occur in certain circumstances. The 2010 income […]
Transitional measures: Reduction in annual minimum payments for the 2010 financial year The Federal Government is providing temporary relief for individuals receiving payments from income streams by halving the minimum drawdown rate payable on income streams for 2010. The relief applies to allocated pensions, account based pensions, market linked pensions (term allocated pensions) and transitional […]
SIGN UP for Latest News and Events
