With the changes to the superannuation laws from 1 July 2017 most pre retirees are concerned that they will outlive their retirement and investment assets in retirement. Others are concerned that they only will have two choices. (i) they either downsize their residence to free up capital in order to retire, or (ii) continue to […]
Category Archives: Articles
After much success last year, I’ve decided to do the CEO Sleepout once again. Homelessness in Australia is an issue that sits under the radar for most of us. I feel that as a community, it is up to us to make a positive difference to those who need a hand up when things get […]
The clock is ticking for investors who want to take advantage of the more generous tax concessions available in super this financial year. As of July 1, new rules come into effect that will reduce contribution limits. Until then, individuals can make a non-concessional (after-tax) contribution of up to $540,000 under the bring-forward rule which […]
Are you in a blended family relationship? If you answered “yes” to this question, read on. By way of an example, let’s say that you are now in a relationship where you have children from a previous relationship and your partner, spouse or de-facto has children from his/her previous relationship. With regard to your superannuation […]
Beware, the Australian Taxation Office is concerned that taxpayers are not disclosing in their tax returns; 1. The correct dividends 2. The correct capital gains, and 3. Corporate actions, for example, corporate reconstructions that result in dividends or shares being allocated to shareholders. As a result the ATO has a data matching program to ensure […]
Our attitude to money and investments change as we age. In this series we look at each decade of our financial life and look at the relevant financial strategies we need to address. The first decade of our financial adult life is in our 20s. Experts tend to say that 20 somethings do not take […]
From my experience as a Chartered Accountant and Certified Financial Planner many property investors do not claim all the tax deductions they are entitled to. To assist you to legally minimise your taxation liability this year I have prepared a comprehensive list of tax deductions. Rental property expenses; Advertising for tenants Bank charges Body corporate […]
New rules to prevent foreign residents avoiding tax when they sell Australian property will affect everyone buying or selling property with a market value of $2 million or more from 1 July 2016. Many transactions involving shares in a company or units in a trust will also be caught. From 1 July, a 10% withholding […]
The ATO will acquire details of registered voters on the Commonwealth electoral roll from the Australian Electoral Commissioner. This data will be collected on an ongoing basis and is refreshed every three months. The data items that will be obtained are personal details of: Name of the registered voter. Their residential address. Sex of the […]
Collectables and personal use assets include artwork, jewellery, vehicles, boats and wine. Investments in these assets must be for genuine retirement purposes. That is, investments in superannuation funds must satisfy the “sole purpose test”. The sole purpose test is a test that ensures that a superannuation fund is maintained for the purpose of providing benefits […]