Paying taxes and maximising tax deductions
August 11, 2020
Tax time can feel stressful; however, paying close attention to allowable deductions may lower the tax you need to pay on your tax return. Here are some allowable deductions you may wish to consider when preparing your next return. While every person’s financial circumstances are unique, it can be helpful to be aware of some…
5 common financial mistakes to avoid during a crisis
August 11, 2020
The economic impact of the COVID-19 pandemic is playing havoc with finances for many households. In an ideal world, the financial boost should be enough and assumes that everyone was financially prepared for tough times. But in times of crisis, it can all be a little overwhelming. Here are 5 common financial mistakes to avoid…
Balancing wealth and happiness
August 11, 2020
It can at times seem like life is a seesaw of logic and emotion. If you believe by emotion, then no amount of reason can talk you out of how you feel. It’s how some fall prey to a life of worry, frustration and disappointment. But if you stay focused on what matters most right…
A baby boomer’s retirement path
July 15, 2020
Baby boomers are born consumers and love choice. For those unsure, a baby boomer is generally defined as those born just after World War II – 1946 to 1964. During these years, the number of babies born in most western nations, including Australia, was staggering. Today, around 20% of Australia’s population is made up of…
Family trusts under ATO scrutiny
July 13, 2020
Family trusts have stood the test of time as a means of protecting family and business wealth, and managing the distribution of trust income in a tax-effective way. But the misuse of these tax benefits by a small minority periodically puts trusts in the firing line of the Australian Taxation Office (ATO). With the ATO’s…
New financial year – new perspective
July 13, 2020
The start of the financial year is always an excellent time to take stock of your current situation and visualise where you’d like to be in the future. It’s fair to say this year hasn’t been ‘business as usual’! While no-one could have predicted the first six months of 2020, nor want to repeat them,…
Making your wishes known
July 13, 2020
While Australia’s handling of the COVID-19 pandemic was among the best in the world, the speed and spread of the illness underlined just how fragile life can be. It was also a solemn reminder of the importance of ensuring your affairs are in order, so your wishes are met – in life and death. The…
How COVID-19 changes tax time
June 30, 2020
As this financial year draws to a close, it will be viewed as a year like no other. COVID-19 (coronavirus) has impacted everybody’s life, albeit in different ways for different people. For some, staying at home has meant you have greater savings; for others, the virus has meant lower wages or even the prospect of…
Is your SMSF balanced?
June 9, 2020
The recent sell-off on global sharemarkets due to the economic impact of COVID-19 has highlighted the risks of depending too heavily on a single asset class. Even before the current crisis, the ATO was concerned about a minority of self-managed superannuation funds (SMSFs) with up to 90 per cent of their money in a single…
Starting over: how to bounce back after 60
May 11, 2020
Have you ever gone through a major life event that forced you to start again? For some, it’s a scary time filled with change, anxiety and confusion. But it doesn’t have to be that way. You’re human and starting over is not something you have to do alone. That’s what bouncing back is all about….
Withdrawing Super: what to consider
May 11, 2020
The federal government has been releasing details of financial support available to Australians who have lost income due the economic impact of the COVID-19 pandemic. A huge number of us have been affected in some way and many have been left feeling stressed and confused about what to do to keep afloat. Although concern about…
5 Tips to work productively remotely
April 14, 2020
In the current climate, many businesses are needing to make changes to accommodate staff working remotely. If you are able to work from home the ensuing changes to your work habits can be challenging to negotiate, however there are things you can do to ensure that you maintain productivity and motivation while you’re not in…
JobKeeper Payment now officially passed by the Government
April 14, 2020
On April 8th, the JobKeeper package was passed by both sides of Parliament and legislated. This update offers further guidance on the scheme. Workers with multiple jobs If you are employed by multiple businesses, you are only eligible to receive the payment from your nominated primary employer. Timing The JobKeeper will be available from March…
Temporary Relief for Financially Distressed Businesses
April 14, 2020
The coronavirus is first and foremost a health crisis, but as measures are being taken to reduce the spread of the virus throughout the community, many profitable businesses may temporarily suffer financial hardships. The Government announced the following initiatives to assist these businesses to make it through the crisis and resume normal business. Temporary higher…
Temporary Access to Super
April 14, 2020
As part of the measures taken by the government to support those impacted by COVID-19 some people will be able to access up to $10,000 of their super between now and 1 July 2020, with a further $10,000 in the first three months of the 2020-21 financial year, tax Complimentary. Those who are eligible include…
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