Selling your investment property? Watch out for tax
October 1, 2024
If you are considering disposing of a property, it’s important to understand the implications so that there are no surprises when your tax bill arrives. As with most investment assets, when you dispose of an investment property generally you are liable for capital gains tax. Capital gains tax (CGT) is levied when you make a…
The Rich Life Vol 83
July 1, 2024
Welcome to the new financial year! With the shortest day behind us, the longer days ahead will allow us to enjoy the outdoors, even if there’s still a need to rug up. The Centaur Team is thrilled to announce that Anthony Mirandilla, bringing over 17+ years of experience as a Financial Adviser, will join us…
Tax and super changes for the new financial year
July 1, 2024
The new financial year brings a host of changes to taxes that affect all 13.6 million taxpayers.i The biggest and most high-profile change is the cuts to tax rates from 1 July, which will deliver a benefit to every taxpayer, according to the Federal Government.ii With the changes and extra income on the table it…
Steer clear of these red flags on your return
July 1, 2024
The Australian Taxation Office has provided a heads-up about the areas it will be focussing on when reviewing tax returns this year. The ATO says there are three common errors made by taxpayers: ATO Assistant Commissioner Rob Thomson says while the mistakes are often genuine, sometimes they are deliberate. “The ATO is focussed on supporting…
Investment Property: Getting it right
June 4, 2024
With property remaining a high-priced asset, it’s more important than ever for investors to ensure their property investments are a financial success. The latest data demonstrates property’s popularity. One-in-five households (21%) owns a home in addition to their usual residence.i Maximising taxation benefits is one key element but the ATO recently found 9 out of…
The Rich Life Vol 82
June 3, 2024
With Winter now officially underway, some might be heading north to warm up and others may lean into the cold on the snowfields. Whichever you choose, don’t forget the approaching end of financial year. You may have seen all of the EOFY blogs that we have been sharing over the last few weeks to help…
Smart Super Strategies & EOFY Cut-Off Dates for SuperSMA
June 3, 2024
The lead-up to 30 June can be a good time to maximise tax benefits that may be available to you inside super. With June 30 fast approaching, it’s time to start thinking about your super for another year. Our good friends at MLC have put together a plethora of useful End of Financial Year (EOFY) resources to help…
How to end the financial year on a high note
June 3, 2024
As the financial year draws to a close, it’s the perfect time to review your financial affairs and set the stage for a successful new financial year. By taking care of essential tasks and implementing strategic planning, you can position yourself for a smooth transition and a strong start for the year to come. Topping…
Tax update June 2024
June 3, 2024
Tax cuts ease the message of greater ATO oversight Every taxpayer can look forward to a tax cut from 1 July thanks to the centrepiece of the Federal Budget delivered in May. On average, taxpayers will save around $36 a week under the new rules, which were legislated in February.i The lowest tax rate in…
the PODCAST – Super & Tax Changes + EOFY Tips | Episode 13
April 16, 2024
Centaur Financial Services is delighted to share with you our most recent PODCAST – touching on all of the most recent and upcoming changes including EOFY tips and tricks to ensure you stay ahead of the super and tax game. You can catch the latest episode on Spotify or YouTube. This new episode has our…
New Increased Super Contribution Caps
April 2, 2024
As the end of financial year gets closer, some investors are thinking about the most effective ways to boost their super balance, particularly with an increase in the caps on contributions from 1 July. The concessional contributions cap, which is the maximum in before-tax contributions you can add to your super each year without paying…
An SMSF loan costs more than you think
April 2, 2024
Loaning money from an SMSF to fund members or relatives is against the super laws and can land trustees with big fines, so it’s important to know the rules and not use SMSF savings for anything other than retirement purposes. New ATO estimates show that, in 2020 and 2021, SMSF trustees entered into more than…
The Rich Life Vol 79
March 1, 2024
After a summer of quite extreme weather in many places around Australia, we can hopefully look forward to the cooler, calmer weather that Autumn brings. While economic bright spots can be found in Australia right now, there are also some less than stellar results. On the positive, inflation has remained at a two-year low giving…
Understanding the new $3m super tax
March 1, 2024
The much debated tax on superannuation balances over $3 million is inching closer and those who may be affected should ensure they have considered the implications. Although it is not yet law, the Division 296 tax should be taken into account when it comes to investment strategy and planning, particular in relation to any end-of-financial-year…
Tax Alert March 2024
March 1, 2024
New controls for ATO Online and tax charges non-deductible Following the use of stolen personal data to access ATO Online accounts, the federal government has tightened the access rules to online tax accounts as part of an increased focus on the vulnerability of small and medium businesses to cyber incidents. ATO interest non-deductible From 1…
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