There are a number of factors that determine the cost of an insurance policy. A cheap life insurance or income protection insurance policy doesn’t necessarily mean it’s an inferior one, and by the same token, the most expensive policy may not be the best to suit your needs. The price of an insurance policy is … Continued
Fuelled house prices and low interest rates, the level of personal debt in Australia is high compared to many other countries The largest proportion of this debt is often used to purchase a valuable asset – the family home. With careful planning, you might be able to control your household debt and use it to … Continued
Want to hold your Christmas party away from work? You might need to understand the tax consequences of such action to make sure there are no unforeseen tax problems. The costs associated with Christmas parties held off your business premises (for example, a restaurant) will give rise to a taxable fringe benefit for employees and … Continued
When rewarding employees with gifts or parties at Christmas, FBT may apply. Even if your organisation is exempt from income tax, providing food and drink could constitute a tax-exempt body entertainment fringe benefit. There’s good news, though. Some FBT exemptions might apply in your circumstances. I bet you want to know the best way to … Continued
Recently, we’ve experienced an increase in clients coming to us with queries on cryptocurrencies. Many clients ask, “what are the practical issues that can arise when investing in crypto?” These ‘issues’ often occur in two areas of the cryptocurrency market: When exchanging one cryptocurrency for anotherRecord-keeping requirements relating to cryptocurrency transactions. Exchanging one cryptocurrency for another When … Continued
Often when starting out in a business, the simplest and cheapest structure to use is either an individual (i.e. sole trader) or partnership. The cost to setup these structures are low, and with the expectation of low revenue in the initial years, it can also be the most tax effective. For a little more money, … Continued
All employees want to minimise their tax payable. Who wouldn’t? A major assumption is that claiming deductions on most receipts means minimising the tax payable – but you need to ensure you are following the ATO guidelines. The ATO states that in claiming deductions, individuals need to ensure they claim only what is related to their profession. With increasing … Continued
Are you a landlord renting out a property or offering short-term accommodation services through online platforms? If so, you should be aware that the ATO has now launched two new data matching programs that will affect property owners such as yourself. What is Data Matching, and how does it affect you? Rental Bond Data The … Continued
With a recorded rainfall of 57mm below average this autumn, it’s little wonder Australian farmers are turning to donations and relief funds to help maintain the vitality of their crops and cattle. While you may wish to make a donation yourself, it is important to first find out whether the recipient is aware of the tax implications associated with receiving crowdfunding payments. What is … Continued
The 7 Mortgage Types There’s a lot more to loans than interest rates and fees. A low rate is important, but it is not everything. There are different types of loans and features that will make managing your mortgage easier. As your mortgage broker, we take the time to teach and advise you on the fundamentals so you can make an informed … Continued
Saving for a deposit? Most lenders require a minimum deposit of 10-20% of the total loan amount. You’ll also need to cover the cost of Lenders’ Mortgage Insurance (LMI) if your loan amount is more than 80% of the value of the property. So ideally, you should start with a 20% deposit to avoid paying LMI. What … Continued
Finding Your Dream Home Once you know what you can afford, you can get a much better idea of what type of home you can buy and where you can live. When it comes to the type of property and location, many first home buyers find they need to compromise in some way. A free-standing … Continued
Looking at buying your first home? With regularly moving interest rates and new products, taking out a loan with a bank may see you lost in an ever-changing market. If you’re looking to purchase your first home, you may also be considering your first home loan; this may seem daunting at first, but it doesn’t need to be. With … Continued
What is Critical Illness cover? Critical Illness cover provides a lump sum payment if you’re diagnosed with a life-changing or terminal disease. It is then up to you to choose how you use this payment – to cover medical expenses, the cost of being unable to work, or to pay your household bills. Why is … Continued
Depreciation can be a rather complex area with specific rules, qualifying dates, depreciation rates, methods for claiming and pre-determined effective lives of assets. As such, claiming depreciation deductions can be a confusing task for many property investors. For this reason, it’s imperative that investors get a depreciation specialist to prepare their tax depreciation schedule. This … Continued
Covered at every age Do you still have the same haircut you had when you were in school? Is your breakfast choice based on which cereal box has the coolest mascots on it? Are you still wearing your high school jumper to the gym? If your answer to any of these questions was a horrified … Continued
Are you ready for the PAYG Payment Summary Report Deadline? At the end of each financial year you will need to lodge PAYG Payment Summary Report with the Australian Taxation Office (ATO). This report should be sent to the employee by 14th July and lodged with the ATO by 14th August. Time is flying so … Continued
When it comes to protecting your family, knowledge is not just power – it’s security. You have a choice when it comes to paying premiums: stepped or level. But what does that mean and which one is right for you? There is no one-size-fits-all answer as both policies will be suitable for different types of … Continued
Tax Saving Tips A couple of days left before the end of another financial year, and let’s admit it, no one really likes to pay high taxes. It is time for some last minute strategies to minimise your tax. If your cash flow is good, it is the best time to spend on extra expenses. … Continued
ATO sets target on Clothing and Laundry Claims Every tax season the ATO has a specific set of targets, and this year it’s work-related clothing and laundry expenses. The Australian Taxation Office (ATO) has warned individuals and business owners that clothing and laundry expenses are not available to many people. In addition, incorrect claiming of … Continued
Risk is inherent in investing and there is no one size fits all approach to managing and dealing with risk. What keeps you awake at night might be well within someone else’s comfort level. The central principal of investing is the higher the risk of a particular investment, the higher the possible return. Of course … Continued
Who to include on your Property Investment Team While property investing is one of Australia’s favourite past times, it doesn’t mean it’s always an easy ride. There are ups and down and certainly rewards to reap. But you do have to put in some ground work and planning to become a successful investor. While this … Continued
What you need to know for SMSFs’ new reporting obligations Self-managed super funds (SMSFs) have new reporting obligations. Commencing from 1 July 2018, SMSFs will be required to report events to the ATO which will have an impact on an individual’s transfer balance account (TBA). A transfer balance account report (TBAR) has been developed by … Continued
On 2 July 2018, the Federal Government will replace the Child Care Benefit (CCB) and Child Care Rebate (CCR). It will be replaced with a single means-tested subsidy, known as the Child Care Subsidy (CCS). Child Care Subsidy will be paid directly to your approved child care provider/s to reduce the fees you pay. In … Continued