Setting up an SMSF fund is the simplest step. Establishing a fund which delivers you consistent returns from your investments is much more difficult. Investing successfully involves determining precise goals and picking investments which will effectively achieve those goals. The advantage of SMSFs is that you can build a portfolio which reflects your short-term and…
When your job ends, whether there has been a termination of employment or redundancy you will receive a payment for unused leave. This payment will be taxed differently from your normal income. The taxation will vary depending on the reason why you left the job and any unused entitlements that have been accrued over your…
Superannuation is an attractive target for scammers as a significant volume of funds are placed into super funds by Australians. There are some straightforward steps you can take to protect yourself from super scams. Know the rules Becoming familiar with the rules surrounding superannuation will alert you against scams which make false claims e.g. offering…
The government provides fuel tax credits for businesses with a credit for the fuel tax (excise or customs) that is included in the price of fuel used in machinery, plant, equipment, heavy vehicles, and light vehicles travelling off public roads or on private roads. Fuel tax credits a business receives depend on when the fuel…
Changing of name, address or job can mean that you lose track of some of your super. This means that there is money that belongs to you that is not currently in your super fund. Finding your super will collate your previous lost funds with your current account. It is likely that your lost super…
Businesses that are registered for GST are required to lodge a business activity statement (BAS). These assist in the reporting and payment of: Goods and services tax (GST) Pay as you go (PAYG) instalments PAYG withholding tax Other tax obligations ATO will automatically send businesses who are registered for an ABN and GST a BAS…
Over 70% of Australians have life insurance through their super fund. This acts as a financial safety net through your super if something unexpected happens. There are 3 main types of life insurance that super funds usually provide: Life cover: Also known as death cover, this type of insurance pays a lump sum or income…
Tax audits are conducted when the ATO deems that a more extensive examination of an issue is necessary. These audits can be conducted on a fairly basic level or they can be much more in-depth and analytical. In most cases, there will be a review which then leads to an audit, but this isn’t always…
You may find that accessing your super is the best way to meet your financial needs in a given situation, for example in the early stages of the pandemic. Individuals are able to legally access the funds in their super earlier but there are conditions of release. Common conditions of lease: Reaching your preservation age…
There are various potential ways you can reduce the tax you pay. You may be entitled to tax deductions, offsets or you may choose to opt for salary packaging. Tax deductions will reduce your taxable income amount. For example, potential tax deductions are work-related expenses, self-education expenses, charitable donations, the cost of managing your taxes.…