A 2018 study revealed that almost 40% of Australians think they won’t have enough money to retire on – and that number is on the rise. Managing your superannuation fund can be confusing but it was found that 50% of us do not consult a financial planner. As we face different financial challenges at different…
On the occasion that you are required to travel overnight for work, you may be eligible to receive a travel allowance from your employer for accommodation, food, drink or incidental expenses. The reasonable amount of travel expenses is updated yearly and is based on job type and salary. From this allowance, tax deductions are to…
How to reduce the hassle of missing your employee’s super payment. The Super Guarantee Charge (SGC):The SGC may apply to employers who do not pay the minimum super guarantee (SG) to their employee’s designated superannuation fund by the required date. The non-tax-deductible charge includes the SG shortfall amounts with interest and a $20 administration fee…
As of 29 January 2019, the Instant Asset Write-Off Scheme will be extended to 30 June 2020 for assets purchased under $25,000. The Instant Asset Write-Off affects small businesses with a turnover of up to $10 million a year. It allows business owners to immediately deduct assets costing up to $25,000 which can then be…
Sometimes a self-managed super fund (SMSF) isn’t for you. While that is ok, getting out of an SMSF can be a tricky and complicated process. Every individual involved in an SMSF is responsible for their part. No decision can be made on their behalf or outsourced to another member or industry professional. Once deciding to…
First introduced in 2015, SuperStream is a government standard for processing superannuation payments electronically in a streamlined manner. Currently, SuperStream can only process rollovers between two APRA funds electronically but a change coming into effect on 30 November 2019 will now see this process extend to self-managed super funds (SMSF). This means rollovers between an…
It’s no secret that the median super balance for Australian women at the time of retirement is significantly lower than that of their male counterparts. The Australian Commission & Investments Commission (ASIC) have reported that men retire with about twice the amount as women. The discrepancy is reportedly even higher between Mums and Dads. Between…
On 1 July 2018, the Australian Tax Office (ATO) rolled out Single Touch Payroll (STP). This changed the way employers with 20 or more employees report their employees’ tax and super information. Generally through payroll or accounting software that offer STP reporting (or through a third-party service provider), employers are expected to report information on…
Merging your super is vital to maximising your retirement savings. Changing jobs over the years will put you at risk of losing some of your super if your previous employers have set up accounts you have forgotten about. Fees will erode the balances on these inactive accounts and result in you losing your hard earned…
You can claim tax deductions for expenses related to business travel provided you follow the ATO’s rules. Eligibility requirementsYou must fulfil certain eligibility requirements for your tax deduction claims to be valid. You can only claim a tax deduction if you: Travel once your business has already started Keep records and documentation to provide evidence…