This is an extract from Jason Cunningham’s latest book, Have your cake and sell it too: the 7 key ingredients of business success. We’ve all been there: standing around the barbie, listening to someone bang on about how little tax they pay. But scratch the surface and you’ll often find these people are not paying tax for one primary reason: they’re not making any money. Paying tax is not necessarily a bad thing. For one, you get that warm inner glow from contributing to society. But more … [Read more...] about 3 reasons to do tax planning this year
The Practice is thrilled to announce we are joining forces with specialist business advisory firm Knightstone. The new entity, operating under The Practice brand, will offer an even deeper range of Business Advisory consulting capabilities to support the strategic objectives of business owners, and will add increased property capabilities as part of the Personal Wealth Advisory division. “There’s a real synergy between the two entities that will only be enhanced by coming together”, said … [Read more...] about The Practice and Knightstone join forces
ATO data regarding Super Guarantee non-compliance The ATO has provided some information about Superannuation Guarantee (SG) non-compliance in its submission to a Senate inquiry into the impact of the non-payment of the Superannuation Guarantee. In addition to marketing and education activities to re-enforce the need for employers to meet their SG obligations, the ATO conducts audits and reviews to ascertain SG non-compliance, with 70% of cases stemming from employee notifications (the … [Read more...] about Tax update
You’re far too busy running your business, doing your job, or managing your household, to hunt down a better interest rate, investigate new investment opportunities or review your personal insurance to ensure you’re adequately covered... that's our job. We see our role as more than just your accountant / financial planner / mortgage broker; think of us as your personal advisers who are here to help you ensure you are financially organised. Just some of the ways we can help: Protect … [Read more...] about Want to build wealth? We’ve got you covered
As another year races by, it’s timely to recap some of the important changes at The Practice this year, and hint at some of the exciting plans we have in store for 2017: Important changes 1/ The firm has decided that we need Robert Hadded’s hands-on skills as we continue to refine our Personal Wealth Advisory offering. He will head up this division throughout 2017, bringing with him a wealth of experience in finance, structuring and asset protection, and of course tax. His leadership … [Read more...] about Big changes, exciting plans
Most pundits expect the RBA to cut the cash rate again this year. Some even predict the cash rate will fall to 1.5%. This gets mortgage holders and property investors excited. The question is… why? Obviously new investors can get a great deal, but I challenge people to look at the rate decision differently. What’s the actual impact for existing mortgage holders? Do you automatically get this new rate cut (and the previous cuts) passed on to you in the form of a reduced mortgage … [Read more...] about RBA to drop cash rate again… SO WHAT? How does it actually impact YOU?
Some of the areas that the ATO has stated it will be focusing on are: Work-related expenses: motor vehicle expenses for travelling between home and work; overnight travel; and the work-related proportion of use for computers, phones and other electronic devices. Rental property expenses: excessive deductions being claimed for holiday homes (deductions should be limited to the amount of income earned, or to the number of days actually rented out at a commercial … [Read more...] about Are you an ATO audit target?
Get smart (and save) at 30 June With the end of the year fast approaching, we’ve put together a handy guide to get you thinking about what you should be doing prior to and immediately following the end of the year. These actions will increase efficiency and simplify your affairs, and could also save you considerably at tax time. While not all will be applicable to everyone, they’re all worth considering. DOWNLOAD: Get smart and save at 30 June Questions? Contact us on (03) 8888 4000 … [Read more...] about eNews: June 2014