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By Adele WardleyThe budget announced last night has proposed many changes to the way superannuation funds are currently taxed. These changes will impact the strategies on how to accumulate superannuation as well as those who are currently paying pensions. It will be critical to review your circumstances before making further contributions and plan to ensure your superannuation is structured to best deal with the changes occurring on 1 July 2017.  The below is a summary of the key proposed me... More...
Written by Adele WardleyThe Federal Labor party today announced that they plan to make changes to the superannuation taxation system. These changes are only announcements - they are not yet law, in fact the legislation has not been provided to Parliament which may make it difficult to pass prior to the election being called. Should the Labor party not be re-elected the announcements may come to nothing.In any case, the announced reforms will:Cap the tax exemption for earnings on superannuati... More...
From 1 July 2013 employers will need to pay 9.25% superannuation contributions on ordinary times earnings of their workers, an increase from the current rate of 9%. The superannuation guarantee percentage will continue to rise each year, until it reaches 12% in the year commencing 1 July 2019.This change will hit businesses bottom line, and you should ensure your budgets for the coming year reflect the increase. For larger employers the change may be substantial. It is also worth reviewing y... More...
Written by Adele Wardley. If you employ staff you need to make sure you meet any fringe benefits tax (FBT) obligations. FBT is paid on certain benefits employers provide to their employees or their employees associates in place of salary or wages. The most common types of fringe benefits include motor vehicles, expense payments and entertainment. FBT is separate to income tax and  is based on the taxable value of the fringe benefits provided. Employers are liable to pay the FBT and will rece... More...
Written by Adele Wardley. As you and your practice prepare for the end of the 2012 financial year, check you have these simple tax strategies covered:Do any repairs and maintenance to the surgery premises that you have been putting off. For small business taxpayers the repairs will need to be paid for by 30 June to be deductible. For larger taxpayers the repairs must be invoiced by 30 June to be deductible this year.Bring forward any expenses you are likely to incur in the next few months. E... More...
Written by Adele Wardley. 1. Ensure any pensions are paid in full before year end. Failure to do so will result in the fund losing their substantial deduction for exempt pension income. See my detailed article here.2. Review the fund’s capital gains tax (CGT) liability, and consider whether there are any capital losses which should be realised to reduce capital gains. Remember that the sale of assets must be genuine, and any capital loss on assets sold and immediately re-purchased will not b... More...
Written by Adele Wardley. If your education relates to your employment keep all receipts for text books, materials, computers/iPads/tablets, internet connections, and study related travel. You may be able to claim a self-education tax deduction. If you are still studying you may consider obtaining employment in an area that directly relates to your course. By qualifying for the self-education tax deduction you will be able to claim a deduction for the education expenses you had to pay anyway... More...
Written by Adele Wardley. Going in to business can be a daunting step, particularly where you have spent many years training as a medical professional but probably no time at all training as a business person. I am often asked “what structure should I use for my medical practice” or “what structure should a doctor have”.I think this question is a bit like buying shoes. When the shop assistant inevitably asks “Which size are you” we would love to be able to turn around and say a number with c... More...
Written by Adele Wardley. Today’s smartcompany article reveals that the average cost to a business of tax compliance is $28,000 and 493 hours per year.Ouch! Imagine what could you do with an extra 500 hours per year.Are you spending your money wisely? Are you getting value for money?Are you leveraging your tax records to help your business make more money?Are you waiting for the government to simplify tax regime or are you going to do something about it? You might be waiting a while! we are... More...
Written by Adele Wardley. Time. It’s probably a small business owner’s most valuable asset and simultaneously their scarcest resource. Being a small business owner myself I understand the list of ideas, tasks and possibilities is almost always bigger than the time I have available. There is nothing quite so motivating as building and maintaining a successful business, yet nothing as frustrating as having more ideas than you have time to implement them.One of the first things many business ow... More...