News


Top 5 tax strategies for investors

03

May 2011

Top 5 tax strategies for investors

The end of the financial year is fast approaching and I am often asked about various taxation implications for investors so below are 5 common items to consider. One should not invest solely to obtain a tax benefit. Tax should never be the driver of investment decisions, however, there are tax strategies to consider as part of wealth creation planning. (I saw the above jar...

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Why is the Australian Tax System Unique?

07

Apr 2011

Why is the Australian Tax System Unique?

As per the Australian Institue of Chartered Accountants magazine for April 2010:  Australia has one of the most complex tax systems in the world  There are roughly 5,700 pages of income tax legislation in Australia  Australians currently pay 125 taxes; of these, 10 taxes collect 90% of the revenue  The number of taxes rise to 259 when you consider that states have different taxes  73%...

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Super contributions – too much of a good thing?

29

Mar 2011

Super contributions – too much of a good thing?

Last year approximately 40,000 people contributed too much to their superannuation, with these excess contributions attracting up to 46.5% tax. While the Government encourages us to top up our super by offering a favourable tax environment for super contributions and earnings, it also sets a limit on the amount of contributions that can be made to your super. So it appears that too much of...

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Quarterly Business Newsletter (2011 Quarter 1)

08

Feb 2011

Quarterly Business Newsletter (2011 Quarter 1)

Please click on this link to view our quarterly business newsletter.   Topics for the first quarter of 2011 include: Starting 2011 on a positive note Learning new business strategies Business, marketing and social media Watch out for sham contracting Time to update your business systems ATO extends business relief Book review: The one page business plan Key dates for the quarter


Flooding in Queensland

13

Jan 2011

Flooding in Queensland

Well it sure has been an interesting few days. My wife and I returned on the 8th of January from an overseas holiday excited to be back in Australia. On Monday the 10th we were in Toowoomba for a few meetings with the intention of being back on the Gold Coast by the evening when all of a sudden we were on the receiving end...

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Scams to be aware of

01

Nov 2010

Scams to be aware of

Be aware of counterfeit ATO cheques supposedly issued by the ATO and drawn on Reserve Bank of Australia. The counterfeit cheques are realistic in look and feel authentic; only after being put through a fluorescent scanner are they revealed to be fakes. The counterfeit cheques are being sent from overseas as advance payment for accommodation, quite often around or near universities. The cheques are made...

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You are being watched: The ATO data matching program

29

Sep 2010

You are being watched: The ATO data matching program

I have noticed an increasing level of sophistication in recent years regarding the Australian Taxation Offices (‘ATO’) data matching capabilities. Below is an extract of information gathered from the ATO discussing their ability to gather and analyse your information. From my perspective I would prefer to sleep well at night than worry about a few undisclosed dollars snuck away under the table. Overview of the...

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Helping you to start a small business: New Enterprise Incentive Scheme

11

Sep 2010

Helping you to start a small business: New Enterprise Incentive Scheme

Helping you to start a small business: New Enterprise Incentive Scheme Eligible job seekers who are interested in starting and running a small business can access assistance through the New Enterprise Incentive Scheme (NEIS).NEIS provides accredited small business training, business advice and mentoring for eligible job seekers, as well as ongoing income support for up to 52 weeks. Your NEIS provider will help you decide whether...

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First home saver accounts – what you need to know

08

Aug 2010

First home saver accounts – what you need to know

  Introduction First home saver accounts offer a tax-effective way of saving for your first home through a combination of government contributions and concessional tax rates. These accounts are available from certain financial institutions, including banks and credit unions.To help you work out if a first home saver account will suit you, visit the Australian Securities and Investments Commission (ASIC) website – FIDO – at http://www.fido.gov.au/firsthomesaverFIDO’s...

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Free money from the government: super co-contribution

15

Jul 2010

Free money from the government: super co-contribution

The super co-contribution is a government measure to boost super savings. If you are a low or middle income earner, you may be able to receive the super co-contribution from the government by making eligible personal superannuation contributions to your fund. You do not have to contribute the full $1,000 to be eligible – any amount up to $1,000 will attract the super co-contribution. The...

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