Australia’s worst super funds have finally been placed in the village stocks for all to see. The YourSuper comparison tool was released earlier this year, it offered investors the ability to sort through various super fund options who have a MySuper default option and compare fees and returns over a 7 year period.
Read MoreIt’s difficult to consider how your family will be looked after and how your assets will be treated following your death. However, implementing a clear estate plan ensures that your wishes will be honoured and your loved ones will be cared for when you’re no longer around. You may already be familiar with the benefits of a Will, but have you considered a Testamentary Trust? If you think Testamentary Trusts are only for complex estates or the very wealthy, they’re not – so read on!
Read MoreInflation, for so long a low priority concern for investors, came storming back into the headlines recently with news that Australian consumer prices had risen at their fastest annual pace in almost 13 years. What are we to make of this?
Read MoreSeven News recently featured a story on rocker Jimmy Barnes. Jimmy was selling up his family home in Sydney to move to his new base in the Southern Highlands of NSW. What was the price to take over the working-class man’s converted Botany warehouse? Jimmy was hoping to get $4 million, after paying $1.61 million 17 years ago and spending another $1.6 million on renovations. The reporter described it as a “clever investment”. Putting $3.21 million into something and getting $4 million back after 17 years is an annualised return on investment of 1.3% (not what we would describe as a “clever investment”.
Read MoreIf you’ve struggled to spare a moment to ponder what will happen to your family if you pass away, know that you are not alone. While we all want what’s best for our families, we understand that it can be difficult to consider the type of life your loved ones will lead following your death; how will they afford to pay the bills? Will they be able to manage their debts? What will happen to their livelihood when you’re no longer there to provide for them? This is where Life Insurance steps in.
Read MoreA study from 2010 titled Predicting the Next Big Thing: Success as a Signal of Poor Judgement, measured biannual economic forecasts published in The Wall Street Journal. The study found that someone who successfully predicted an extreme event was perversely more likely to be a poor forecaster.
Read MorePredicting where economies and markets are headed is a popular pastime around the beginning of a new financial year. Newspapers tend to call up economists and ask them for their ‘outlooks’, which inevitably have a short shelf life. Take 2020/21 for instance.
Read MoreAttention turned to vaccinations and reopening economies in the second quarter of 2021, by the end of the quarter over 3 billion vaccine doses had been administered globally. There are now strong indicators of a robust and lengthy economic expansion ahead. Around the world there are now businesses desperate to hire new employees, millions of consumers with money burning holes in their pockets, and ongoing fiscal and monetary support from governments and central banks.
Read MoreOne question that often comes to mind when a new financial year ticks over and you’re busily “getting your tax stuff ready” is how long do I need to keep receipts for? For most the answer is simple however there may be some surprises, particularly for those taxpayers and business owners who own property and assets. The countdown to disposing of records may not be as simple as counting back the years.
Read MoreAs the 2021 financial year has come to a close and the calendar resets, not only is it a great time to stop for a break, but it’s also a fantastic time for business owners to review their record keeping practices. Things to consider are the types of tools available to help business and to give the ultimate reward: time and efficiency.
Read More“Good and getting better!” Those are the first words he says every time he visits our office. The question he’s asked that prompts such positivity? “How have you been?” He’s a long-term client, now into his mid 50’s whose optimism never fails to impress us. You might be wondering why is this man so positive? There could be plenty of reasons. Some people may call him an optimist.
Read MoreThere has been a lot of government support since the pandemic reared its ugly head, both at federal and state – and even local council – levels. Much of this stimulus has (thankfully) been centred around SMEs and keeping them alive, so that business owners can continue to employ local people and support our thriving small business sector.
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From pooches to second-hand cars, to homes in regional areas, to ground beef in the supermarket. Everyone has a story about how their money is buying less. This is essentially what inflation is: “A supply constraint which leads to a shortage of labour and products, resulting in a higher bid for labour and products and higher prices.” The gauge we are given is the Consumer Price Index figure.
Read MoreDo you have a Self-Managed Super Fund (SMSF)? There are some time sensitive things that you should consider in the lead up to the end of this financial year. Forward planning is always important, as is seeking advice from your accountant or financial advisor.
Read MoreThe budget handed down by the Federal Government on 11th May 2021 continued the focus that has existed for the last 12 months: Rebuild and Recovery. As we continue to navigate COVID, the Federal Government has focused their 2021 budget on relief measures to assist families and businesses while starting to rebuild their reserves. Following is a summary of the key areas that will impact both individuals and business as we move into the 2022 financial year and beyond.
Read MoreAs we head towards the finish line of the 2021 financial year, businesses are in for a number of significant and material changes from 1st July 2021 that will require some forward planning and update of systems. We have provided a summary of the key measures that will need to be considered by all businesses to ensure compliance.
Read MoreHas it been some time since you last sat down and thought about your estate planning? Do you know exactly where your assets will go and how they will be distributed to your estate beneficiaries? Do you know whether your estate will have to pay tax and where the money for this will come from?
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The Federal Treasurer, the Hon. Josh Frydenberg MP, delivered his third Federal Budget on 11 May 2021. The Budget papers include a number of measures that may impact you, especially in the superannuation area. On the personal taxation front, the proposed changes include an extension to the low and middle income earner tax offset and modernising the tax residency rules. For businesses, there are proposed extensions to full expensing and loss carry back rules, as well as a number of employment boosting initiatives.
Image Source: Source: AAP
Read MoreAs we head towards the finish line for the 2021 financial year, it is a good time to consider the new measures coming on from 1st July 2021 and how they may affect many businesses. Early consideration provides a business owner to consider any changes or updates they need to engage in prior to 30th June 2021.
Read MoreThis week we have some information for you on renewing your ATO Business Portal Authorisation and some important information on Depreciation and Immediate Deductions. We are currently operating under the business taxation rules where most taxpayers are able to claim an immediate deduction for the purchase of depreciable assets until 30th June 2022, but as with all tax matters, there are “some twists and turns” so please check with our office before you buy.
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