I have written over the past few year or so about the upcoming need to pay superfund contributions via superstream. Now the deadline has arrived for small businesses. It’s compulsory from 1 July 2016. Therefore the April super payments are the last time you can pay super contributions for your employees (or yourself) using cheques,… Read More Superstream – No avoiding it now
This post comes as we hopefully enjoy some time off and lots of chocolate over the Easter weekend. Hubby is away and I am not sure where he has hidden my Easter egg, but I am sure he has put it somewhere and not forgotten! But for some, unfortunately this time of year is not… Read More Easter Eggs and Huge Tax Bills!
Update for 2016. Due to changes since the release of this post, please note the following updates; the $150k non concessional cap referred to in the video is now $180k; and the age at which you can start your transition to retirement pension is linked to your date of birth and may be higher than age 55. … Read More Why Super is so Super
Transition to retirement pensions enable those who are still working to turn their superfund into a tax free pension earlier. The main benefit of this is that the pension fund pays no tax on its income earned or capital gains, enabling it to grow more quickly. The date at which you can turn on a… Read More When Can I start a Transition to Retirement Pension?
Hi Homeowners Thinking of renting your home (or part of it) on AirBNB or some similar website? It should be pretty obvious that the income, less relevant deductible expenses over the period of the let, will be taxable and needs to go on your tax return. However, you also need to be aware that as soon… Read More AirBNB
Dear Employers Just a reminder that in order to ensure you can claim a deduction for employee super you need to pay it on time. If you pay it late. it may not be not deductible as an expense to your business. Additionally there is lots of hideous paperwork required to pay any late super direct… Read More Employee Super is Due
Hi I loved this article and wanted to share it with all those of you who may be grappling with IT costs & social media when running a small business. Click here to read Running your business on a $1 a day I hope you enjoy it, and if you want to discuss the Quickbooks online cloud… Read More Running your business on a $1 a day
Hi An oldie but a goodie this one. If you are over age 56 and don’t have a transition to retirement pension in place then you are paying more tax than you need to. So, unless you are happy donating your hard earned dollars to Tony and his friends, call me to discuss how you can… Read More Over Age 56?
Hi Continuing with the June theme of year end tax saving tips, some of you might like to consider making a super contribution into your spouse’s super account. If your spouse has income of less than $10,800 in the 2015 year, you can receive an 18% rebate on contributions made into their account. The maximum… Read More Save $540 of tax with a Spouse Super Contribution
Super Co-Contribution rules for 2014/5 Yes the co-contribution is still here – just! The maximum the government will pay into your super is $500. To receive this you need to make a personal contribution to your superfund before 30 June 2015 of $1,000, and satisfy all the eligibility criteria as follows….. At least 10% of your income… Read More Free Cash from the Government
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