YOUR SCENARIO Early last week on 3 October 2023, the Federal Government kicked off a consultation in draft legislation that is set to double the tax rate on earnings from superannuation balances above $3 million. QUESTION: If passed Royal Assent, how would the new rules be applied to my superannuation from 1 July 2025? ANSWER: Under the draft legislation, the tax rate on earnings from total super balances (TSB) above $3m will double to 30%, while earnings on super balances below $3m will continue to be taxed at 15%. PRO TIPS A person is not liable to pay Division 296 (proposed taxable superann ..read more

YOUR SCENARIO You and your spouse are sitting on your couch, watching a TV ad, and wondering what would be the best way to deal with your superannuation fund’s assets in the event of death. QUESTION: What happens to your superannuation fund’s assets in the event of death? ANSWER: In the event of your passing, the first step is to refer to your Self-Managed Superannuation Fund’s (SMSF) trust deed to ascertain how it handles death benefits. PRO TIPS It’s essential to understand that your superannuation fund’s assets do not fall under the category of estate assets. Consequently, the executor of y ..read more

YOUR SCENARIO You have been pondering for retirement, and wondering how much you would require retiring comfortably QUESTION: How much assets do I need in order to retire comfortably? ANSWER: The answer it depends on your own definition of “comforts”. For some, comforts may mean not to worry about foods on the table and roof over one’s head, and for others it could mean flying first-class every time they jump on a plane. PRO TIPS It is often suggested you will need around 70 per cent of your pre-retirement income to continue living in the manner to which you have become accustomed to. ASFA sug ..read more

YOUR SCENARIO You have been going through some life events and are in the thick of sorting out your affairs and finances. One of the financial decisions is to put in place a life insurance policy so that in the event of your death, your immediate family is looked after for the designated insurance payout. QUESTION: Is it more advantageous to hold your insurance policy inside or outside the superannuation account? ANSWER: The answer is it depends on number of factors. One of the most important factors is estate planning, if you think your estate is open to challenge then it is generally advisab ..read more

As a small business owner, tracking your financial records is crucial to success. However, it’s not uncommon for small business owners to make bookkeeping mistakes that can have the best small business accountant perth. In this article, we’ll discuss the top 5 bookkeeping mistakes small businesses should avoid in 2023 and the importance of seeking professional bookkeeping services for small businesses. Bookkeeping is a crucial aspect of managing the finances of any small business. Proper bookkeeping helps companies maintain accurate financial records, track expenses and income, and prepare for ..read more

Australian tax deductions for investment property are a great way to make money, but they can also come with hefty tax penalties. And while there’s nothing wrong with that, you need to be aware of the tax implications of your investment. Perth business advice will create a good plan because if you’re not careful, you could end up paying more tax than you need to, or even worse, facing penalties from the ATO. Investment property tax deductions ATO guide to tax deductions for investment property in Australia. Property owners can claim deductions for advertising expenses related to renting out th ..read more

ChatGPT has revolutionized finance and accounting professionals’ work by providing personalized, real-time assistance through AI-powered chatbots. The tool has significantly improved efficiency, accuracy, and cost-effectiveness, enabling businesses to make data-driven decisions.  The introduction of ChatGPT has brought about a significant impact of AI in the finance and accounting industry. With ChatGPT, businesses can automate various processes, such as bookkeeping, invoicing, and financial analysis. This technology has also enabled companies to reduce their operational costs, as it elim ..read more

Bookkeeping is a crucial aspect of any small business. Effective bookkeeping services in Perth can help you make informed decisions, minimise tax liabilities, and ensure the success of your business. Bookkeeping provides a clear picture of the financial health of a business, and it helps owners make informed decisions regarding their finances. Choosing a good bookkeeping service can help small businesses save time and money while ensuring compliance with financial regulations. Business financial advisers can help small business owners navigate these factors and make the best decision for their ..read more

Many individuals choose between using tax software or hiring an accountant when they file taxes. While both options have advantages and disadvantages, it ultimately comes down to what is best for you and your situation. Accountants offer personalised guidance and expertise and can help with tax planning and strategy. Ultimately, the benefits of hiring a professional accountant may outweigh the cost, as they can provide peace of mind and potentially save you money in the long run. When it comes to tax preparation software, there are many options available on the market. The best tax preparation ..read more

The 120% skills and training, and technology costs deduction for small and medium business have passed Parliament. We’ll show you how to take maximise your deductions. Almost a year after the 2022-23 Federal Budget announcement, the 120% tax deduction for expenditure by small and medium businesses (SME) on technology, or skills and training for their staff, is finally law. But there are a few complexities in the timing – to utilise the technology investment boost, you had to of purchased the technology and when it comes to acquiring eligible assets, installed it ready for use by 30 June 2023 ..read more