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Federal Budget 2018 – 2019 Insights

The Federal Budget was handed down on 8th May, with a variety of measures that leave us in no doubt that this is an ‘election budget’. The Treasurer has taken just under half of the $35 billion of improved revenue and turned it into tax cuts targeted to benefit all Australians. With a focus on business and personal taxation, we …

super

End of Financial Year Tax Planning Tips – Superannuation

The concessional contributions cap was reduced to $25,000 for everyone from 1 July 2017. From 1 July 2018, individuals with a total superannuation balance of less than $500,000 at the end of a financial year will be allowed to make additional concessional contributions in the next financial year by accessing unused concessional contribution cap amounts carried forward from the previous …

Tax

End of Financial Year Tax Planning Tips for Individuals, Investors and Trusts

Pay any super contributions intended for the 2018 year by 26 June (so they are cleared to the superfund account by Friday 29 June). You will need to subtract from the threshold any employer superannuation (including super guarantee) that will have been physically paid to your fund in the 2018 Financial Year when calculating the remaining concessional cap of $25,000. …

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End of Financial Year Tax Planning Tips for Businesses

Ensure any eligible bad debts are written off correctly through your accounting software or the decision to write them off is documented correctly in a director’s resolution. Consider the purchase of new assets costing up to $20,000 each (small businesses only – aggregated turnover of less than $10m). This concession has also been extended in the recent Federal Budget 2018-19 …

WA Financial Planner Takes Top Honour

Jason Featherby, Director of Knight Financial Advisors, has been recognised as one of the top 50 most influential financial advisers by Financial Standard. The list, which curates financial advisers who have made an enormous impact in their community, was released earlier this month. To be considered, a financial adviser must have a focus on community building, honing their skills by …

Smart ways to save tax before 2017 EOFY

One reporting season over and another looms! Review now to make the most of tax benefits. Whether you’re running a business, a super fund or both, the clock is ticking towards the end of the financial year. Taking time to check through a few critical items now can make a big difference to tax deductibility and maximisation of superannuation benefits …

Could your business survive an unfortunate event?

What would you do if the worst happened to your business partner? After you have consoled their partner, overcome the shock and had a good cry your thoughts will turn to your business investment. You have both invested a lot of time and money into your business; if your business partner is no longer there who gets their share of …

What’s going to happen to your business?

The Exit Planning Institute reported that more than two thirds of all businesses are owned by baby boomers and that more than 80% of these business owners intend to retire from the sale of their business within the next 10 years. Unfortunately less than 30% of these business owners have done anything about documenting their succession and retirement plans and many …

Monitoring your net worth

How do you think you have gone the last 5 years? Have you been working really hard but don’t seem to see where your money is going? Do you think you are getting ahead in life or running on the spot? Worse still is your financial position deteriorating? Your net worth is what’s left over when you add up all …

What is your business worth?

If I asked you today what your business is worth, what would your answer be? If its ‘umm’ or ‘err’ don’t worry you’re not alone! Many business owners do not know the true value of their business even though it is a critical prerequisite to making major business decisions, entering into new transactions or even funding retirement. This is where …