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Help at hand when considering retirement housing

The decision to downsize the family home & move to retirement housing can be complex, but help is at hand.

In addition the the South Australian Retirement Village Residents Association (SAVRA), the State Government also has resources to assist.
As part of the $318.5 million federal budget funding boost to the ATO to implement new strategies to combat the black economy, the Tax Office will be authorising mobile strike visits to 10,000 businesses in 30 locations across the country.
The locations will include 10 metro, 10 regional, and 10 remote areas.

ATO Cracks down on Home office expenses

The Tax Office has put tax claims on costs incurred as a direct result of working from home on its radar, in a continuation of its work-related expenses crackdown.

The announcement comes after the ATO recently highlighted several small business professions that have a number of tax 'grey areas', including teachers, nurses, police officers, office workers and IT professionals.

Super Choices for Employees

If you earn most of your income from employment, you may want to make personal deductible contributions – instead of, or in addition to, salary sacrifice.

Since 1 July 2017, employees have been able to claim personal super contributions as a tax deduction.

The Rules around Gifting & Donations

As we have been fundraising for the RSPCA this month, we thought it timely to touch on the rules around gifts & donations, as well as how you can track these items for tax time.
 
Read on to find out more & access the ATO App to track your deductions!

What Retirement Living Looks like in 2018

Aussie retirees' tastes have shifted to lifestyle accommodation featuring onsite chefs and family- and pet-friendly spaces, the founder of a village comparison site has said.

Given Australia's rapidly increasing retiree population, a transparent and easily navigable retirement living sector is critical, the founder of Compare Villages, Jessica Kinnear, told Nest Egg.  Read on...

Last Minute Tax Tips for Small Business

Up-to-date records and a range of tax concessions are some of the major items the Tax Office has advised small businesses to consider ahead of tax time.  

In a tax tips guide for small business, ATO assistant commissioner Mathew Umina said keeping good records will help small businesses to complete and lodge their tax returns, manage cash flow, meet their tax obligations and understand how their business is doing.

Keys to De-Stressing a Mortgage

"Don't sail out farther than you can row back." This Danish saying is sound advice for anyone thinking of borrowing to buy a home.

According to a paper1 for the Centre of Policy Development and University of Canberra, Australians have a tendency to be over-confident in our ability to repay loans. We also underestimate the likelihood of things potentially going wrong in our lives.

Have you ever heard yourself or someone else say "I'll be able to repay my loan, provided I keep my job, don't get sick and I'm not hit with any large unexpected bills"? Chances are you probably have. But things can and often do go wrong.

 

It's Tax Time

It is time to do your 2017/18 tax return.  We are your experts for any queries you may have regarding tax & for preparation of your annual Tax Return.

Checklist for Business
Checklist for Individuals
Fees for 2017/18 Tax Returns

Contact us on 08-8364 5555 today!
 

What are the minimum pension payment rules?

When you start a superannuation account-based pension, you must withdraw a minimum amount each financial year to secure a tax exemption for the investment earnings on the fund assets financing your super pension.

The minimum pension payment amount, payable for the financial year, is based on your age and the size of your account balance. The annual minimum payment is calculated on 1 July each year using the percentage linked to your age and your pension's account balance (see percentage factor table later in the article).

https://www.superguide.com.au/accessing-superannuation/minimum-pension-payments-reduced

 

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