Federal Budget – May 2013
Changes affecting small businesses and individual taxpayers Superannuation Taxation of superannuation Currently all earnings from assets supporting superannuation pensions are tax-free, however from July 1, 2014, individual superannuation member accounts which are in pension phase that have more than $100,000 annual earnings will be taxed at 15% on their earnings above that amount. The [...]
Small business tax planning strategies
Business owners should now be looking at strategies to legitimately reduce their tax liability for the 2012/13 tax year. This is especially important if the business has traded profitably during 2011/12. Business owners should carefully review their current and future cashflow position before embarking upon these measures. Some tax planning strategies techniques differ depending on [...]
Just how big is Superannuation
Many people would be surprised that there is now over $ 1 trillion invested in superannuation ! So just who manages all this money ? A recent review of the superannuation industry by the Cooper Superannuation Review has just released comprehensive statistics about the superannuation industry and notes that the largest group managing these funds [...]
What is Income Tax?
There is a saying “There are only two certainties in life – death and taxes.” The Commonwealth of Australia derives its taxing powers from the Constitution. The Australian Taxation Office (ATO) is the Commonwealth government agency responsible for collection of Federal taxes and administering our taxation laws. Part of the income tax collected by the [...]
Tax Tips for Shareholders
Shareholders receiving franked dividends can benefit from surplus imputation credits where their taxable income is below $58,000 per annum. The surplus imputation credits are applied towards tax payable on other income. Recent budget announcements have had the effect of limiting the practice of trading in franking credits, by requiring that shareholders retain shares for at [...]
Starting Your Own Superannuation Fund
It might at first sound like a daunting task to start and administer your own superannuation fund. Thousands of new funds are established each year. The benefits of operating your own fund include: You have the capacity to exercise direct control over the performance of your superannuation investment. Questions are often raised about the poor [...]
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