As the end of the calendar year approaches, there’s another event that SMEs will have to watch out for besides being caught on Santa’s naughty list; this being the end of the current $6500 outright deduction for low value assets, otherwise known as the so-called “instant” asset write-off.
The government is proposing to scrap the deduction through a series of amendments which includes changes to the mining tax, all before 1 January 2014. This would mean that the current threshold would be reduced to just $1000.
The last thing on people’s mind at the end of the calendar year is superfluous things like taxes and bookkeeping. However, whilst your inhibitions may go out the window this festive season, you shouldn’t have to face a looming tax hangover in January.
Many business owners and their staff are in the midst of planning well earned staff parties and client luncheons that always seems to go hand in hand with this time of year, but time and time again the same sordid question is asked by our clients: “how much of this can I claim as a tax deduction?”
2013 was a second strong year for investors especially for those with a good allocation to shares, as threats in place at the start of the year faded and the world continued to enjoy low inflation, improving growth and low interest rates.
2014 is expected to provide further improvements to economic growth, hopefully trickling down to Australia too next year, with continued low inflation and low interest rates providing a supportive environment for growth assets.
It’s that time of year again! When our wallets get lighter and our headaches get bigger! Whilst this is season that’s meant to be full of joy and happiness, all too often we wake up in January with a massive credit card hangover that can take us until the following festive season to get back on track. Here are our end-of-year spending tips to help you avoid the dreaded January credit card bill:
Recent studies show that Gen Y are becoming more and more active in relation to investing their hard earned, deposable income. However no matter what generational bracket you belong in, the key to building a great investment portfolio is to start sooner rather than later and stay invested. And here are some tips to help you along the way:
While the matter of tax deductions for your super fund is one of the reasons clients employ us to help manage and account for their funds, we thought it useful to provide the following flyer to explain the rules in light of recent advertising targeting SMSF trustees.
Self-Managed Super Funds are hardly a new trend; however they have gained some traction lately, with the government allowing SMSFs to borrow to purchase property. Everybody from property advisers to your next door neighbor seems to be raving on about this option. However, before you conform to this newest wrinkle, it’s well worth considering whether you have what it takes to run your own super fund.
Discussing tax planning and finances are not usually what most people consider to be a romantic gesture of one’s love for another. However, when you feel yourself heading into a serious relationship, it’s important that you consider the practical tax and financial implications associated with your new found commitment. Whether you are thinking of moving in together and entering into a de facto relationship or getting hitched, failing to consider such issues could cost you down the track, especially if you have already accumulated a reasonable amount of wealth prior to entering into the relationship.
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