Why Superannuation is Important

why superannuation is important

Superannuation is an essential part of every working Australian’s financial life. Also known as “super,” it is a long-term savings account designed to provide income in retirement to supplement or replace the “Age Pension.”  But despite superannuation’s importance, recent surveys show that only 1 in 10 Australians are actively engaged with their super accounts beyond […]

Contractor vs Employee: Which is Better?

contractor vs employee

Understanding the differences between an employee and a contractor can initially seem daunting, especially with all of Australia’s complex legislation governing employment relationships.  But don’t worry. We’re here to guide you through the specifics and break down precisely what sets them apart.  The Definition of Contractor vs Employee in Australia The Australian law outlines specific […]

What are the Transition to Retirement Disadvantages?

retirees

Transitioning to retirement can seem like an ideal way to ease into your golden years. Many Australians view the ability to cut back their work hours while still earning income as an appealing “best of both worlds” scenario.  The transition to retirement (TTR) programme allows those over preservation age (55-60 years old) to open a […]

Do Retirees Pay Capital Gains Tax in Australia?

retiree taxes

Retiring to Australia’s sunny shores may seem like a dream come true, but understanding the tax implications is a must before packing your bags.  Capital gains tax (CGT) is one tax that catches many retirees off guard. You may be envisioning lazy days spent beachcombing, not worrying about asset sales and tax returns. However, Australia’s […]

How To (Legally) Minimise Capital Gains Tax on Investment Property?

capital gains tax property 6 year rule

Many Australians enter the property market with the expectation that property prices will rise. This means that you make a healthy amount of money, which is great – until capital gains tax comes into play. Capital gains tax (CGT) is the contribution of the profit you’ve made to the Australian Taxation Office (ATO). Unfortunately, tax […]

What are the Potential Disadvantages of Salary Sacrifice Agreements?

Learn the disadvantages of salary sacrifice

What are Salary Sacrifice Contributions? As previously mentioned, in a salary sacrifice arrangement, you agree to reduce your gross salary in return for certain benefits. These benefits might include things like a company car, childcare vouchers, or additional pension contributions. These arrangements can be quite attractive, as the benefits you receive are often exempt from […]

What Is An Accountant?

What is an accountant?

“What is an accountant?”    We often hear this, especially in the context of whether they’re any different from bookkeepers.    Well, the truth is, accountants are responsible for a lot. So, in this article, we’re looking at everything you can expect yours to undertake, and how they quickly become the backbone of successful businesses […]

The 4 Different Types of Businesses in Australia

types of businesses in australia

The 4 Different Types of Businesses in Australia Understanding Australia’s four types of businesses is imperative for anyone looking to tap into its diverse and dynamic business landscape.  The country offers a wide range of opportunities for entrepreneurs and investors alike. But before embarking on any business venture in this promising land, it’s crucial to […]

A Tax Depreciation Schedule Guide: Maximise Your Deductions

Tax depreciation schedule guide

As a property investor, a tax depreciation schedule is an often-overlooked tool that can help you maximise your returns and minimise your tax liability. This report outlines the tax deductions you can claim for the annual depreciation of your investment property.  In this comprehensive guide, we will explore what a tax depreciation schedule is, why […]

SMSF Audit Guide: Ensuring Compliance and Accuracy

SMSF audit

If you operate a Self-Managed Superannuation Fund (SMSF), you’ll know that there’s no shortage of regulations and requirements to keep track of, including the crucial SMSF audit. One of the most crucial, yet often dreaded, aspects of operating an SMSF is the annual audit – a process that can be intimidating for many trustees.  But […]