Structuring is commonly misunderstood by those with business and/or investment interests. Complex structures such as family trusts and self-managed superannuation funds aren’t simple to establish, maintain and understand for the average individual plus they are usually quite expensive from a compliance perspective. Even corporations have their own disadvantages when it comes to cost and complexity.…
DetailsPersonal tax can be really simple. By providing some basic information via a text or email (i.e. Full Name, Tax File Number, Date of Birth, Bank Account Details, Address etc.), a draft tax return can be completed within hours and in some cases even lodged. Tax Agents can utilise online information from the ATO without…
DetailsSelf managed superannuation funds (SMSF’s) are of growing interest to a range of people these days, a trend that will continue with Australia’s ageing population. Compliance requirements and costs are relatively high with an SMSF, compared with simple strcutures such as a company, however having the liberty to choose where you invest your hard earned superannuation…
DetailsI am surprised by how many people I know that are underinsured. Just like most of you, New Leaf is not an insurance expert and we join with those who loathe paying for something that rarely provides any immediate tangible benefit. But ask yourself the following: If you contracted an illness and were off work…
DetailsMany who have not yet lodged their tax return for 2012 are planning to complete themselves, however there is a deadline for lodgement by this method on 31 October 2012 which is only a few weeks away. Tax Agent’s get an extension of time, usually until 15 May 2013 in most circumstances for individuals. Keep…
DetailsJust a reminder for business owner’s that their June 2012 Business Activity Statement (“BAS”) was due on Saturday 25th August 2012 (hence if it’s not lodged it might be a good idea to call your Tax Agent a.s.a.p.). Please refer to the following key dates for future activity statements for your awareness. If you are…
DetailsDo you travel domestically or overseas for work? If so, it may be worth considering the structure of your pay. It’s ideal for tax purposes to be paid an “allowance” component, as opposed to 100% as a standard wage (ie. provided you are not reimbursed the exact costs by your employer). It makes it easier…
DetailsMost people below 40 don’t think twice about their superannuation but in many cases they have money in their name spread across many different accounts, from the many different jobs held in the past. If you don’t know where all your superannuation money is located try “SuperSeeker” for a start. It’s a smart choice to…
DetailsNot all tax deductions require receipts/substantiation. In many instances, such as motor vehicle travel, study in a home office and incidentals/food on work-related trips, deductions are based on fixed rates agreed by the Australian Tax Office. Don’t limit what you can claim to the receipts you’ve kept through the year, as it may be easier…
DetailsWhen considering using a tax agent for your personal tax return this year, think about the cost vs benefit. If you earn over $37,000 per year, it will only take $300 of added value from the agent in respect of finding higher tax deductions or utilizing tax rebates/offsets (for example) to recover the cost of…
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