The confirmation of lucrative income tax cuts, and the scrapping of a tax offset for low and middle-income earners were the big-ticket items. That said, labor’s first federal Budget in nine years was as noteworthy for the changes it didn’t make as for those that it did. Unmentioned were current outstanding issues impacting the taxation...

The ATO has issued a reminder to sole traders and partners in a partnership. If you take goods from your business for your private use, make sure you accurately record this in your stock on hand. Accessing your trading stock for private use is permissible from a tax perspective, however you need to account for the stock correctly: each...

You may be able to offset your business loss against other income (such as salary and wages) if you’re a sole trader or in a partnership. Firstly, however, your loss must not be non-commercial. A non-commercial business loss is a loss you incur, either as a sole trader or in partnership, from a business activity...

Fresh statistics released by the ATO reveal that the superannuation gender cap is very real. While the average super balance for a man is $161,834, for a woman it’s $129,506 – a massive 25% difference. This gender gap begins in peoples’ twenties, mostly caused by wage differences and time off for children, and by their...

Circumstances will sometimes get in the way of your ability to pay a personal or business tax debt on time. If this is the case, it is vital to go on the front foot and put a payment arrangement in place with the ATO. For larger business debts, this is now more important than ever...

Most people insure their personal assets, such as their house, contents and car, but when it comes to personal insurance, many overlook the importance of protecting their wealth because personal insurance is often seen as unnecessary, a luxury and an additional cost to pay for. Unfortunately, we don’t know what’s around the corner but having...

Estate Planning means different things to different people. Ultimately, it is about ensuring that you have the right mechanisms in place to ensure that in the event of your death, your assets pass in the manner you intend. Broadly speaking, there are four key steps in the estate planning process: Firstly, identify which assets are...

It’s quite common for individuals to subdivide land they own, and then sell off one of the blocks. Depending on the circumstances, this can have capital gains tax (CGT) and GST implications. Capital gains tax If you subdivide a block of land, each resulting block is registered with a separate title. For capital gains tax...

Have you ever wondered how much superannuation you will have and need in retirement? The answer is it depends on a range of  factors, such as your lifestyle goals, whether you have paid off your mortgage, your financial situation, whether you live a relatively healthy lifestyle, your likely life expectancy, and so on. How much...

From floods to fires, Australian businesses have been hit hard by a range of natural disasters in recent years, below are some things to consider if you have been impacted or are so in the future. Financial assistance For affected residents and businesses, there is often a range of assistance available at both a State...