Transferring a commercial property into an SMSF can be a great way to build retirement savings and take advantage of the concessionally taxed SMSF environment. But when acquiring property from a related party, it’s vital the property meets the “business real property” test. Make sure you know the essential elements of this test when exploring this strategy. Holding property in an SMSF can certainly have tax advantages. The rental income and capital gains are concessionally taxed, or even tax exempt to the extent the property supports retirement phase pensions.

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Various factors can influence your retirement wellbeing and security. Many of these factors are often out of your control, but there are some that aren’t. With this in mind, have you ever wondered how Australia ranks against other countries in terms of retirement wellbeing and security? Broadly speaking, the Global Retirement Index assesses and compares the level of retirement wellbeing and security in different countries via the collection and analysis of a range of source material.

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Will you need to buy textbooks for your work-related study, or perhaps invest in a new computer? You can claim deductions for these expenses, and others, if your course of study has the necessary connection to your current employment. Find out what rules apply when claiming for books, equipment, accommodation and travel, and ensure you’re claiming everything you’re entitled to.

Undertaking further study is a great way to enhance your skills on the job, but on top of tuition fees you may be facing a range of additional costs.

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This year, as every year (around August), we will provide you information on reviewing (and engaging with) your annual superannuation statement. However, given several changes that take effect from 1 July 2019, we felt it was pertinent to touch base prior to this. Protecting Your Superannuation Package. The changes that we refer to above are encapsulated in the recently legislated Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018. In a nutshell, to protect a person’s retirement savings, from 1 July 2019 …

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Have you sorted out Single Touch Payroll arrangements for your small business? If not, it’s time to get cracking! All businesses must be fully on board with this electronic payroll reporting standard by the end of September, which may mean upgrading or purchasing new payroll software. The good news is that the ATO has been working with software developers to ensure there’s a range of affordable and simple solutions available – even for the smallest micro businesses. From 1 July 2019, Single Touch Payroll (STP) reporting will become mandatory for all employers. Small businesses (ie those with fewer than 20 employees) have previously been exempt, but will now need to take action to ensure they’re ready.

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Distractions are ever present in our daily lives. This may be more so the case than any other point in our history due to the emergence and development of the digital information age. Distractions can take many forms and arise from a diverse range of sources; however, there is often a common thread. A distraction, when acknowledged and pursued, can take away our attention and concentration from an intended area of focus and redirect it either partially or fully to another. Unfortunately, depending on the context, this redirection of attention and concentration, even if momentary, can sometimes have serious short, medium and long-term implications.

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Although the principles of managing wealth apply to both men and women, there are circumstances where women, in particular, can be left vulnerable as they navigate the gender pay gap,1 the super gap and the gaping hole in their earnings, while taking time out to care for their children.

We’ve put together some financial tips to help women get ahead, come what may.

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The compulsory superannuation guarantee rate – currently 9.5% – is set to increase over the next few years. But if you’re an employee, will relying on compulsory employer contributions be enough to meet your retirement goals? There are many steps that workers can take to boost their retirement savings. The key is to take an active interest in your superannuation and understand the contributions measures available to you. “Superannuation guarantee” (SG) contributions are the minimum superannuation contributions that employers must make for their employees. The SG rate is currently 9.5%, which means employers must make contributions equal to 9.5% of the employee’s salary or wages.

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You probably have a good idea of who you’d like to give your hard-earned assets when you’re gone. Making a will can help ensure your assets are distributed the way you want. Many people see making a will as something to do when they have children or other dependents to worry about. After all, they want to make sure in the worst case scenario, their loved ones are well cared for. But what if that isn’t your life? What if you are single, or if you are in a relationship that may not be classified as de facto or a spouse relationship? Do you still need a will and what should it look like? Where there’s a will, there’s a way
A will is a legal document setting out your wishes for distribution of your assets after you die and who you would like to be responsible for carrying out your wishes. 

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