Fringe benefits tax (FBT) is a little know tax but is very much in the ATO cross hairs, with a May 23 lodgement deadline looming for people not doing their tax paperwork with the assistance of a registered tax agent.
Read More
Global markets descended further over the month of April as 'zero-COVID' lockdowns in China added to prolonged geopolitical risk pressures in Ukraine.
Read More
Steps to address the risks caused by inflation are strongly advised, but to truly stand the test of time, leading companies are always looking at what opportunities a crisis presents.
The standard haphazard approach in the current environment is to trim costs – shave 5% here or 10% there in hopes of “getting by.” However, as we know, more nimble and agile competitors can and will come in and displace companies who operate under what financial guru Garret Gunderson calls the “scarcity mindset.”
The Gartner team compares economic turmoil like high inflation to an ice-skating rink or car-racing track.
In the context of this article, the turns represent inflation or general economic volatility.
Navigating these turns means thinking beyond basic cost cutting and price raising.
This current environment requires companies to look more strategically at cost versus benefit. Are there certain markets you need to exit? Or certain products that are just too much risk for too little reward? Like I explained earlier, anything that gives people more peace of mind could be considered tremendously valuable.
Read More
Inflation, interest rate increases and wage increases are currently a reality for all business owners in Australia.
Any one of these is enough to cause a significant amount of stress for a business owner, but there are options and ways to navigate these challenges.
Salt Financial Group has recently launched a specific service for business owners to sit down and discuss their business, its cashflow, its performance and how to minimise anxiety and maximise the benefits of being a business owner.
The service is tailored for each business and the unique challenges that the business or business owner may be facing.
In the meantime, the article below provides some tips and factors to consider.
Read More
With interest rates now on the rise, many Australians may be worried about the cost of their mortgage repayments but there are some options to keep them as low as possible.
The majority of Australians mortgage holder are currently missing out on the potential of refinancing. Research commissioned by leading mortgage broker Aussie revealed that most mortgage holders (60%) were of the opinion that they were no getting a good deal, however of the 6 million active mortgages, only 445,000 have sought to find the right deal and refinanced in the last financial year.
Read More
One of the often overlooked taxes in Australia is Land Tax. This is because it is levied at a State by State level and generally does not apply to your primary residence.
During the COVID pandemic, departments from all levels of government spent time improving data matching and sharing. Couple this with the financial support that was made available at all levels of government and you have the perfect storm for a review to where taxes are not being collected correctly in an attempt to improve the bottom line.
The Tax Office said it is aware of issues in section 100A raised by the profession and is looking to address this in the final guidance.
It follows clarifying comments from the ATO, welcomed late last week by the Assistant Treasurer, that the draft guidance would “not apply on a retrospective basis”.
Read More
For anyone considering an SMSF, it’s important to consider, among other things, what’s involved in setting up and running one
Read More
From 1 July 2018, a carry-forward provision has applied for concessional contribution caps. This provision aims to give individuals an opportunity to ‘catch-up’ concessional contributions, if they have the capacity and wish to do so.
Read More