Working to the grave – super for the self-employed
For the majority of Australians, employers make compulsory payments into their super fund, called Superannuation Guarantee (SG). The rate of SG payments increased from 9.5 percent to 10.5 percent from 1 July 2022 and will increase gradually to 12 percent.
Generally, if you are self-employed you are not covered under Superannuation Guarantee and aren’t bound by law to make super payments for yourself. One of the most common replies I hear from business owners is that they want to “get off the tools”. However, the reality for many self-employed people is that a super hasn’t been a priority working through retirement becomes a reality.
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Let’s Talk Super
On average, every 10 years we have a significant drop in investment markets, excluding the ‘flash crash’ of Covid, the last one we had was the Global Financial Crisis (GFC) 14 years ago. Some would say we are now overdue.
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Shorter simpler domain names
From 24 March 2022, anyone with a local connection to Australia (including businesses, associations and individuals) will be able to register a new category of domain name. These shorter simpler domain names will end in .au rather than .com.au, .net.au, .org.au, .gov.au or .edu.au.
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Is personal insurance tax-deductible?
Most types of life insurance are not tax deductible. This is because, according to the ATO, insurance premiums aren't tax deductible if the policy pays a benefit for physical injury. But there are a couple of exceptions such as income protection and TPD held inside super.
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Pensions to face tougher scrutiny under new TBAR system
Speaking in a recent podcast, Colonial First State head of technical services Craig Day noted the recent announcement from the ATO that all SMSFs will need to report on a quarterly basis from 1 July 2023.
Mr Day explained that from July next year, all SMSFs will need to report events such as the commencement of a pension and pension commutations no later than 28 days after the end of the month.
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Understanding Personal Insurance
Having adequate life insurance cover provides you and your family with financial protection in the event of unexpected death, illness, injury or a major health catastrophe (such as disablement, a heart attack or cancer).
Insurance coverage provides you with peace of mind. It aims to remove or reduce the financial stress that inevitably occurs as a result of these events.
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Why Business Success Services are not BS
Success is subjective. As a business owner, you will have a vision about what you want your business to look like and where you want it to be in the next few years. More often than not however business owners fail to achieve this goal in the time frame they desire or even at all. This leads to a loss of the passion and enjoyment that should come from running your own business.
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Industry Super Funds Vs the Equity Markets
We often get questions in a down market relating to industry super funds boasting positive performances and if this is all smoke and mirrors. Where should you be, an industry fund or in listed equities? This is a complex answer but in short: it shouldn’t matter.
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ROE – not the fish eggs
ROE or ‘Return on Equity’ is a measure that financial analysts use to measure the financial performance of an investment by dividing the net income of a business by the total shareholders equity. It is used to help gauge how efficient a company is in generating profits. The higher the ROE, the more efficient a company is at generating income and growth from its equity.
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