Superannuation Guarantee Rate from 1 July 2015

Superannuation Guarantee Rate from 1 July 2015 From 1st July 2015 the compulsory super guarantee stays at 9.5% for the 2015/2016 year up to a new superannuation contribution base of $50,810 per quarter.

Tax Planning – June 2015

Tax Planning – June 2015

It’s that time of year again! The end of the financial year is almost here, but it’s not too late to think about business tax planning strategies if you haven’t already done so. Tax planning season here at KSR is well under way, and it’s worth noting the types of things to consider when planning for your 30 June year end.

When considering any strategies, it is helpful to prepare a preliminary assessment of your taxable income for the year to date, so it can be established where you are at and what you are able to do. In doing this, you should review all deductible expenses and assessable income using the most recent available figures to determine the possibility of pre-payment, deferral or other action.

Federal Budget – 2015-2016 Brief

Federal Budget – 2015-2016 Brief

Welcome to the KSR edition of the Federal Budget overview.

The Federal Government handed down its second budget last night and in contrast to last year’s austerity measures, this budget has focussed on the government’s plan to strengthen the economy and to reduce the surplus deficit to $7bn by 2018-19. Joe Hockey was careful to place the emphasis on the budget being “responsible, fair and measured”. This is a clear turnaround from the message delivered in last year’s budget.

Key areas of the budget are:

Term deposits not paying their way? – March 2015

An article from Ben Brockhurst – our resident equity specialist

Term deposits not paying their way?

If you’re frustrated with the current term deposit rates – you are not alone. Many disgruntled investors have seen their income eroded as term deposit rates have consistently fallen from above 8% in 2008.

A couple of weeks ago the Reserve Bank of Australia (RBA) cut rates again to 2.25% – which is the same rate as inflation. Many economists are predicting further rate cuts in the months ahead.

Given these tough fixed interest conditions – your term deposits yield is merely keeping you in line with inflation – as long as you don’t spend it, or, pay any tax on it, or, see rates cut even further.

Bridging the knowledge gap to bring peace of mind – March 2015

A word from KSR Wealth – our financial planning specialists

Bridging the knowledge gap to bring peace of mind – March 2015

It makes financial sense to take out life insurance. However, we know that this alone is not compelling enough for most Australians to actively take out cover. With this in mind, it is increasingly important to remember the emotional reasons why many clients want life insurance.

The 1 April salary packaging trap – March 2015

The 1 April salary packaging trap

Why a tax on high income earners will disadvantage many with salary packaging agreements.

In last year’s Budget, the Government introduced a 2% ‘debt tax’ on high income earners – the temporary budget repair levy. Unlike many other announced Budget changes, the debt tax bill passed Parliament in record time – 12 sitting days with no amendments.

While the debt tax itself only directly affects those with taxable income above $180,000, there are a number of other tax changes that came in with the debt tax that affect everyone else.

Should your business bring in investors? – March 2015

In the company of strangers: should your business bring in investors?

Sometimes the difference between a good business and a great business is simply having sufficient capital to execute your business plan. For many businesses, the owners have put everything they have into growing the business but there is still a gap. Investors offer an opportunity to close that gap but at what cost?

How do you know you need investors?

Case Studies – First Point Group – March 2015

First Point Group – Your Partner For Finance – March 2015

First Point Group are our in-house, highly experienced Finance Broker group holding an Australian Credit Licence Number 385369.

First Point Group specialise in all types of Home Loans, Business / Commercial Loans, Motor Vehicle & Asset Finance.

Here are two examples of some recent happy clients:

Is Santa a tax cheat? – December 2014

Is Santa a tax cheat? – December 2014

A lighter look at the complexity of Australian taxation laws.

Dear Santa,

Thank you for the opportunity to provide tax advice for your operation. We’re pleased you have initiated this advice as the Australian Taxation Office (ATO) is looking closely at any business or individual that operates within Australia but has significant transactions or operations internationally. The fact that you run a global business that generates no profit but ‘gifts’ millions of toys each year produced by your offshore factory, have never lodged a tax return or paid tax in Australia, is likely to trigger an investigation. We have identified a number of issues as a starting point for further discussions. These are:

5 steps to a tax free Christmas – December 2014

5 steps to a tax free Christmas – December 2014

OK, we know tax is not the most exciting thing to think about in the lead up to Christmas. But these are the questions we get asked all the time, and if you are familiar with all the tricks and traps, you can save yourself and your business hundreds if not thousands of dollars.

1. Spontaneous, well thought through team gifts

The key to Christmas presents for your team is to keep the gift spontaneous, adhoc, and from a tax perspective, below $300 per person. $300 is the minor benefit threshold for Fringe Benefits Tax (FBT) so anything at or above this level will mean that your Christmas generosity will result in a gift to the Tax Office as well at a rate of 47%. To qualify as a minor benefit, the gifts also have to be ad hoc – no once a month gym membership payments or giving the one person multiple gift vouchers amounting to $300 or more.