As a business owner, you’re constantly jugging a host of decisions. Is it time to move your business to a new location? Do you need to expand your staff? Is it time to increase your advertising budget? Is it time to add a new product or service to your business’ offerings? These are not easy decisions. Read more
If you were thinking of putting more money into your super contributions before the June 30 cut-off this year, you might want to think carefully about your decision. The cut off for the 2010 financial year has been reduced to just $25,000.
The cut-off limit has effectively been cut in half from last financial year, so if you’re under 50 and had planned to put a little extra into your super as a way to help reduce your tax liability, it’s important you’re aware of the limits and caps that have been put in place.
However, if you’re over 50, you’re able to only contribute $50,000 this financial year, instead of the $100,000 that was allowed last financial year – once again a cut of 50%.
Keep in mind that concessional superannuation contributions include the amount paid into your super fund by your employer, which include any amounts paid under salary sacrifice, as well as personal contributions claimed by self-employed people.
While most people might think that this sounds like a lot of money to put into super each year, the truth is the amount paid into your super fund by your employer is counted towards this total figure, as is the amount paid via salary sacrificing.
If you’ve had a pay rise throughout the last financial year, you may be closer to the threshold limit than you think.
For those people who go over the cap or limit amount for their age group, instead of paying 15% tax on your contributions, you’ll be penalised with a tax rate on the excess amount of 31.5%.
These new limits and caps on the superannuation contributions you make mean that as an individual you have the option of working out how much you wish to contribute into your super fun to reap the maximum benefits available for you. Read more
Not all accountants are the same. There are many different reasons why you should choose an accountant that is right for your needs and will suit your specific requirements. These could include whether you’re a sole trader, a company or partnership or just an individual wanting to maximise your tax return for the year.
You could also find that some accountants specialise in certain areas. Read more
Most people are surprised to learn they have a tax bill after having their taxes prepared. There’s nothing worse than paying taxes all year, only to find out you still have more to pay.
However, if you’re careful about your tax planning, it is possible to reduce an impending tax liability and make sure you’re more likely to receive a return rather than a bill.
The most effective tax planning measures are based on timing. Read more
Are you feeling the pain of just not having enough money? Many of us are experiencing the effects of unemployment, reduced job hours, working part-time only, reduced wages, or just not having enough money to go around. This can definitely lead to depression, sadness, and a feeling of helplessness!
With the unemployment rate at still an all time high, gas prices on the rise, grocery prices increasing, many are unsure of what to do and how to do it. Read more