Sep 02

Personal Tax Changes Now Law

The Government’s complete package of individual tax adjustments that were announced in the 2019-20 Federal Budget, have passed parliament and are now law. On 4 July 2019, the Treasury Laws Amendment (Tax Relief So Working Australians Keep More Of Their Money) Bill 2019 passed all stages of parliament without amendment.... read more →
Aug 27
Aug 15
Debt and financial planning

Is household debt consuming you?

Currently Australia has, relative to the size of its overall economy, one of the highest levels of household debt in the world. Our household debt, as a percentage of GDP, has nearly doubled over the last 20 years. So are Australian households groaning under the weight of oppressive levels of... read more →
Aug 01
Jul 22
GST Advice Newcastle advisors

Penalty Interest and Taxation Ruling in the context of SMSFs with LRBAs

Taxation Ruling TR 2019/2 Income tax: whether penalty interest is deductible provides the Australian Taxation Office’s (‘ATO’s’) view on the deductibility of penalty interest. It replaces Taxation Ruling TR 93/7W Income tax: whether penalty interest payments are deductible, which has been withdrawn. This article highlights the relevance of TR 2019/2 for self managed superannuation funds... read more →
Jul 16
Jul 04

Reversionary Pension vs Binding Death Benefit Nomination: Which outcome is preferred?

Reversionary pension vs BDBN: which outcome is preferred? Imagine a conflict between pension documentation and a binding death benefit nomination (‘BDBN’) in a self-managed superannuation fund (‘SMSF’) context. For example, the pension documentation states that the pension is reversionary to the surviving spouse; however, the BDBN states that the death... read more →
Jul 03
Jun 18
end of financial year checklist

2019 End Of Financial Year Checklist

Maximise your tax deductions for the 2019-20 financial year by planning and reviewing your records. Here are top tips for businesses and individuals when it comes to year-end tax planning: Small business CGT concessions Individuals operating a small business may be eligible for capital gains tax (CGT) concessions on the... read more →
Jun 07