Nov 14
Nov 01
Oct 24
TRIS transition to retirement

Transitioning into retirement

If you’re nearing retirement age but don’t want to stop work entirely, another option might be to transition into retirement. For those over 60, Transition to Retirement (TTR) pensions are tax-free and TTR strategies can provide a number of benefits. Let’s look at some options available to 62-year-old accountant, Brian.... read more →
Oct 09
Aged-Care-Costs

Why investing for retirement is different.

When you’re still employed and earning a salary, there’s money coming in that you can rely on. In retirement, and the absence of a regular salary you’ll need to find a new way to secure enough income to cover your living costs. Investing your money is one way to make... read more →
Oct 01

Finance Business Of The Year – Finalist

Leenane Templeton has been named as a finalist in the My Business Awards for Finance Business Of The Year. The My Business Awards is the premier independent awards program celebrating SME business owners and their teams, providing unique opportunities for the winners to showcase their talent and excellence across industries... read more →
Sep 26

Disclosing Personal Living Expenses

During an audit, the ATO requests information to help identify unreported cash income when looking at household expenditure. When making an assessment in the course of examining an individual’s tax affairs, the ATO follow assessment guidelines that are presented in the form of questionnaire worksheets. These worksheets require taxpayers to... read more →
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
Jun 06
financial advice for seniors

Superannuation strategies for end of the financial year

As the end of the financial year approaches, now is an ideal time to think about ways that you could grow your superannuation. Here are some strategies you can consider that will enable you to streamline your finances while also seeking some generous tax breaks. Concessional contributions: Also known as... read more →
May 28
Family Trust Set Up

Placing your family wealth in trust

The basic function of a trust is to separate control and ownership. The result of using a trust is that assets are protected and profits are distributed in the most tax-effective way. There is no 'one-size-fits-all' type of trust. The trust you use depends on many factors, such as the... read more →
May 20
May 15
End of financial year checklist

Essential Record Keeping At Year End

Staying on top of record-keeping all year round can save time, reduce stress for small business owners and help to maximise your tax return. Although record-keeping can seem like a tedious job, it is an essential part of running a business. Good record-keeping makes it easier to meet your tax... read more →