Downsize your home, upsize your super!
Over 65? Thinking of selling your home? Since 1st July 2018 you may be eligible to contribute up to $300,000 ($600,000 for a couple) from the proceeds of the sale of your home to your superannuation fund.Read More
How to Turbo boost your Retirement Savings
In this article we take a look at the issues that impact on super balances and detail how salary sacrificing works. We go on to look at a case study to explain the tax and contribution benefits.
A Tale of Two Retirements
John and Jane Jones have worked hard their whole lives, paid their taxes and, now they have retired, they feel they are entitled to a full age pension.
A lifetime of super – and it’s not just about retirement!
Life is for living, not retiring, but there may come a time in your life when you either want to change what you’ve been doing and stop working completely, or take a long break and work out what’s next.
Save on Tax by Thinking About Your Super in a New Way
Now that it’s time to put in your tax return for 2018-19, you’re probably looking at all the usual deductions to claim: bodycorp, rates, water, training, uniforms. However, one of the most overlooked deductions you can make is on after-tax super contributions. Not only does it reduce your tax burden in the present, it sets you up for a more comfortable life in the future.
2019 Small Business Tax Tips
1. Business Travel
- You can claim airfares, train or taxi fares.
- Accommodation costs and meal expenses for overnight business travel.
2019 Individual Tax Tips
1. From 1 July 2018 new tax rates
| $0 to $18,200 | No tax |
| $18,201 to $37,000 | 19c |
| $37,001 to $90,000 | 32.5c |
| $90,000 to $180,000 | 37c |
| $180,001 > | 45c |
Claim your Superannuation Contributions on Tax
You can make personal super contributions to your superannuation fund and claim it in your income tax return as an income tax deduction.
How does it work?
The best way to explain it is by an example. Steven is employed as an IT Consultant. During the 2017-2018 financial year, he earns a salary of $78,000.00. Steven makes a personal super contribution of $3,000.00 to his superannuation fund.
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What’s All The Fuss About Franking Credits?
If you’ve been watching the news lately, you might have heard that the change in franking credit rules is going to break open the earth and swallow our retirees whole.
Or if you’re listening to the other side of politics, it won’t. So who’s right? Who’s wrong? What’s a franking credit? Let’s start with that. A franking credit is used by the Government to avoid you paying tax twice on dividends from shares. Say you invest in a company like Google. Hang on, this article is about paying tax :). Say you invest in a company like John’s Global Meat Pies. John’s Global Meat Pies pays you $700 in dividends after paying $300 in tax on that amount ($1000 in total).
Sciacca’s News – July 2015
Welcome to Sciacca’s News – July 2015
Happy New Financial Year! Have you got big plans for this new year? More importantly, do you have a plan for how you are going to make it happen?
Remember we’re here to help. If you need advice or someone to run things by, to make sure you’re on the right track, give us a call. This month we’re talking about :
- Why you need a financial advisor
Superannuation, insurance, investments, budgeting… is your mind already wandering and eyes glazing over?
We understand that knowing where and how to invest your money, can be confusing and overwhelming……….
- Retirement – the most important career move you’ll ever make
Heading into retirement and contemplating ending paid work, means you need to rethink the risks in your portfolio.
Are you fearful of retirement? Most of us are very anxious for what retirement means for our lives. The allure of time to spend with your family and freedom from the demanding schedule of work is matched with a new set of responsibilities – that of financial survival as a ‘sole business owner’ to your household.Retirement is a change of career, not an end of a career…………
- July checklist for employers
As an employer you need to:
- provide payment summaries to your employees by 14 July
- lodge your PAYG withholding payment summary annual report
- check you’re using tax tables applying from 1 July 2015…….
Please read the complete articles on our recent newsletter– enjoy!
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