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What changed on 1 July 2013

Here’s a brief summary of what changed on 1 July: The minimum rate for superannuation guarantee contributions increases from 9% to 9.25%. The rate will continue to increase steadily until it reaches 12% from 1 July 2019 onwards. The upper age limit for super guarantee has been removed. That means eligible employees aged 70 and […]

Expect the Unexpected

As part of your cash flow forecast identify your capital expenditure requirements. Don’t deal with these on a one-off basis as they arise, plan them in advance. Expect the unexpected Growing to death is often the result of unplanned growth opportunities. It’s ironic that seizing a major sales contract or big new client can be […]

The Top 5 Issues Holding Back your Business

Overcoming the biggest problems in business often comes down to the simple things. Here are a few simple things you can do to capitalise on your opportunities and reduce your risks in 2013/2014. “I didn’t get time to…” No more excuses Most people simply don’t set aside the time to do the forward planning they […]

Time to Start Thinking About Tax time

The countdown to the end of the financial year is on and that means you should start to focus on your end of financial year position and any tax planning that is appropriate for you. Don’t leave it till the last minute. No decision, or rushed decisions, can lead to the wrong outcome. Here is […]

June’s Did You Know

The 2009/2010 Budget estimates were closest to the actual Budget figures than any future year. The worst year for budget forecasts was the 2010/2011 Budget that predicted the deficit for 2011/2012 to be -$13 billion. Turned out this forecast was over $30 billion off at -$43.4 billion. The budget deficit for the current financial year […]

The Pitfalls of Accessing your Company Profits

One of the benefits of operating a business through a private company is the ability to access a flat 30% tax rate on profits. However, shareholders often forget that the 30% corporate tax rate is only intended to apply while the profits are being used in the company’s business or investment activities. The Government and […]

On the Fringe: Top FBT Myths & Opportunities

Fringe benefits tax (FBT) exists to ensure that employees are not getting income disguised in another form and avoiding income tax. But such a broad concept has its problems. With the FBT year ending on 31 March, it’s a good time to explore the myths and realities of fringe benefits and why so many employers […]

Pension Deeming Rates to be Reduced

Clients on full or part government pensions will be pleased to know that the government will reduce pension ‘deeming rates’ from 20 March 2013 to better reflect returns available to them from their financial investments. Deeming rates reflect the standard rates of return that pensioners can earn from their financial assets. They are used to […]

Baby Bonus Drops from $5,000 to $3,000

Under legislation recently tabled, from 1 July 2013, the Baby Bonus will be reduced to $3,000 for second and subsequent children. Under the new Bill, the Baby bonus will continue to be paid at the rate of $5,000 for a family’s first child, and for each child who comes into the family in a multiple […]

Company Loss Carry-Back Rules

Basically, the Structure of the Carry-back Rules the provisions operate as follows: start day is 1 July 2012; a one year carry-back applies for 2012/13 tax losses; up to $1 million worth of tax losses are subject to ‘carry-back’ each year for a company to receive a refund of tax paid in a prior year, […]