30 June Tax Tips for Approaching Retirement

If you’re nearing retirement any steps to defer income to the subsequent 30 June tax year will be beneficial as your earnings may be lower in subsequent years. You may also consider salary sacrificing up to the concessional contribution limits of your salary into superannuation, and drawing a tax free-pension as a part of theRead more…

Tax Treatment of Life Insurance and Income Protection Deductions

You should insure against risks to your financial freedom that you are unable to absorb. Insufficient insurance can lead to you being unable to meet debt or loan repayments. Life, Total & Permanent Disability, and income protection insurance paid from a super fund are tax deductible. Members of self-managed superannuation funds are now required toRead more…

Small Business Tax Benefits

New Concessional Depreciation Rules If you’re earning less than a grouped $2m in your business you may benefit from the new concessional depreciation rules for small to medium businesses. On assets that cost less than $20,000 you can claim an immediate deduction provided you start to use, or install to use, the asset between 12Read more…