The small business capital gains tax concessions offer a myriad of ways to enjoy the sale of the family business with a small amount, or no tax payable. And while they are a complex mindfield, the end outcome of the concessions is so incredible that every long term tax plan should have it. The small… Continue reading Boosting your superannuation fund through the small business CGT concessions
If you are near retirement you will know about the $1.6m transfer balance. It is the amount of money a person can put into their pension phase and enjoy tax-free earnings later on. For example Cosimo and Agathe live in Perth, they are over 60 and contemplating retirement. They have $1.5m and $1.4m in their… Continue reading How to reduce your $1.6m transfer balance cap
Many family businesses in Perth are doing incredible work. And it is great to know that the research and development tax incentive or the research and development tax offset are specifically designed to assist these family owned businesses in Perth. How much is the R&D Incentive worth? In effect: if you turnover less than $20m… Continue reading The R&D Tax Incentive: What is it and how do I get it?
For many family business owners the pathway to success has been a very purposefully driven process. Key targets have been set, goals have been identified and actions have been carried out to achieve a degree of success. For many, the success of the family business has generated in wealth for the family. However, the difference… Continue reading Getting a conversation started on wealth succession
Many families will have systems in place when their kids buy their first home. Just like they help with all taxation, investment and superannuation concessions. Because the purchase of the first home is a large investment decision and the success of the child’s home ownership will impact on how the legacy is transferred. And with… Continue reading Helping the kids buy their first home: taxation and superannuation
As a kid my parents drilled home the importance of saving money for my retirement. And logic says that is a great idea. However, the tax system and superannuation system are not fully based on logic. Why? Because the government aged pension actively works to reduce your income as you earn more. So the value… Continue reading Having more in your super fund may not mean a higher income
Did you know that your superannuation funds can have a hidden tax payable on death? A good tax advisor or SMSF Specialist, either in Perth or elsewhere, can help you maximise the tax liabilities in your superannuation fund – for both you and your extended family. So how does the death tax work for a… Continue reading Superannuation funds have a hidden death tax impacting your family
By Westcourt Blogger Contributing extra to your superannuation is a good way to boost your retirement funds. One of the ways you can add more to your super is through salary sacrificing. Salary sacrifice is an arrangement with your employer to forego part of your salary or wages in return for your employer providing benefits… Continue reading Salary sacrificing your super
By Westcourt Blogger A new report has revealed around 2.4 million or almost one third of Australian workers are missing out on some or all of their super entitlements and little is being done about it. Under the Superannuation Guarantee (SG) employers must contribute 9.5 per cent into the super account of every worker over… Continue reading Are you short-changing your employees on super?
By Westcourt Blogger The Australian Government has recently passed what it is calling the’most significant superannuation reforms in a decade’. The reforms include the introduction of a $1.6 million transfer balance cap, which places a limit on the amount an individual can transfer into the tax-free earnings retirement phase and the introduction of the Low… Continue reading Government passes’fairer’ super changes