Oracle Partners Accountants & Advisors Bondi Junction, Sydney

Jan 01

Super Contributions rules for 2016/17

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Super

The government announced significant amendments to Australia’s superannuation rules in this year’s Federal Budget, but the majority of proposed changes will not apply for the 2016/2017 year. Superannuation contributions are divided into two categories; concessional (before-tax) and non-concessional (after-tax). Both types of super contributions are subject to a contributions cap. A contributions cap is a […]
Jan 01

Contribution rules for over-65s

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Super

Confusion often exists surrounding the rules that apply to those wishing to make super contributions when they reach the age of 65. Here are five tips to help meet the super contribution rules for those who are 65 years of age or older. Those aged 65 or older must satisfy a work test and be […]
Jan 01

SMSF alternative to borrowering

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Super

A deferred purchase instalment strategy is one way SMSF’s can add a direct business property to their portfolios. Following changes announced in this year’s Federal Budget, self-managed super fund (SMSF) trustees may need to consider alternative strategies when adding a direct business property to their portfolios. A deferred purchase instalment strategy is also known as […]
Jan 01

What is a superannuation contribution?

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Super

Since superannuation contributions come in several forms; SMSF members would be wise to understand what contributions are available and how they might impact them in regards to the contribution limits. The ATO considers a ‘contribution’ as anything of value that increases the capital of a superannuation fund provided by a person whose purpose is to benefit one […]
Jan 01

How do franking credits work?

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Accounting & Tax

Franking credits are a kind of tax credit that allows Australian companies to pass on the tax paid at company level to shareholders. Franking credits can reduce the income tax paid on dividends or potentially be received as a tax refund. Where a company distributes fully franked dividends (and those dividends are included in the taxable […]
Jan 01

Tax tips for property investors

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Accounting & Tax

Property investors can access a wide range of tax deductions and items subject to depreciation for their rental property yet many miss out on unknown tax breaks, foregoing an average of $20,000 a year on a $1 million house. Here are five ways to maximise your tax deductions while complying with the tax office: Use […]
Jan 01

ATO crackdown on work-related expenses

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Accounting & Tax

The ATO is currently targeting work- related expenses by taking a closer look at unusual deductions and claims that are higher than expected. The Tax Office will be looking for expense claims that are much higher than others who are in the same occupation and will be contacting employers to validate these claims. When claiming […]
Jan 01

ATO warns pre-retirees on SMSF tax schemes

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Accounting & Tax

The Australian Tax Office has its sight set on individuals participating in an increasing number of aggressive tax avoidance and retirement planning schemes in self-managed superannuation funds. The ATO has launched Super Scheme Smart, an initiative designed to help inform individuals and advisers about illegal retirement planning schemes. The program is a result […]
Jan 01

Age gracefully and plan for very long retirement

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Wealth Creation

The Australian 12:00AM July 26, 2016 TONY NEGLINE Wealth columnist Anyone in their forties and fifties should be financially planning to live well into their nineties … anyone younger than 40 should be assuming they will live beyond 100. Does this sound fanciful? Every new government report shows that Australians are living longer. As […]
Jan 01

Splitting super with your spouse

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Super

Since change is an inevitable part of Australia’s superannuation system, taxpayers should always be aware of and on the lookout for super strategies that they can take advantage of. One such strategy, which is not only straightforward but also highly-effective, is splitting superannuation with your spouse. Splitting super with your spouse involves one partner (usually […]