Category Archives: Tax

TASA legislation passed by Parliament

The Tax Agent Services Act (TASA) legislation was passed by the House of Representatives recently. Originally, the legislation proposed that all financial planners providing tax advice in the context of financial advice would need to register with the Tax Practitioners’ Board (TPB) from 1 July 2013. However, the legislation was unexpectedly amended before being passed […]

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How to reduce the tax on your children’s inheritance

A withdrawal and recontribution strategy can be an effective way to reduce tax for your beneficiaries when they inherit your superannuation later on. However, before we can look at how this strategy works, we need to gain an understanding of the tax components that make up your super account balance. Generally speaking, your super account […]

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Tax time…10 end-of-year tips

It’s tax time again and there are a number of strategies you can consider to reduce your tax liability for 2011/12 and boost your tax refund. 1. Prepay your Private Health Insurance The Government recently announced it would be restricting eligibility for the 30% private health insurance rebate from 1 July 2012. As a result, […]

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Beware of the super contributions tax

Last time we talked about the caps that apply to superannuation contributions. This week we’ll have a look at the implications if the caps are exceeded. The ATO will impose a penalty known as excess contributions tax if you exceed either the concessional or non-concessional caps in a given financial year. For concessional contributions, every […]

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Why tax planning should be important to you

Tax planning is often overshadowed by other financial advice needs. Investment, superannuation and personal insurance make good examples. In fact, the majority of new clients we see are seeking advice specific to these areas alone. Tax planning, on the other hand, is rarely considered an area that requires expert financial advice. It should be. Not addressing your tax position […]

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Tax-effective income

Ever heard the term ‘franking credit’? If you’re like most people you’ve heard the term but have no idea what it means.

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    Financial Planning Expert is an independent financial planning business based in Melbourne. We provide genuinely independent and conflict free financial advice. We’re experts in self-managed superannuation fund (SMSFs) advice and strategy, retirement planning, property and share investment advice, life and income protection insurance, tax planning, asset protection, estate planning and advice for Australian expatriates.