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