First home buyers are increasingly turning to property investments as they are priced out of the homes they want to live in.
House prices have surged more than 20pc over the past year, CoreLogic data shows.
This brings up a very important topic around taxation.
A little while back we went through the one report I believe every business owner needs right now, which is known as a 13-week cash flow forecast.
The insights from this report will help you be decisive and allow you to act, giving your business every chance of meeting these challenges head-on.
Are you confident you have enough cash in your business for the next few months?
There is no doubt that many businesses are going through challenges that seem insurmountable at the moment.
One report I recommend every business owner should look at is a 13 week rolling cashflow forecast.
This will give insights on the potential cash coming in, and cash going out of the business over the next few months. Importantly it will indicate where the gaps might be.
Another financial year done and what a year it’s been!
If you’re a business owner, ideally by 30 JUNE you should have a fair idea of what your tax liability for the 2021 year will be and have all the appropriate documentation executed.
Over the last number of weeks, we have been posting daily tax tips here outlining just some of the ways you can legally organise your business affairs and minimise your tax position for 2021.
This is what great accountants do with their clients to ensure they are just paying the “right amount” of tax so more of your hard earned money stays in your pocket and you know what you’re estimated tax is well in advance of the due date.
Recently we have been discussing family trusts and the ability to potentially split income across the family and reduce your overall tax bill.
I have since been getting a lot of enquiries asking what could be done if the trustee has split the income as much as possible within the family, but every family member is now on the top rate of tax (because of their income levels).
The answer might be having a company as another beneficiary of your trust.
There are several structures to choose from when it comes to running a business but there is no “one size fits all” approach and needs to be based on your specific circumstances..
One option is what are commonly known as “family trusts”.
An advantage of a family trust, is that the trustee has discretion each year with regard to who gets the income and gains from the trust. From a tax perspective, this could split the tax burden very efficiently across the family.
Tax season is finally over – it was due last week! – so we’re now thinking about the end of the financial year which is just 5 weeks away.
Now, I know tax is a bloody boring subject for most of you but just think if I was offering to transfer $5,000 to your bank account for very little effort, you’d take it right?
So, stop wasting your money!
This is your opportunity to save money from a few simple tricks that are perfectly legal and ethical, and they’ll save you a bunch of hard-earned cash.
Here’s five bloody boring tax tips to save you THOUSANDS OF DOLLARS at June 30;
Welcome to our final blog in our SMSF series! In part one we discussed the main things you need to know if you’re thinking about having an SMSF.
In part two, we outlined the top 7 mistakes we see in running an SMSF, and how to avoid them.
We close out the series by briefly outlining how you can go about setting up an SMSF.
Thinking about an SMSF? Here’s part 2 of a 3 part series on what you need to know…
Running a SMSF isn’t all rainbows and unicorns, and there’s no shortage of bad decisions you can potentially make when it comes to your money. So here’s a few things to avoid on the SMSF path.
Here’s my top 7 mistakes when running an SMSF;
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