The usual rhetorical response to this question is “how long is a piece of string?” For those of us that don’t plan for our retirement this could well be the answer. You may also be forgiven for thinking “my retirement is years away yet, why bother myself worrying about it now?” Well, whilst we can’t predict the future, we know that with some careful planning we can at least give ourselves the best opportunity of fulfilling our retirement dreams.
There were a number of proposed changes to the superannuation rules announced in the May 2016 Federal budget. Whilst these changes are still being debated in Parliament, and may therefore be modified, or potentially not passed into law at all, it is still worth contemplating some possible strategies to deal with these potential changes.
A question often asked is are Self-Managed Superannuation Funds (SMSF’s) suitable for me?
The answer to that question should revolve around whether you want a set and forget superfund plan or whether you want to have greater involvement with your investments and be more strategic in making plans for your retirement.
Ian McFarlane has experience in acting as Administrator Pendite Lite. This is a name for a court appointment to begin probate proceedings during a lawsuit that challenges the will. The estate will be granted Letters of Administration to allow the administrator to collect the assets of the estate until the last binding will of the deceased is approved by the court.
Ian McFarlane is one of the founding partners of CMS. Accounting and business advice has been the mainstay of his professional career as one might expect of a Chartered Accountant, Tax Agent and Registered Company Auditor.
Whether you’re a one-person company or you employ several hundred, time is valuable. Payroll management can be a very costly, time consuming and sometimes arduous process. To overcome some of these hurdles, we recommend the utilisation of a cloud payroll system which can help you to save time with compliance.
One of the biggest expenses all businesses face, especially in the tourism and hospitality industry, is the cost of wages. Besides purchases of stock, payroll is generally the second highest expense with businesses needing to make sure they are complying with penalty rates, superannuation, WorkCover and payroll tax. However, a recent development will see the cost of employment increasing.
As Australia transitions to the inevitable cash free economy, the hospitality and retail sector has been evolving at a slower pace to most. Cash-only policies and EFTPOS minimums still riddle many local cafes to this day. These businesses have been slow to adapt to the changes in technology that will allow them to grow.
From 7.30pm, 12 May, 2015 primary producers who meet the definition of a small business with an aggregated annual turnover of less than $2 million can claim an immediate deduction for capital expenditure on water facilities including dams, tanks, bores, irrigation channels, pumps, water towers and windmills; and fencing assets.
Farm management deposits (FMD) are an important tool to help primary producers deal with uneven income from one year to the next; a common scenario due to a myriad of variables in a primary production (PP) business.
The scheme allows deposits to be made with an authorised deposit-taking institution who offers special FMD accounts. A tax deduction can be claimed for the amount deposited, provided that the funds are not subsequently withdrawn within 12 months. If the FMD is withdrawn in a later year (after 12 months), the amount withdrawn is included in assessable income. In the case of a natural disaster, deposits can be withdrawn within 12 months, subject to meeting certain conditions, without the tax deduction being cancelled.