Posted in Tax

I recently developed a strategy for a client which, in effect, will increase their compulsory employer superannuation contributions. Employers often 'package' their employee's remuneration package, possibly including a car allowance. However, some employers only calculate their compulsory super contributions based on the gross base salary (which doesn't include the car allowance component) If the car allowance component is say $17,000, the employee may miss ou...

It may be possible for your to reduce your Finance Repayments by using the GST you've paid on the vehicle or equipment purchase. Consider this scenario: You purchase a new vehicle for $50,000 + GST ($5,000) You Finance the entire $55,0000 (purchase price, including GST) You estimate you will receive $5,000 GST refund in the next BAS (the GST you just paid on the vehicle) You structure the Finance to include a $5,000 payment after the BAS refund is due ...

When calculating how much Income Insurance you need, it's easy to overlook the fact that tax is payable on the Claim Payment received. How Much Tax is Payble? That depends on your taxable income. Income Insurance Claim Payments are effectively treated as taxable income, which is added to any other taxable income you receive, such as rental property income, etc. Will It Be Enough? That depends on your expenditure. Consider this comparison of Employment Wages and Inco...

One of my long-term clients (who is also now a Total Service Client) was having some major issues (services and increasing costs) with their existing accountant, and they needed to make a change. As they are a Total Service Client, I had all of their relecant information, and I was able to introduce them to a new accountant, who acts for a number of our other clients. Today I met with the client and their new accountant and we presented a summary of all of the client (numerous) ent...

It is difficult to convey the actual value of dealing with a Financial Planner or Adviser. I consider myself a Comprehensive Financial Planner, which means that I act as an advocate for my clients in all of their financial dealings. Even that explanation may be difficult for a new client to understand what value I can be to them, so I decided to complete a weekly BLOG of some of the tasks I undertake for my clients on a weekly basis. If you are considering using me as your Financial Pl...