Statastic! Back in 1989, when World Population Day was first observed, the global population was nearing five billion. Fast forward almost three decades and the global population has climbed to a staggering seven billion. The United Nation Predicts the world population will reach 10 billion by 2056! Here are some quick facts current as at World Population Day, 2017: There are 4.5 births every second China has the largest population,… Read more
Happy new financial year! We hope last years was financially prosperous and here’s to another exciting year ahead. However, as it is the new financial year, it’s time to ensure that you’re paying up to the correct award rates. Here is a quick how-to-guide that we’ve put together to make sure you are up to date with the current rates! To find your minimum pay rates: Head over to the… Read more
The End of the Financial Year is fast approaching! Check this out for your reminders for now and the coming months. Download EOFY reminders Read more
With the superannuation law changes taking effect from 1 July 2017, it’s more important than ever for SMSF trustees to get their affairs in order. 1. Valuations. From 1 July 2017, if you are accessing a retirement pension, you can only have up to $1.6 million net assets in your pension account. The limit applies to the total value of all your pensions and not per superannuation fund. If you also have… Read more
Identifying dangerous emails Scam emails are becoming more prevalent throughout Australia. It is important that you are able to recognise scam emails to ensure that your private details and information are kept secure. Here are 10 essential tips to assist you in identifying which emails could be potentially dangerous. Tip 1: Don’t trust the display name A favourite phishing tactic among cybercriminals is to spoof the display name of an email.… Read more
What you need to know from the Federal Budget Updates Read more
Did you know legislation is expected to be passed very soon allowing businesses with less than $10 million in turnover to immediately write off any assets purchased for less than $20,000? Previously this only applied to businesses with a turnover of less than $2 million. Check it out- Click here to learn more! Read more
Do you have an outstanding tax debt? Did you know that from 1 July this year, the ATO will report these debts to credit agencies and this will affect your credit rating! Check out this article for further details, and get your tax debt sorted now! Click Here Read more
If you own an investment property, a depreciation schedule will more than likely offer you some benefits. Depreciation is often missed by investors, but it is a legitimate tax deduction. Depreciation is the process of devaluing assets as they decrease in value over their lifetime until reaching the end of their useful life. If you have an investment property it can be depreciated and you are deemed to benefit from… Read more
Any time that you want to change your financial picture, you need to start by setting goals. Many people look at the New Year as a good time to begin making changes in your life. In order for your changes and goals to be successful, you should set goals with small attainable steps that will help you to achieve the goals that you are setting. There are four areas that… Read more
The instances of ATM and credit card fraud are on the rise. Follow the tips below to help avoid becoming a victim: Don’t let anyone swipe your card twice without giving you a ‘transaction cancelled’ receipt for the first swipe – card ‘skimming’ is growing where fraudsters swipe cards through a second machine to record details. Be on your guard when withdrawing money from ATMs – if anything seems out… Read more
Superannuation reform and its impact on you The wide ranging superannuation reforms originally announced in the 2016-17 Federal Budget have passed Parliament. As the majority of the reforms start from 1 July 2017, it’s important to consider how these might impact on you and whether you need to take any action before then. Key reforms include: Non-concessional contributions capped at $1.6 million – Once your super balance has reached… Read more
Family wealth can take a lifetime to accrue, but can also disappear in an instant through poorly considered generosity. This 3 minute read may be one of the most important articles you have ever read! Many parents and grandparents are often willing to help younger generations with funds toward a house or education. It’s a wonderful gift – but there can also be some serious traps. The person who… Read more
Another financial year is about to finish! As a business owner, there are many obligations that you need to consider and action just before and just after 30 June. Some of these will help to minimise your tax. We have outlined these action points below to assist you. Date Action Required BEFORE 30 June 2016 · Ensure your employee superannuation payments are received and allocated by your employees’ super… Read more
This newsletter is chock a block filled with Budget Highlights, Info for Tax Time, Checklists and much more! Check it out now! ‘On The Money’ June 2016 – Scotts Read more