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Upsize your super with downsizer contributions

The new downsizer contribution, one of several measures announced in the 2017-18 Budget, is a great new opportunity for people aged 65 or over who can make a super contribution from sale of the family home and spend all that extra o
n a lifestyle to envy.

Smart end of financial year 2017 strategies to start now

By Liz Maroney, Westlawn Financial Adviser SMSF Specialist adviser™ 13 April 2017 With the end of the financial year approaching, now’s the time to make smart decisions about your finances and get your end of financial year strategies in place.

Your End of Financial Year tax planning checklist

There are many ways in which taxpayers can defer income, maximise deductions and take advantage of other tax planning initiatives to manage taxable income. In order to maximise any of these opportunities, start your year-end tax planning now with better financial advise. Of course, whenever undertaking tax planning, be aware of the potential application of […]

Keep track of deductions on the go with ATO’s new myDeductions tool

The Tax Office recently refreshed its free ATO app to include the new myDeductions tool. myDeductions is designed to help taxpayers keep track of deductions by capturing expenses on the go. You can use myDeductions to keep records of: Work-related car expenses using point-to-point, odometer method or electronic log book. Work-related travel expenses such as […]

Superannuation year-end planning: What to do before and after 30 June

With the end of financial year fast approaching, here are some super year-end planning tips to help you understand what you could do in relation to your super before and after 30 June 2015. Increased tax deductible contributions cap for anyone 50 and over For anyone who was under 49 on 30 June 2014, the […]

Starting a business? Few start up costs are tax deductible

It costs money to start a business, and generally you cannot deduct those expenses because they’re not incurred as part of running a company. Money spent to start a business isn’t considered as the cost of carrying on business. For example, before your company starts operating, it cannot deduct such costs as: Performing preliminary research […]

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