Oracle Partners Accountants & Advisors Bondi Junction, Sydney

Mar 21

Reverse mortgages: a retirement solution

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Wealth Creation

Changes to the age pension assets test have left many retirees looking for alternative sources of income to fund their retirement. On 1 January 2017, the assets test limit for part age pension rates dropped to $542,500 (from 793,750) for singles, and $816,000 (from approximately $1.1 million) for couples; and the taper rate doubled to $3 […]
Mar 21

Protecting your finances after separation

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Wealth Creation

The end of a relationship is a particularly difficult time for most individuals – among the emotional pain comes burdensome administrative tasks, such as sorting out finances. Although these tasks may seem tortuous; it is best to address financial issues promptly to safeguard your finances against misuse and ensure peace of mind. Here are three […]
Feb 27

Simpler BAS for small businesses

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Accounting & Tax

The ATO have introduced a simpler BAS to take effect from 1 July 2017 to help reduce GST compliance costs for small businesses. From 1 July 2017, small businesses will only need to report GST on sales (1A); GST on purchases (1B) and Total sales (G1) on their BAS. Businesses will no longer need to […]
Feb 27

ATO issues ruling on bad debts

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Accounting & Tax

The Australian Taxation Office (ATO) has issued a ruling that clarifies the circumstances in which a deduction for bad debts is allowable. Under section 63 of the Act, to obtain a bad debt deduction a debt must exist before it can be written off as bad. A debt exists where a taxpayer is entitled to […]
Feb 27

CGT exemptions for depreciating assets

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Accounting & Tax

The disposal of a depreciating asset may incur capital gains tax (CGT) if the asset has been used for a non-taxable purpose (i.e. private purposes). However, there are a number of CGT exemptions that may apply to a capital gain or capital loss made from the disposal of a depreciating asset: Pre-CGT assets: you disregard […]
Feb 27

Extended deadline for SMSFs

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Accounting & Tax

The ATO is targeting individuals (at, or approaching, retirement age) purporting to divert personal services income to a SMSF to minimise or avoid income tax obligations. A person earns personal services income (PSI) when 50 per cent of their income is earned from offering products or services that involve their skills, knowledge, expertise or efforts. Personal […]
Jan 01

CGT withholding regime

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Wealth Creation

An introduction of a 10 per cent non- final withholding tax on payments made to foreign residents that dispose of specific taxable Australian property will come into effect from 1 July 2016. The new legislation will impact on any property transaction where the purchase price is more than $2 million. The withholding regime will apply […]
Jan 01

How do franking credits work?

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Accounting & Tax

Franking credits are a kind of tax credit that allows Australian companies to pass on the tax paid at company level to shareholders. Franking credits can reduce the income tax paid on dividends or potentially be received as a tax refund. Where a company distributes fully franked dividends (and those dividends are included in the taxable […]
Jan 01

What is a superannuation contribution?

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Super

Since superannuation contributions come in several forms; SMSF members would be wise to understand what contributions are available and how they might impact them in regards to the contribution limits. The ATO considers a ‘contribution’ as anything of value that increases the capital of a superannuation fund provided by a person whose purpose is to benefit one […]
Jan 01

SMSF alternative to borrowering

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Super

A deferred purchase instalment strategy is one way SMSF’s can add a direct business property to their portfolios. Following changes announced in this year’s Federal Budget, self-managed super fund (SMSF) trustees may need to consider alternative strategies when adding a direct business property to their portfolios. A deferred purchase instalment strategy is also known as […]