Oracle Partners Accountants & Advisors Bondi Junction, Sydney

Jan 01

Insurance traps in your super

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Wealth Creation

Insurance arrangements in super can create a few surprise outcomes for members who leave big superannuation funds to start their own self-managed super fund yet leave a portion in their old fund. Members need to be wary of the traps that can cause a loss of cover. As insurance is a complex financial product members […]
Jan 01

Super boost for business owners

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Wealth Creation

Changes announced in the 2016 Federal Budget grant small business owners the right to use the sale of their business to contribute more to their super than the introduced $500,000 lifetime after-tax contribution cap. As the small business retirement exemption will continue, small business entities can contribute up to $500,000 of sale proceeds into their superannuation in […]
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

Age gracefully and plan for very long retirement

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Wealth Creation

The Australian 12:00AM July 26, 2016 TONY NEGLINE Wealth columnist Anyone in their forties and fifties should be financially planning to live well into their nineties … anyone younger than 40 should be assuming they will live beyond 100. Does this sound fanciful? Every new government report shows that Australians are living longer. As […]
Jan 01

ATO warns pre-retirees on SMSF tax schemes

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Accounting & Tax

The Australian Tax Office has its sight set on individuals participating in an increasing number of aggressive tax avoidance and retirement planning schemes in self-managed superannuation funds. The ATO has launched Super Scheme Smart, an initiative designed to help inform individuals and advisers about illegal retirement planning schemes. The program is a result […]
Jan 01

ATO crackdown on work-related expenses

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Accounting & Tax

The ATO is currently targeting work- related expenses by taking a closer look at unusual deductions and claims that are higher than expected. The Tax Office will be looking for expense claims that are much higher than others who are in the same occupation and will be contacting employers to validate these claims. When claiming […]
Jan 01

Tax tips for property investors

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Accounting & Tax

Property investors can access a wide range of tax deductions and items subject to depreciation for their rental property yet many miss out on unknown tax breaks, foregoing an average of $20,000 a year on a $1 million house. Here are five ways to maximise your tax deductions while complying with the tax office: Use […]
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 […]