Oracle Partners Accountants & Advisors Bondi Junction, Sydney

Jan 01

Incentives for greater super flexibility

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Super

The Budget has introduced a series of incentives to provide Australians with more choice and access to superannuation to help enjoy retirement. The Government has recognised the current system offers limited flexibility for modern work patterns such as those who work part-time, take time out of work or have ‘lumpy’ income in which they make no […]
Jan 01

Federal Budget: Super shake-up

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Super

This year’s Federal Budget saw a raft of changes to superannuation with introduced measures intended to improve the sustainability and integrity of Australia’s superannuation system. The following measures were announced, including: Introducing a $1.6m transfer balance cap There will be a $1.6 million superannuation transfer balance cap on the total amount of super that individuals can […]
Jan 01

ATO lists tax traps

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Wealth Creation

The Australian Tax Office (ATO) often focuses on specific behaviours, characteristics and tax issues that are suspicious and can lead to investigations. Due to enhancements in technology, the ATO has expanded its data matching capabilities which have improved the ability to identify incorrect reporting in tax returns. The ATO has released a list of behaviours and […]
Jan 01

Transition to retirement changes

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Wealth Creation

With the Federal Government’s proposed changes to the transition to retirement (TTR) pension to take effect from 1 July 2017, those with existing arrangements should review them to avoid impact on their retirement funds. Following changes in the 2016 Federal Budget, from 1 July 2017, transition to retirement (TTR) pensions will no longer receive a tax-free […]
Jan 01

Tax risks of the granny flat

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Wealth Creation

Adding a granny flat to a property is becoming an increasingly popular option among homeowners and investors alike. While a range of granny flat scenarios and arrangements can provide additional living space and potential rental-income, consideration must be given to the various tax implications and financial ramifications before adding such a building to your property. Under […]
Jan 01

Succession planning for SMSFs

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Wealth Creation

A mandatory component of managing a self-managed super fund (SMSF) is planning out what will happen to the fund if its trustee was to pass away. While succession planning may not be one of the first responsibilities that comes to mind when managing an SMSF, it is a necessity that can provide certainty and peace of […]
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

Transition to retirement changes

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Wealth Creation

Transition to retirement (TTR) arrangements are set to be overturned or converted into full pensions following changes released in the 2016 Federal Budget. Under the proposed rules set to commence 1 July 2017, the tax on earnings in TTR pensions will change from zero to 15 per cent, the same earnings tax that applies to money […]