Wealth Creation - Page 4 of 4 - Oracle Partners Accountants & Advisors Bondi Junction, Sydney

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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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

Alternatives to building your nest egg

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The prospect of putting less into superannuation has prompted many Australians to start looking for other ways to boost their retirement savings. Jumping on the offensive by seeking out other tax-effective ways to increase retirement savings isn’t always easy, with complications such as fees, administration and confusing terminology attached to saving outside of super. Nonetheless, […]
Jan 01

SMSF Borrowing – ATO imposes stricter guidelines

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Self-managed super funds (SMSF) have until 30 June 2016 to conform to the ATO’s new rules on related- party loans. A guidance paper released by the Tax Office stated that related-party loans e.g. family trusts or private companies to SMSFs now must be at interest rates of 7.75 per cent for shares and 5.75 per cent […]
Jan 01

Aged care considerations

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The decision to move into an aged care home is often a difficult one. With the loss of autonomy, and often the family home, it is an emotional time for the person moving and their family and friends. Planning ahead is essential to maintaining control and choice and minimising stress as there are a lot […]
Jan 01

Transition to retirement changes

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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 […]
Jan 01

Age gracefully and plan for very long retirement

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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

Succession planning for SMSFs

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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

Testamentary trusts: an overview

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A testamentary trust is an effective estate planning tool that can provide greater flexibility when it comes to protecting assets and minimising tax when distributing assets to beneficiaries. Testamentary trusts are trusts that are established through an individual’s Will that do not come into effect until the individual has passed away. The trust outlines a structure […]
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 […]