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Federal Budget 2017: Tax (businesses)

May 11, 2017 · Published by R J Sanderson And Associates Pty Ltd

The government will extend the existing accelerated depreciation allowance for small businesses by 12 months to 30 June 2018. If your small business has aggregated annual turnover below $10 million, you’ll be able to immediately deduct the purchase of eligible assets costing less than $20,000 where they are first used or installed ready for use by 30 June 2018. After that date, the immediate deductibility threshold will revert back to $1,000.

Federal Budget 2017: Tax (individuals)

· Published by R J Sanderson And Associates Pty Ltd

From 1 July 2019, the Medicare levy will increase by half a percentage point from 2% to 2.5% of an individual’s taxable income. The Medicare levy low-income thresholds for singles, families, seniors and pensioners will increase from the 2016–17 financial year.

Federal Budget 2017: Other Proposals

· Published by RJS Wealth Management Pty Ltd

A new Jobseeker Payment will replace 7 existing working age payments from 20 March 2020.
Job seekers and parents who receive working age income support will have increased activity test
requirements from 20 September 2018.

Set some SMART financial goals for your business in 2017

February 17, 2017 · Published by R J Sanderson And Associates Pty Ltd

It’s a New Year, and a new opportunity to inject new energy and enthusiasm into your business by setting some financial goals. It’s easy to dash off a few ideas on the back of an envelope, but we want you take the idea of goal setting a little more seriously. We suggest you spend some quality time creating achievable goals that tie in with the overall strategy of your business.

When was the last time you updated your SMSF trust deed?

· Published by RJS Wealth Management Pty Ltd

An SMSF, as well as being an excellent way to safeguard your retirement on your own terms, is a type of trust. Setting up an SMSF requires lots of documentation, and the trust deed is crucial, because it sets out the rules for establishing and operating your SMSF. It’s a legally binding document, and it should reflect the current Superannuation rules.

How the best financial planners create wealth and add value

· Published by RJS Wealth Management Pty Ltd

How does a financial advisor provide value? What are you missing out on if you don’t use one? Without a qualified financial planner, your future financial position may be below its potential and/or haphazard. Not to mention the possibility of leaving you and your family at risk of potential financial devastation.

When it comes to investing for retirement, are women more savvy than men?

December 9, 2016 · Published by RJS Wealth Management Pty Ltd

The last thing we want to do is create a gender divide around the subject of investing for retirement. But men and women are different, and without generalising too much, it’s fair to say that they do many things differently. Planning for retirement is no exception.

Do the superannuation reforms affect me?

· Published by RJS Wealth Management Pty Ltd

The May 2016 budget announced key superannuation (super) changes that have come under much scrutiny. With a few subsequent amendments, the Bill was put before parliament in late November and has now been passed. These new measures were designed to improve the sustainability, flexibility and integrity of Australia’s super system, most of which come into effect from 1 July 2017.

Introducing a $1.6 million transfer balance cap

· Published by RJS Wealth Management Pty Ltd

Designed to limit the total amount of superannuation (super) savings that can be transferred into a tax-free retirement account, the $1.6 million transfer balance cap (indexed for inflation in $100,000 increments) is applied to each individual and will take effect from 1 July 2017.

Reducing the concessional contributions cap to $25,000

· Published by RJS Wealth Management Pty Ltd

A concessional contribution is a before-tax superannuation (super) contribution which includes both salary sacrificed and employer superannuation guarantee contributions. Or for the self-employed or not employed, it is a tax-deductible super contribution.