We all get bombarded with information from every source possible and frankly, it's too much. Even if you haven't already flicked it into spam you probably don't have time to read it. We call it Information Overload. So, on this page we've selected big picture news items we think are relevant and of interest to our clients.
From 1 July 2017, travel expenses relating to inspecting, maintaining, or collecting rent for a residential rental property cannot be claimed as deductions by investors or SMSFs. The changes are now law. The travel expenditure is also not recognized in the cost base of the property for CGT purposes.
A new alternative for first home deposit savings are now available via the First Home Super Saver Scheme (FHSSS).
Individuals will be able to access certain superannuation benefits to assist with the purchase of their first home. Those who take advantage of the scheme may have a greater amount available as a first home deposit.
Substantial Employers are those who have 20 or more employees and from 1 July 2018 will be required to report to ATO as they pay.
All employers will need to count the number of employees on their payroll on 1 April 2018 to find out if they are a ‘substantial employer’. They need to do a headcount, not a count of full time equivalent (FTE).
WLM is pleased to welcome our new Associate Director, Stephen Buhlman. Stephen grew up in Perth and, after travelling to the UK to work, he found Perth a bit slow so he packed hisbags and moved to Sydney in 1998. His love of investing and client interaction made financial planning the perfect career path. Prior to joining WLM this year, Stephen has run his own boutique financial planning business as well as worked as a financial planner at one of the major four banks.
Many of the world’s leading investors will tell you that nothing is more important to long-term investment success than a clear investment philosophy.
An investment philosophy is based on the intractable belief you have in the principles and practices that guide your decision-making. In times of market upheaval and through the dark of uncertainty, your investment philosophy enables you to control your emotions, shut out the noise and focus on the things that really matter over the long term. Your investment philosophy keeps you focused on the process, which is your investment strategy.
In the 1500s, people cooked in the kitchen using a big kettle that always hung over the fire. Every day they lit the fire and added things to the pot.
They ate mostly vegetables and did not get much meat. They would eat the stew for dinner, leaving leftovers in the pot to get cold overnight, then start over the next day.
“Inclusiveness and Diversity’’ rather than Diversity and Inclusion is the new concept being embraced in organisations looking towards highly effective cultures that will attract and keep the highest talent.
At a recent UTS MBA Womens Network Diversity and Inclusion Strategy Hack - we questioned the very name of our network and I suspect at our next meeting it will get a new name!
Illegal phoenix activity involves the intentional transfer of assets from an indebted company to a new company to avoid paying creditors, tax or employee entitlements.
The directors leave the debts with the old company, often placing that company into administration or liquidation, leaving no assets to pay creditors.
Please be aware that there are currently a number of phishing emails being sent around to individual users. These emails are attempts by scammers to trick you into giving out personal information such as Passwords, Bank Account Numbers, Log in Details etc.
As superannuation falls outside your estate, there are few items to consider in your estate plans.
Where there is a Power of Attorney, ensure it allows a trusted person to attend to changes to the superannuation balance if the member becomes ill before implementing advice.