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.
The changes to superannuation announced in the 2016 Federal Budget have been passed by Parliament. Amongst the changes was a raft of legislation which may have been overlooked given a few of the substantial changes taking the headlines but these measures are just as important in your planning for 1 July 2017.
Government strives to deliver stability in 2017-18 Federal Budget
With the release of the 2017-18 Budget, the following summary provides an outline of key measures of interest for our clients. As with any legislative changes, much will remain unclear until legislation is passed.
This is what we know so far:
Starting a medical professional business or joining a medical partnership can be as daunting as starting any other type of business.
As a medical professional, you know how important it is to look after your patients and provide them with good quality treatment. But are you prepared for what it takes to run a business?
The initial steps you take in setting up a business could be the difference between success and failure. Start with a business plan and identify all key areas of the business that need to be organised including market analysis, services to be provided, equipment to be purchased and accreditation required to name a few. There are many things to consider when establishing a practice, but the following 6 steps have the potential to save you the most $$$.
Legislation to implement the Government's superannuation reforms passed the Parliament on 23 November 2016. This means we now have certainty around the new rules so you can start to plan how best to use them to your advantage.
The following is a summary of the measures, plus ‘IMPORTANT ISSUES TO CONSIDER’.
With the five per cent bonus on voluntary HECS-HELP payments over $500 to end at the end of the year, should Australians pay off their university debt?
The current HECS-HELP payment system allows students to defer their student contribution and repay it later through the taxation system. It was traditionally thought that not paying the debt off early could be a viable option over time but it may now be time to reconsider.
As the end of the year is drawing rapidly to a close it may feel like the changes to the Asset Test for the Aged Pension have just been drawn up, however, these were announced in the 2015 Federal Budget. You may be asking yourself, “what does this really mean for me – and what are my options?”
Firstly, let’s look and see who these measures apply to.
Along with the increase in small business concessions over recent years the ATO has been very active in reviewing the tax treatment of businesses that derive income from personal services as well as
professional services firms. The ATO has recently signalled its clear intention to take a more aggressive approach to professional firms which fall outside the scope of the PSI rules with its recent website updates.
Scams are all around us. In fact, they're so common that more than 105,000 scams were reported to the Australian Competition and Consumer Commission ACCC last year, resulting in losses of more than $84 million.1 And that's just the tip of the iceberg: many more scams went unreported, often because the victim was too embarrassed to tell authorities about the crime.
WLM would like to thank Dr Jerome Lander, Portfolio Manager of the Dynamic Asset Consulting (DAC) Goals Based Portfolios, who shared his thoughts on current investment markets and how to invest to achieve your goals in today's environment. There was much positive feedback from those who attended and we hope to have Jerome back at another time.