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 legislation which will remove tax concessions for transition to retirement pensions (TTRs) and bring them closer to their purpose of providing income to members as they transition to retirement.
The new rules will remove the tax exempt status that TTRs have long enjoyed on earnings on fund investments. Assets supporting a TTR will generally be taxed at 15% from 1 July 2017.
The Australian Government has introduced changes relating to Higher Education Loan Program (HELP) and Trade Support Loan (TSL) repayment obligations. Under these changes, one’s first repayment against their HELP and TSL loan will commence from 1 July 2017 based on their worldwide income for the 2016–17 income year. Similarly, if one was living and working in Australia, if one lives and works overseas and earns worldwide income that exceeds the minimum HELP and TSL repayment thresholds, they will be required to make repayments against their loan.
The changes to superannuation announced in the 2016 Federal Budget have been passed by Parliament. Amongst the changes was legislation which provides CGT relief for members who are transferring assets out of retirement phase in 2016/17 to comply with the changes. The legislation allows you to reset the cost bases of assets in your fund to their current market value.
The ATO has developed work-related expenses risk profiles to help identify how work-related expense (WRE) deduction amounts compare for similar taxpayers. According to the ATO, 8.4 million taxpayers claimed a total of $21.3 billion in WREs in 2015, and the amounts claimed continue to grow.
One of the main goals when considering an investment is to get a decent return – without taking too much risk. If we can achieve this over a sustained period, then generally speaking we’ll put ourselves in a good financial position.
So, how do we do this, particularly if we use the current investment environment as a starting position?
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’.