PrimeAdvisory Business Tax Planning Alert 2016

PrimeAdvisory Business Tax Planning Alert 2016

With 2 weeks until the end of the financial year, it is time to plan and set business strategies for the new financial year and beyond.

From 1 July 2015, start-up companies, trusts or partnerships can immediately deduct a range of professional expenses associated with starting a new business such as professional, legal and accounting advice.

From 1 July 2015, there were new rules for the tax treatment of employee share schemes, including tax concessions for start-up companies that meet certain conditions. Are you affected?

Employers need to provide 2016 PAYG Payment Summaries to employees and other workers by 14 July 2016. These must then be submitted to the ATO by 14 August 2016 or penalties will apply. Are you payroll ready?

The Small Business Entities Restructure Roll-Over bill may present broader opportunities for business restructure without income tax costs.  The bill applies to transfers of genuine assets on or after 1 July 2016. Is this an opportunity to reassess your business structure? Read More

Read More
Economic Snapshot for March – April 2016

Economic Snapshot for March – April 2016

Portfolios in March saw further improvement in global investor sentiment as fears of a recession faded due to better news on key economic data and some stability returning to the oil market. Equities recorded a positive return for the month, with emerging equity markets outperforming particularly well after their recent difficult months. The normal monthly graph looks significantly different to the 3 month equivalent for the first quarter of the year and as such we have included the latter for a better perspective. US equities for example have now achieved a moderate return of 1.18% for the quarter but this is due to a strong rebound of over 6% in March. This is a poignant reminder that when we take into account a minimum 5 year time horizon the graphs are merely snapshots of a point in time.
In the US, there were further signs of labour market strength and some welcome improvement in the pace of manufacturing activity. Core inflation also continued to edge higher. However, the Federal Reserve again reiterated its preference to move cautiously with further interest rate increases. This inevitably undermined the US$ and resulted in speculative trading and volatility.

There were also encouraging signs of improving economic conditions in China, with the manufacturing index rising to its best level since June 2014. This reflects the impact of further monetary and fiscal stimulus from the Chinese authorities in recent months.

Download the Economic Snapshot here

Read More
PrimeAdvisory 2016 Federal Budget Review

PrimeAdvisory 2016 Federal Budget Review

The Federal Treasurer Scott Morrison has handed down the Budget for the 2016/17 year.

This budget includes many initiatives to stimulate the economy and establish a 10 year economic plan that will transition Australia from a mining led economy to a stronger, more diversified economy encouraging innovation and job growth. Read More

Read More
Why your SMSF’s ‘rule book’ may be broken (and how to fix it)

Why your SMSF’s ‘rule book’ may be broken (and how to fix it)

by Hugo Furzer

As you probably know, every SMSF must have a corresponding Trust Deed. Think of it as the rule book every Trustee and Members of the SMSF must follow. And the rules cover pretty much every aspect of the SMSF’s operation, including such things as:

  • the powers and limitations of what the Trustee can do with SMSF assets
  • when and how members must apply to access their benefits
  • how members can contribute to the fund
  • how death benefit nominations are put in place.

Read More

Read More
Why Budget Night might be a MayDay call for transition to retirement pensions

Why Budget Night might be a MayDay call for transition to retirement pensions

55 and over – Act NOW to protect your Super

Everyone loves a good rumour and with budget night less than a month away – due to be delivered on 3rd May – there are many going around. With Australia’s population aging and the baby boomers now at retirement age, it is suspected that the government may look to superannuation, contributions tax, and transition- to-retirement schemes (TTRs). Moreover, it is rumoured that TTRs may be attacked in the May budget. This means if you were 55 or over on 1 July 2015 you may need to act now.

Read More

Read More

SIGN UP

For our free e-newsletter

TAKE A HEALTH CHECK

For our free e-newsletter

Personal