Paying minimal tax probably appeals to most people. And as tax is often our biggest lifetime cash outflow, it might seem logical that minimising it is a great way to build wealth. However, I’m going to suggest that perhaps you need to pay more tax to build wealth. A higher tax bill typically means you …
According to the ATO, over 70% of people engage the services of a tax agent/accountant. However, according to Blackrock, only 15% of Australians have a relationship with a financial advisor. I believe that many people would benefit from having both. In fact, to crystallise the most value it is imperative that they have a close …
Whilst historically ATO audits were targeted at big business and the wealthy, this has changed. Now more than ever, individuals, business and self-managed superannuation funds are at risk of being selected for an audit, investigation or review. The Commissioner of Taxation, Chris Jordan has confirmed the ATO has been instructed to undertake random audits targeting …
Tax is most people’s largest lifetime expense! Therefore, it is not difficult to understand how taking proactive steps to minimise your taxes can produce significant financial benefits. Different taxes will impact you at different stages of life depending on the wealth you have accumulated i.e. types of investments, amounts and ownership structures used. The common …
Helping a business keep on top of their financial affairs has radically changed over recent years. With the help of a proactive accountant, more businesses are switching to cloud based software to help streamline their core processes. Although this has provided significant time and cost savings for businesses, accounting and tax compliance tasks can still …
For many, starting a business is a dream and a step towards financial independence. With making the leap into starting your own enterprise, the decisions made within the business’s inception can have drastic implications down the track including asset protection, capital gains tax (CGT), income tax, estate and succession planning. Here are 5 things you …
As the Federal Election looms, the 2018-19 Federal Budget brings positive news to taxpayers and investors with a promise to return to surplus by 2019-20. The Budget focused on the recovery of taxes from the black economy while introducing a potential $13.4 billion in personal income tax reductions. The below provides a summary of the …
Thousands of Australians head offshore each year to live and work overseas indefinitely, thereby ceasing their Australian ‘tax’ residency. However, there can often be confusion about the tax implications for taxpayers who take advantage of such offshore opportunities. A taxpayer who is a resident for Australian tax purposes is taxed on their Australian sourced and …
There are many reasons why people are attracted to borrow money to invest in bricks and mortar. One of the most common reasons is the ability to offset the cost of owning the property against assessable income – a strategy known as ‘negative gearing’. Negative gearing occurs when the operating costs of a property is …
Below is a recording of a webinar hosted by Wakelin Property Advisory and us on 13 September 2017. Jarrod and I provided an update on what’s been happening in the property market, tax changes and planning, an update on the mortgage market, an analysis of the recent super changes and we answered plenty of questions. …
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