As the end of the financial year (EOFY) approaches, it’s time to get your business records in order and ensure everything is ready for tax time.
EOFY can feel overwhelming, but with a bit of preparation and guidance, you can wrap things up smoothly and even find opportunities to strengthen your financial position for the year ahead.
When you’re in the thick of raising a family—balancing work, school runs, and sleepless nights—estate planning probably isn’t top of your to-do list.
But here’s the thing: if you have kids, a mortgage, or even just a bit of superannuation, having a solid estate plan in place is one of the most important things you can do to protect your family’s future.
Division 293 tax is an additional tax on concessional superannuation contributions for high-income earners in Australia.
It is applied at a rate of 15% on certain super contributions when an individual’s combined income and concessional contributions exceed $250,000 in a financial year.
The halfway point of the financial year is an excellent time to take stock of your superannuation.
With six months of income and contributions already in place, you have enough data to assess your progress and make any necessary adjustments before the end of the financial year.
The beginning of a new year is an excellent time to revisit your financial obligations, particularly your taxes.
January sets the tone for the rest of the year, so ensuring your tax responsibilities are in order early can help you avoid stress and penalties down the line.
The festive season is a time of joy and giving, but it can also bring financial stress.
With the added pressure of bills and buying presents, some SMSF (Self-Managed Super Fund) members may consider accessing their superannuation early to ease the strain. While this might seem like a quick fix, dipping into your SMSF outside of strict legal conditions is not only prohibited but can lead to severe financial and legal consequences.