Financial Planning articles
Buying Annuities in Australia
Annuities are the best option for people who are not okay with risky investments. Annuities also act as a safety measure in case the usual income stream is cut short by unforeseeable circumstances.
What are Annuities?
An annuity is a product that can provide you with a pension for a fixed-term or...Fringe Benefits Tax Explained
The competition for hiring the best employees continues to get tighter, which is why businesses are providing more benefits to candidates aside from good salary rates. These additional employee packages may fall under what’s called fringe benefits which are subject to a fringe benefits tax.
What is a Fringe Benefit?
A fringe...
Warnings in Investing in Cryptocurrency in Australia
For the past years, cryptocurrencies have been making noise in the financial markets. People are touting that they will be the next big thing that will replace the current fiat system. It can’t be denied that some people have made a fortune trading these speculative instruments, but there are possibly...
Top 11 Investment Property Tax Deductions
Many Australians invest in property and utilise it for business to boost their income. With the numerous tax benefits that the government provides, it’s not a bad idea to start investing in this profitable venture.
Here are the 11 top property tax deductions you can enjoy with your investment:
1) Advertisement costs
It’s...
Is Novated Lease A Good Vehicle Financing Option?
One common option for financing a car is through a vehicle or personal loan. But a more viable option to buy a vehicle is through a novated lease.
What is a Novated Lease?
A novated lease is a vehicle finance benefit provided by an employer, wherein they lease the vehicle on your...
8 Habits of Wealthy and Successful Individuals
It’s no secret that the wealthiest people enjoy a life of comfort, extravagance, and security. But why is it that only a few achieve this status while most are left struggling and vulnerable?
The key lies in the money management skills and practical behaviours that they adhere to throughout their lives....
A Mortgage Review Can Help You Get Lower Interest Rates
Australia is experiencing a weakening housing market and the Reserve Bank has no choice but to further reduce the already low-interest rates.
You may notice that while mortgage rates are nearing all-time lows, you’ll barely see any changes in your home loan rates. As a borrower, it’s your responsibility to do...
Stricter Terms for Availing Deductions on Vacant Land
Before the Treasury Laws Amendment Bill 2019 was enacted, the cost for holding a vacant property was largely deductible. According to the ATO’s guidelines, deductions can be applied on the vacant land that’s intended to be developed in the future for income-generating purposes.
Holding the vacant land can’t be regarded yet...
Changes in CGT Exemptions for Non-Residents in Australia
Special rules on the implementation of capital gains tax (CGT) for non-residents have been proposed in the 2017/18 Budget. These new rules will apply to foreign residents when selling their ‘main residence’ or property in Australia.
A property is considered a ‘main residence’ if:
- You and your family reside in it.
- ...
What Happens When You Contribute Past the Super Limit?
Miscalculating or mistiming the payment to your super can be costly. This can be caused by your employer, your tax agent, your super accountant, or yourself due to the lack of information regarding contribution limits.
Contribution Limits
The annual cap for concessional contributions is $25,000. The unused amount on your cap can...