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Changes to the super system
The Budget seeks to address various shortcomings in the superannuation system Unintended multiple accounts One of the consequences of changing employers is the creation of multiple accounts. These result in unnecessary fees, and reduce retirement savings. Under the Budget, the proposal is that individual’s super is ‘stapled’ to them. Stapling means that the individual keeps…
Changing your Accountancy firm is the last thing you should do!
Actually, nothing could be further from the truth. If your business is growing or anticipating growth and your existing accountancy firm cannot provide the level of service you need to support that growth, you should definitely consider switching to a firm that can. Are you receiving proactive strategic advice on growing your business? Do you…
Long term tax-effective Investments
Determining where to invest requires multiple factors to be taken into consideration. One such factor may be tax efficiency. The tax charged on income from a tax-effective investment is less than the individual’s marginal tax rate. Superannuation The government provides incentives to save through Super, which make it one of the most tax-effective investments. Contributing…
Salary Sacrificing for your Super
One of the most effective ways to add to your super balance is through salary sacrifice. Salary sacrifice involves the employee agreeing to exchange a portion of their salary (before tax) for an increase in superannuation contribution by their employer. Contributions made through salary sacrifice are classified as employer contributions, not employee contributions. These are…