May 18th, 2009 advice
The first home owners grant was to finish on 30 June 2009 but has been extended for six months to 31 December 2009.
Up until 30 September 2009 the grants are $14,000 for existing homes and $21,000 for new homes. For the last three months October, November and December 2009 the rate will be halved to $7,000 for existing homes and $10,500 for new homes.
If you aren’t eligible for the grant it will be interesting to see what the property prices will do if the grant is abolished as planned after December 2009.
Regards,
Glenn Wallace
Ph 612 9585 9585
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May 17th, 2009 advice
You should be tax planning now for 30 June so that you can save money so that your children can have a great education or you can invest in super or splurge on that thing you have been longing for or whatever your particular desire is.
Two people can be in the exact same situation but one does something a little different and the tax savings made by that person can be significant.
There is no better time than now to work out what to do. The budget has been delivered so we know with fairly good certainty (assuming the legislation gets passed) what will be allowed and disallowed.
Essentially the strategey is to maximise deductions and rebates and minimise income.
I will be updating the blog with year end strategies and also holding seminars that you can ask questions.
To be kept up to date you can get the RSS feed or put your name and email address in the free resources and update box in the top left hand corner.
Regards,
Glenn Wallace
Business Adviser
Chartered Accountant
CPA
Australian Registered Tax Agent
Superannuation
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May 17th, 2009 advice
Before the budget it was rumoured that the Transition to Retirement Income Streams would be axed.
In fact they werent axed and are still a valid form of investing for the future in a tax effective way.
The rumour was partly true in that the amount of tax benefit has been reduced if you wanted to contribute the maximum amount of super and claim a deduction.
If you are over 55 and working and not contributing extra money to super you are costing yourself money. If you are over 60 this strategy is almost mandatory.
Shortly I will be announcing some information seminars outlining what you should be doing before 30 June 2009 to legally keep the biggest amount of your money. If you would like to be notified put your name and email address in the free resources and updates boxes on the top left.
Regards,
Glenn Wallace
Business Adviser
Chartered Accountant
CPA
Australian Registered Tax Agent
Superannuation
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May 16th, 2009 advice
Have you missed out on the $100,000 super stategy? There is still time to benefit if you act before 30 June 2009.
In order to save money the maximum concessional contributions were reduced from $100,000 to $50,000. Now a $50,000 tax deduction is still a benefit but not as good as $100,000.
You may now be paying as much as $30,000 dollars a year too much in tax by not using the super strategy.
Depending on your circumstances you may also be able to get the super money back without it being locked up in super or if you have your own self managed superannuation fund be proactively using the money to grow your wealth.
Its a great tax strategy, which is why the Government wanted to save money in the budge by making it half as attractive after 30 June 2009, but there is still time to get the maximum benefit, save the most amount of tax and there is stll benefits after 30 June.
I think its pretty short sighted by the government however as the idea was to save for retirement rather than relying on the government for the age pension. A bit like giving money away before the budget and then taking it back after the budget.
Shortly I will be announcing some information seminars to what you should be doing before 30 June 2009 to legally keep the biggest amount of your money. If you would like to be notified put your name and email address in the free resources and updates boxes on the top left.
Regards,
Regards,
Glenn Wallace
Business Adviser
Chartered Accountant
CPA
Australian Registered Tax Agent
Superannuation
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May 13th, 2009 advice
In the budget today the small business tax break was increased from 30% to 50%
Small businesses with turnover of less than 2 million dollars can claim an additional 50% tax deduction on eligible assets up to 31 December 2009.
Regards,
Glenn Wallace
Business Adviser
Chartered Accountant
CPA
Australian Registered Tax Agent
Superannuation
Posted in Tax Advice | No Comments »
