Treasury has released draft legislation to enact the Government’s plan to increase the tax rate on earnings on superannuation balances
above $3m from 15% to 30% from 1 July 2025.
This is the final step before the legislation is introduced into Parliament and a step closer to reality. The draft legislation appears largely unchanged from the Government’s original announcement.
The proposed calculation aims to capture growth in total super balance (TSB) over the financial year allowing for
contributions (including insurance proceeds) and withdrawals. This method captures both realised and unrealised gains, enabling negative
earnings to be carried forward and offset against future years.
The ATO will perform the calculation for the tax on earnings. TSBs in excess of $3 million will be tested for the first time on 30 June 2026
with the first notice of assessment expected to be issued to those impacted in the 2026-27 financial year.
From a planning perspective, for those with superannuation balances close to or above $3m, it will be important to explore the implications
to your personal situation – there is no one size fits all strategy here and what is best for you will depend on your circumstances.
Superannuation, even with the increased tax, remains a tax efficient vehicle.
We provide strategic business and tax advisory, underpinned by our expertise in financial planning to ensure we develop financial structures that are smart and well considered.
WEBINAR 25 SEPT // 12PM
The final session focuses on the changing legal environment, highlighting recent amendments to the Fair Work Act, capturing independent
contractors under workers' compensation schemes, payroll tax considerations, superannuation compliance, and practical steps to mitigate
risks.
In this episode of The Accountant That Builds, host Shannon Smith discusses the massive wealth transfer expected from Baby Boomers to the next generation, estimated at $84 trillion. Shannon highlights the opportunities and challenges of this transfer, focusing on estate planning, tax liabilities
Over the coming years, we’re about to witness the largest wealth transfer in history as Baby Boomers pass their hard-earned fortunes to younger generations. With an estimated $84 trillion set to be transferred, mostly from savings, investments, and real estate, this shift holds both incredible opportunities and significant challenges for families.
The Taxable Payments Annual Report (TPAR) is a mandatory report for Australian businesses in certain industries to disclose contractor payments to the ATO by August 28 each year, ensuring accurate tax reporting.
Changes to aged care fees are coming, and they will impact both home care and residential care. After a long wait and lots of speculation, the government has released details of the proposed changes.
Our aged-care financial advice case studies showcase real scenarios where our clients saved thousands by leveraging strategies regarding the family home, negotiating RADs and optimising care facility choices.
WEBINAR 11 SEPT // 12PM
In the third session, we'll delve into superannuation guarantee changes, including proposed changes to payday superannuation, new rates and
bases, and the impact on SG liability. Gain insights into employer deductions, termination of employment considerations and more.
WEBINAR 4 SEPT // 12PM
Master allowances and reimbursements, understand their PAYG and super guarantee implications, and learn to navigate travel vs.
living-away-from-home allowances. Gain insights into FBT considerations, new ATO record-keeping requirements, and effective salary packaging
arrangements.
Understanding the factors that influence your interest rate can help you secure a better deal.
Starting July 1st, 2024, non-profit organisations (NFPs) in Australia with an ABN, but not recognised as charitable, must annually submit a NFP self-review return to the ATO to confirm their tax exemption status. This process involves three main sections:
The choice between a motorbike loan and a personal loan depends on your financial situation, credit profile and preferences.
When applying for a mortgage, lenders scrutinise your financial habits to assess your creditworthiness.
WEBINAR 28 AUG// 12PM
Explore the crucial differences between employees and contractors. We'll discuss when genuine contractors are considered employees for PAYG
withholding and SG, key factors determining employment or contract arrangements, and new guidance from the ATO.
As a landlord, there are several things to consider when deciding to sell a property with a current lease this Spring.
With Spring selling season just around the corner, it can be a great time for buyers to find an investment property.
The number of Australian suburbs with an average house price of $1 million or more is expected to increase significantly in the coming year.
Asset finance is a powerful tool that allows manufacturing businesses to acquire essential equipment and technology without large upfront costs.
Debtor finance offers a great way for businesses to better manage their cash flow.
The rapid growth in online retail sales during the pandemic has plateaued, potentially affecting demand for industrial property.
Property prices in Brisbane could see a boom of over 50% in the lead-up to the 2032 Olympics.
Systemisation is more than just a buzzword—it's a game-changer for businesses aiming to achieve sustainable growth. In our recent podcast episode, I had the chance to explore this topic with Dave Jenyns, the visionary founder of SYSTEMology and SYSTEMhub.
Systemisation is the backbone of a successful business. It is the process of creating repeatable and efficient workflows that streamline operations, reduce stress, and foster growth. This blog explores why businesses should embrace systemisation, how they can implement it, and what types of businesses stand to benefit the most.
Explore how adopting an AI-first approach can transform businesses! David Jenyns from Systemology chats with Shannon Smit who shares how AI and robotic process automation (RPA) have revolutionised the operations at Smart Business Solutions.
Investment in Australia's commercial property market surged in the second quarter of 2024, with foreign investors leading the charge in major office acquisitions.
Join us for a comprehensive 4-part webinar series designed for small business owners seeking growth and better financial management.
Presented by Shannon Smit from Smart Business Solutions, each session will delve into critical aspects of compliance review framework for
workers and employers, providing practical insights and strategies to help you navigate complex financial landscapes and make informed
decisions.
Rapid population growth, high construction costs, and significant interest rate cuts forecasts will provide a strong tailwind to the sector.
Understanding and effectively managing excise tax is crucial for the success of distilleries and craft alcohol producers in Australia. With proper planning and strategic execution, businesses can thrive in this heavily regulated yet dynamic market.
Building on the findings from Xero Small Business Insights (XSBI) report, Small business productivity: Trends, implications and strategies, this special report presents industry and regional labour productivity data for small businesses.
Property prices continue to go from strength to strength with new data showing values are once again reaching record highs.
Inflation in Australia is still elevated at 3.6 per cent, managing on a single income is tougher than ever.
The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it.
Cost of living pressures is seeing an increasing number of Australians headed for an easier life in regional suburbs.
In this podcast, we talk with Mick Simmons, founder of Mental Health Safety Net, a grass-roots organisation that provides suicide awareness training to workplaces and schools. Trigger Warning: This episode has content related to suicide and mental health issues.
Equipment loans are an important financial tool that allows businesses to acquire the necessary machinery and tools without straining their cash flow.
It’s essential that any income earned from sharing economy platforms such as Airbnb, Stayz, Uber, etc., is declared in your tax return.
Legislation increasing the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year.
As tensions between Australia’s largest companies, their customers, and the federal government flare, companies such as Woolworths, AMP, and Qantas are placing a higher priority on measuring their community reputation.
Australia has become an expensive place to live, so it’s not surprising that the lure to retire at an idyllic, low-cost, offshore location is getting a lot of attention. We discuss the pros and cons.
Will 2024-25 be another year of volatility or a return to stability?
The traditional office is getting a shake-up as landlords are being forced to adapt to new working environments.
Investors continue to seek out caravan parks, after a resurgence in the sector during the lockdown years.
We are thrilled to announce that Daniel McCulloch has been promoted to Partner at Smart Business Solutions Group. His promotion to Partner is a testament to his hard work, dedication, and the high level of service he consistently delivers.
Winter deals can help you find a caravan within your price range without compromising on quality.
The End of Financial Year (EOFY) can be a great time if you’re in the market for a new car.
As the EOFY approaches, property investors need to be proactive to ensure they are in the best position to negotiate tax time.
The industrial sector is currently experiencing limited supply and high demand as the population grows.
Using various forms of finance is a viable strategy to ensure you start the new financial year with strong cash flow.
It’s time to take control of your time. It’s time to stop being ‘busy’ and start being ‘productive’. It’s time to learn how to invest your time to create your best life. Kate Christie has taught time to thousands of professionals and business owners around the world – exactly how to find hours of extra time and then design their best lives. What would 30 extra hours a month mean to you?
We are thrilled to announce that SMART Business Solutions Group has been awarded the prestigious Multiservice Firm of the Year at the 2024 Australian Accounting Awards! This recognition is a testament to our commitment to excellence, innovation, and the comprehensive range of services we provide to our valued clients.
In today’s fast-paced world, productivity has become a paramount concern for professionals and business owners alike. We constantly strive to optimise our workflows, eliminate inefficiencies, and maximise the value we derive from every minute of our day. One of the key steps in achieving this is recognising the habits and tasks that drain our productivity and replacing them with more effective strategies.
Heather Gallagher has spearheaded transformative initiatives in the mortgage broker space through her role as Head of Training and Education at outsource Financial. She has been instrumental in empowering brokers and administrative staff through tailored mentoring programs and weekly learning sessions.
One of the main considerations when applying for a car loan as a casual worker is your income.
Property prices could be about to climb higher with new analysis predicting the major capital cities will see significant growth in the next three years.
Property prices have hit yet another record, with capital city house prices rising by 1 percent.
Accommodation payments (called Refundable Accommodation Deposits – RADs for short) are one of the most misunderstood areas of residential
aged care. Many people don’t realise that a RAD is not “lost” money but is refundable when you leave care or pass away.
Creating equity isn’t always about spending time in the market. You can also manufacture equity if you buy well and implement some proven strategies.
This year’s Federal Budget focussed on the rising costs of living and how to help Australians manage. Before the Budget there was speculation that we would see changes for aged care funding and fees, but what made it into the Budget?
RADs, DAPs, MPIRs, MTAs and ACATs !! These are just a few of the acronyms you will face when navigating aged care decisions. It might even feel like you’ve landed in a foreign country where you don’t understand the language or the rules.
Explore the world of self-managed superannuation funds (SMSFs) with expert Shannon Smit as she shares insights on wealth-building, retirement planning, and investment strategies using super as a vehicle.
Your credit score is a track record of how you manage debts.
Before getting into the specifics of property division, it's important to understand the concept of legal ownership.
Close The Dream Gap. Starting at age 5, many girls begin to develop limiting self-beliefs. They stop believing their gender can do or be anything. This is the Dream Gap.
Asset leasing provides businesses with several advantages, an attractive option for acquiring essential equipment and machinery.
New warehouses on the back of rising interest rates, new construction is expected to rebound as tenant pre-commitments firm up and demand rises.
Despite electric vehicles growing in popularity there is still a need for traditional service stations, according to an expert.
It’s important to initiate transparent communication with tenants well in advance of listing the property for sale.
Budget 2024-25 is a pre-election budget for the people with everyone getting a little something to ease cost of living pressures. For business, there is the extension of the $20k instant asset write-off again.
Secured business loans play an important role in supporting small business owners.
Secured business loans play an important role in supporting small business owners.
Join Shannon Smit as she interviews Sharyn McClafferty, CEO of Slipstream Group, in a podcast episode discussing leadership, team growth, and the value of continuous learning and development for business success.
With rising interest rates hurting sentiment across the commercial property sector, 2024 is now shaping up to be “better than expected.
A Self-Managed Super Fund (SMSF) is a type of superannuation fund that gives members greater control over their retirement savings.
LIVE EVENT
3rd May 2024
Welcome to Mornington Peninsula's original pop-up pre-loved market with a difference. Fashion For A Cause is a not-for-profit
fundraiser event. Grab a fashion bargain or unique piece, wine with friends, bid on silent auction items, all to raise funds for Clothes
4U.Inc. All proceeds from the event including stall sales, ticket sales and clothing purchases on the night will be
double-dollar-matched and donated to Clothes 4U Inc.
The ATO has made a call to professional accountants to help identify and manage illegal early access to superannuation by members of SMSFs.
It’s important that generational succession is managed as closely and diligently.
The great wealth transfer from the baby boomer generation has begun and home ownership is the catalyst.
The ATO is cracking down on business owners who take money or use company resources for themselves.
Going through a divorce or separation is undoubtedly challenging, but it's essential to take control of your financial future. By understanding the impact of separation on your assets, seeking professional advice, and creating a solid financial plan, you can navigate this difficult time with confidence.
Technology has transformed the way businesses operate, allowing them to reach new customers, expand into new markets, and improve operational efficiency.
Scaling up a business is not just about increasing revenue or expanding into new markets; it's about creating a solid foundation for sustainable growth.
Every business, regardless of its size or industry, shares a common goal: to grow and thrive in a competitive market.
A new issues paper from Treasury’s Competition Review questions whether non-competes and other restraints are limiting job opportunities and movement.
For many small business owners, their business is their largest asset and for many, one that is expected to help fund their retirement.
The ATO has signalled that it is willing to pursue professional services firms who divert profits to avoid tax.
The Taxable Payments Annual Report (TPAR) is a mandatory report for Australian businesses in certain industries to disclose contractor payments to the ATO by August 28 each year, ensuring accurate tax reporting.
Starting July 1st, 2024, non-profit organisations (NFPs) in Australia with an ABN, but not recognised as charitable, must annually submit a NFP self-review return to the ATO to confirm their tax exemption status. This process involves three main sections:
Systemisation is the backbone of a successful business. It is the process of creating repeatable and efficient workflows that streamline operations, reduce stress, and foster growth. This blog explores why businesses should embrace systemisation, how they can implement it, and what types of businesses stand to benefit the most.
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