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.
Create a video channel to increase your profile
If you want to get your goods or services out there in front of a worldwide audience, think about creating a YouTube channel for your
business. This is a great way to demonstrate products or share tips with your customers. For example, if you have a background in carpentry
and a small business that makes wooden furniture, display some of your products on YouTube to gain a following.
Growing your business means more cash for you now plus a higher sale price in the future when you decide to eventually sell your business.
Over the coming months, we plan to send out to you 4 articles full of ideas to help you grow your business.
New Year’s Eve is famous for the New Year’s Resolutions people make to better themselves in the coming year. The most common New
Year’s Resolution is eat healthy and exercise regularly .
But what about your business and your personal finances? Why not start off 2020 with a very achievable and measurable resolution that
will greatly impact not just yourself, but your family’s long-term security.
Session # 11 - 3 Essential Tools for Business Success
By attending this event you’ll learn the three most powerful tools for business success and how to use them, including:
Our final Lunch and Learn for 2019, this session puts the wheels in motion to ensure your 2020 is spent being results focussed, productive and more aligned with your business goals than ever before.
Ask experts what they rate as one of the top qualities of a successful small business, and they’ll no doubt answer agility. So, here are some top tips to help you remain agile, especially during growth periods.
With Christmas just around the corner, here are 5 tips to help plan ahead and avoid a financial hangover on New Year's Day.
From 1 July 2020, new rules will come into effect to ensure that an employee’s salary sacrifice contributions cannot be used to reduce the amount of superannuation guarantee (SG) paid by the employer.
The festive season is fast approaching and with it comes the temptation to eat, drink, and make merry, hopefully on the company’s dime. After all, you’ve worked hard and put in long hours to achieve your goals. It’s only right that you get to reward your clients as well as your staff and their families, maybe even yourself.
Legislation that passed through Parliament last month prevents taxpayers from claiming a deduction for expenses incurred for holding vacant land. The amendments are not only retrospective but go beyond purely vacant land.
Do you understand what it takes to keep your online customers coming back for more? Whatever your answer, the following five strategies are designed to ensure you deliver a brand experience that surpasses your customers’ expectations and guarantees their loyalty.
Session # 10 - Organisational Review - How many hats are you wearing in your business and what can you do about it?
Most small business owners understand only too well that there are always too many things that need to be done yesterday. Being
under-resourced, both from a time and a staffing perspective, is a continual challenge.
Setting a clear organisational structure ensures that everyone understands their responsibilities to the business. It also helps you
identify where you may need to outsource to ensure the cogs keep moving.
Becoming a parent brings a world of joy into your life, but it can also put a strain on your household finances. So if you’re planning to take time off work to look after your little one, make sure you’re financially prepared.
Do you know how much your business is worth? Whether you’re thinking of selling or just plain curious, it’s interesting to note that owners are prone to overestimating the market value of their business.
Retiring earlier and living longer: why every woman needs the right financial strategy to make sure their savings will last their distance
Women in Australia can look forward to long and healthy lives, with the average female life expectancy now higher than 84. What’s more, women tend to leave the workforce earlier than men, at an average age of 52 which means many women end up spending more than 30 years in retirement.
Ease the financial impact and be ready for your new situation
Going through a separation or divorce raises a lot of questions
One of these relates to money. Given you’re likely to have many other issues to consider, it’s important to focus on finances as early as possible. The sooner you sort out your financial situation, the easier it will be to adjust to your new circumstances.
At SMART Business Solutions our people are our business so holding onto our employees for the long term is critical to the success of our business. Recruiting and onboarding new employees is a costly and time-consuming process for any business which is why you ideally want to hold onto great staff when you find them.
Session # 9 - Xero Update - Get all the latest news, tips and traps to get the most out of Xero
You already know how fantastic Xero is for streamlining your accounting and bookkeeping. But did you know that there are a stack of new
features that have only very recently been released that will make your software work even harder for you? Like Xero's investment in
artificial intelligence, fixed price tasks, workflow assistance and more.
Being your own boss can be rewarding, but it’s also incredibly challenging. That’s why it’s important to future-proof your hard work by taking steps today that will prepare your business for tomorrow
Being your own boss can be rewarding, but it’s also incredibly challenging. That’s why it’s important to future-proof your hard work by taking steps today that will prepare your business for tomorrow.
These are the 10 hats – aka departments – in EVERY business. These are as follows along with a brief description of the accompanying role:
It’s impossible to know what’s on the horizon, but with the right personal insurance, at least you can be financially prepared against life’s curve balls. So how do you know which types of cover are right for you? Here are some personal insurance basics to get you started on the road to financial protection.
This article follows on from last week’s blog which dealt with Key Performance Indicators – why they are vital and how to implement them, to in a sense, take the pulse of your organisation and so determine where adjustments must be made, and wins leveraged to ensure lasting results.
What gets measured gets managed. What does this quote mean to you? Have you ever worked tirelessly on a campaign without realising the desired result? And when it’s over, you’re still unsure regarding its impact on your profit margin? Or whether it was it worth your investment in terms of the time-frustration-stress input?
Session # 8- How to build a marketing plan that can be regularly implemented
Our Lunch Learn Program combines two of life's essentials; food and knowledge. And what better way to combine the two than with a 2 course
catered lunch alongside like-minded business owners who are keen to learn & network. A more casual alternative to formal training and
seminars, the best lunch and learns become an integral part of company culture - and a tasty perk that everyone looks forward to.
In the face of increasing competition, it can be tempting to think that the only way to maintain your organisation’s market share and win new customers is by lowering your prices. However, such a strategy is rarely effective in the long-term. Instead, it can end up undermining your business, so it’s wise to use it cautiously.
Contributing shares to your SMSF
What you need to know
Many investors have a personal share portfolio. When it
comes to your SMSF, did you know that you can contribute more than simply cash?
You are also able to contribute listed shares.
We all know the feeling – there’s a major purchase we want to make, but we’re worried it will break the bank. Whether it’s a luxury car or a hard-earned holiday, that extra expense seems just out of reach.
Session # 7 - Cashflow Management - How to plan for a healthy cashflow
Our Lunch Learn Program combines two of life's essentials; food and knowledge. And what better way to combine the two than with a 2 course
catered lunch alongside like-minded business owners who are keen to learn & network. A more casual alternative to formal training and
seminars, the best lunch and learns become an integral part of company culture - and a tasty perk that everyone looks forward to.
There is plenty of advice out there about why you should save for your future, but little that explains exactly how.
One of the problems when discussing wealth creation and retirement planning is that it usually involves words rather than numbers. People say they want to ‘build a retirement nest egg’ or ‘make sure I have enough to live comfortably’ or ‘pay for my kids to go through private school’, but rarely are accurate numbers attached to those wishes.
If you’re thinking of setting up a self-managed super fund (SMSF), there are lots of things you need to consider first. That’s why it’s important to understand exactly what’s involved so you can decide whether an SMSF is the best option for your super.
There has been a lot in the news lately regarding self-managed super funds (SMSF’s) from the Royal Commission into financial planning, and the banks tightening up on lending to SMSF’s some may wonder if it is all still worth it or a viable option. Yes absolutely! However, some of these changes are there to protect members of super funds because a SMSF may not be the most appropriate for everyone.
Session # 5 - How to determine your critical KPI's and improve them for success
Our Lunch Learn Program combines two of life's essentials; food and knowledge. And what better way to combine the two than with a 2 course
catered lunch alongside like-minded business owners who are keen to learn & network. A more casual alternative to formal training and
seminars, the best lunch and learns become an integral part of company culture - and a tasty perk that everyone looks forward to.
They say every great journey begins with a single step - and yours in just beginning. Here's how to get on the path to financial
freedom at the same time.
There may be several reasons why you’ve decided it’s time to change accountants. These could range from your accountant taking months to complete your accounts or not being a responsive communicator to the fact that your accountant is “old school” and doesn’t understand cloud accounting.
Worried about running out of money in old age? We talk to retirement expert and women’s advocate Nicolette Rubinsztein about what women can do now to help their long term financial security.
Another financial year is about to finish! As a business owner, there are many obligations that you need to consider and action just before
and after 30 June.
Some of these will help to minimise your tax. Others will reduce your exposure to an ATO tax audit. We have outlined these action points to
assist you.
The moral of the story - You can’t leave assets in your Will which are not legally owned by you. Did you know this? It comes as a surprise to many as people just assumed that their all of their assets will be distributed according to their wishes outlined in their will.
From global keynote business leaders to interactive interview panels of local movers and shakers, B.I.T.E. Conference has proved to be the
hub for all things boundless, bold and brilliant for the past two years. We’re passionate about Australian businesses and the positive
contribution they make to the economy. We’re even more passionate about nurturing and growing small business on the Mornington Peninsula
and Greater Frankston region.
We invite you to join us at B.I.T.E Conference 2019 - The Business Event of the Year.
If your business is typical of most small to medium enterprises, approximately 60% of your total operating costs are earmarked for your workforce. So, how can you be sure you’re getting the best out of your team of super heroes and ROI for what is arguably your most substantial outlay?
To put it more directly: Are you getting the return you expected from your workforce spend?
Before you swap your briefcase for a beach towel, have you thought carefully about what life in a quieter location will really be like?
We are seeing a lot of property development on the Mornington Peninsula whether it be sub-dividing and developing two new houses, or on a larger scale.
There's recently been a big tax law change that may reduce the tax deductions for many businesses across Australia.
If you’re invested in property – or if you’re looking to buy your first home or downsize – the federal government has proposed some initiatives that might impact you. Here’s what you need to know.
Centrelink offers a range of financial benefits to help parents manage the cost of raising kids. And if you’re a single parent, you might even be eligible for additional financial support. This cheat sheet will give you an idea of which benefits you’re entitled to and how much they’re worth.
Does the idea of taking your best-selling Aussie product or service global appeal? Introducing your offering to international markets can be rewarding, provided you venture forth fully prepared.
With the federal election done and dusted we've done a wrap up of how the Coalition win will affect you, either as a business or as an
individual.
Check it out.
Well the end of financial year is nearly here so what can you do prior to June 30 to keep more money in your pocket and not the tax man? Many proposals from budget night will also impact your future tax position. So take a read through and see which measures can potentially benefit your business
Session # 4 Business Value - Build a business with the end in mind
When establishing a business, most of us
will think about how to 'get there.' However, the widely forgotten yet hugely important contrasting component to a solid business plan is
also to know how you may one day exit the business. An effective exit or succession plan encourages the growth and sustainability of your
business.
Our
Lunch Learn Program
combines two
of
life's essentials; food and knowledge. And what better way to combine the two than with a 2 course catered lunch alongside like-minded
business owners who are keen to learn & network. A more casual alternative to formal training and seminars, the best lunch and learns
become an integral part of company culture - and a tasty perk that everyone looks forward to.
Tax planning is more than just a financial necessity—it's a strategic advantage for businesses of all sizes. By proactively managing your tax strategy, you can significantly reduce your liabilities, enhance cash flow, and ensure full compliance with ever-evolving tax regulations.
