Southern Highlands oldest and largest firm, Gillespies, joins Kelly+Partners

July 06, 2016
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Gillespies Chartered Accountants, founded in 1948, is the oldest and largest firm in the NSW Southern Highlands region and will join KELLY+PARTNERS from 1 July 2016.

Gillespies Chartered Accountants, who are well respected in the Southern Highlands area, service a diverse range of private business and high net worth clients. 

Gillespies Managing Partner, Mr David Duff, said:

2016 Budget Changes to Superannuation

May 04, 2016
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2016 Budget Changes to Superannuation

 

1. Introduction of a $1.6 million Superannuation Transfer Balance Cap

From 1 July 2017 the Government proposes to introduce a $1.6 million transfer balance cap on the total amount of a taxpayer’s superannuation balances that can be transferred from their accumulation account into a pension account or into pension phase. Subsequent earnings on these pension accounts will not be restricted.

2016 Federal Budget Review

May 04, 2016
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This year Australians get the budget a week earlier than usual and, as expected in an election year, there were no dramatic changes to tax laws, no new taxes and generally good news for taxpayers. This year, the Treasurer, Hon Scott Morrison handed down a Federal Budget that is targeting business growth through support for innovation and tax reductions for small businesses.

Kelly+Partners APP Is Now Live - Download Now!

April 04, 2016
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Download the new Kelly+Partners APP! 

We are excited to announce the launch of the new Kelly+Partners APP, a personal and business finance tool designed to change the way we can help our clients. The Kelly+Partners APP is available on both Apple and Android devices and can be downloaded by searching 'Kelly+Partners' in the APP store.

Features 

Why good bookkeeping practices are essential in business

April 01, 2016
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Good record-keeping practices go a long way in assisting with claims in the event of a dispute with the ATO. Cases before the courts and tribunals have demonstrated that the onus of proving a tax claim falls on the business taxpayer. A key requirement is to be able to present the relevant documentation to substantiate a claim.

Q&A: Renting Out Your Old Home before Selling It

March 30, 2016
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Q. I have purchased a house that I wish to use as my family's main residence. I am looking to take advantage of the six-month exemption rule while I sell my existing place. What happens if I wish to rent out either of the two properties during this six-month period?

10 Key Income Tax Issues To Consider Before You Buy Shares

March 21, 2016
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There are potential upsides to investing in corporate stocks, although of course you must also take into account the risks.

The following are ten key income tax issues to consider before you buy shares:

1. Franked Dividends: Shares of Australian companies paying corporate tax should provide franked dividends that entitle you to a tax offset for the company tax that is paid on underlying profits.

Small Business Tax Rate Cut

March 09, 2016
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Key small business tax concessions introduced in 2015 include a company tax rate cut for small business entities and a tax discount for entities that are not incorporated.

Under the tax law, a "small business entity" is an entity that carries on a business and has an aggregated turnover of less than $2 million in the previous income year, or is likely to have an aggregated turnover in the current income year of less than $2 million.

What is a Car Fringe Benefit?

March 03, 2016
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If you make a car you own or lease available for the private use of your employee, you may be providing a car fringe benefit.

TIP
The provision of a chauffeur is a residual benefit and not a car benefit.
For fringe benefits tax (FBT) purposes, a "car" is any of the following:

Artwork and Collectables Held in SMSFs

February 26, 2016
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There are rules that apply to making, holding and realising self-managed super fund (SMSF) investments in collectables and personal use assets. These rules basically seek to prevent trustees from gaining a current day benefit from prescribed lifestyle assets and ensure that such investments are made for genuine retirement income purposes.

The rules apply to investments in the following items:

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