In Australia, the majority of life insurance policies are sold through superannuation funds, financial advisers or online websites. Some of the major insurers include AMP, TAL, CommInsure, MLC and AIA. However, many car dealers are also providing life insurance to their customers as an add-on.
A trust does not cease to exist even though you have lost your trust deed. The trust relationship will continue as long as there is a trustee holding trust property on behalf of the beneficiaries. The issue that arises is the ability of the trustee to administer the trust may become difficult where the exact… Read more »
Each year the Australian Tax Office (ATO) places extra emphasis on particular areas of individual tax returns. This years the ATO will be focusing on work related expenses and claims made by owners of investment properties and holiday homes.
The ATO’s increased debt recovery efforts aimed at retrieving overdue tax debts has been a hot topic for quite some time. The ATO has focused its recovery efforts on Small to Medium Enterprises, lodging over 1,000 winding up applications in August and September last year alone.
The new Australian Auditing Standard ASA 701 “Communicating Key Audit Matters in the Independent Auditor’s Report”, will affect audit reports of financial statements ending on or after 15 December 2016. This new standard will require listed companies to include key audit matters (‘KAMs’) in their audit reports.
It is estimated that a couple require about one million dollars in retirement assets in order to fund a comfortable retirement. This will generate about one thousand one hundred dollars ($1,100) per week for approximately twenty five (25) years. That is, if a couple retire at age 60 this investment will expire at age eighty… Read more »
An adverse action is any action that’s results in a disadvantage for the employee or alters their position unfavourably. Examples of adverse action include:
As tax season has just started in Australia for 2016 financial year and it is important that everyone remains vigilant of any potential tax related scams. Tax Related scams are most commonly conducted via email, mobile phone or telephone. The scammers may advise that you are eligible for an unexpected refund/grant or inform you that… Read more »
Recently the ATO increased focus on rental property deductions. You can claim expenses relating to your rental property but allowable deductions cannot be claimed in relation to a rental property unless the property is held for rental (genuinely available for rent) or actually rented to tenants. Furthermore, co-owners must divide the income and expenses of… Read more »
The end of the financial year is nearly upon us meaning it’s tax time once again. In order to help you prepare for the new financial year, we have put together 25 tax tips to consider before June 30 2016. Our tax tips have something for everyone; so if you’re looking for small business tax… Read more »