Blog
Say Hello to Payday Super
The government has announced that from July 1, 2026, all companies will need to pay worker's superannuation at the same time they pay them which means companies will no longer be able to pay superannuation on a quarterly basis.
7 Reasons to Gift Your Estate to a Family Trust
A gift in trust is used to avoid paying tax on gifts that are larger than the annual federal gift tax exclusion amount. The succeeding generation of heirs is frequently given wealth through the usage of this kind of trust. Learn the benefits and risks of gifting your estate to a family trust. Contact Success Accounting Group today!
Using a “Bucket Company” Strategy to Reduce Tax
Set up a bucket company to access the 25% or 30% capped tax rate. Your accountants at Success Accounting Group are very aware of the tax laws and can make this easy for you. Contact us today! The sooner we get started; the sooner we can help you save tax using a “Bucket Company” - well before 30 June 2023 for enough time to implement tax saving strategies.
Tax Advantages of Superannuation Constributions
Your superannuation will probably play a significant role in your retirement income. For this reason, topping it off while you work is a smart idea. But did you know that by making your own voluntary superannuation payments, you can also enjoy some significant tax benefits right now? Here are the various methods to gain tax benefits from your super contributions.
How To Minimise Your Business Tax in 2023
Imagine what you could do with tax saved? You could: • Reduce your home loan • Top up your super • Save for a holiday (when we can travel again!) • Deposit for an Investment Property • Pay for your children’s education • Upgrade your Car Here’s a guide to the strategies you can use to minimise your business tax.
How To Reduce Your Personal Tax in 2023
Now's the time to review what strategies you can use to minimise your tax before 30 June 2023. The most important thing to remember is that there is no point in spending money to get a tax deduction unless it’s going to result in something useful for you.
Super Fund Tax Increase on Balances Above $3 Million
The Federal Government has declared its plan to raise the tax rate on super funds for balances over $3 million from 15% to 30%. As the change won’t take effect until July 1, 2025, there is now no need to do anything. Prime Minister Anthony Albanese has confirmed the proposed tax rise, which is scheduled […]
Superannuation vs. Mortgage
Australians with extra cash may be asking how to make the most of it given the rising interest rates and volatile investment results. Should you increase your mortgage payments if you have cash, or would it be better in the long term to increase your superannuation? The answer depends on one’s circumstances. Considerations such as […]
8 Common Retirement Mistakes and How to Avoid Them
For the most part, we all look forward to our retirement because this is a chance to seize additional hobbies, travel, and even engage in charity work or part-time employment. We are retiring with greater savings than earlier generations and have higher expectations for the lifestyle we want to lead because of more than 30 […]
Autumn Update 2023: Financial Planning Newsletter Ed 1
Goodbye Summer. Hello Autumn! We hope you made the most of summer, but now it’s time for whistles and sirens as footy and netball are back. Good luck to your team(s) and your tipping! On a more sombre note, as interest rates made their relentless upwards march over many months, the pressure on millions of […]
Getting Ready for Single Touch Payroll Phase 2 Implementation
Are you ready for STP Phase 2? How do you know if you are using STP Phase 2? Single Touch Payroll Phase 2 streamlines reporting information about your employees to government agencies. Our assistance will give you peace of mind that your payroll software is correctly set up for STP Phase 2.