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How does the Budget 2016 affect contributions to an SMSF – Guest Post by Liam Shorte

Posted by Team AVS on 27 Jun, 2016  0 Comments

I am breaking the Budget down into bite size chunks with strategies to consider going forward for SMSF Trustees. The first part which dealt with pension strategies is available here . This second part deals with changes to contribution options, methods and caps
The concessional contribution cap will be reduced from the current level of $30,000 to $25,000 from 1 July 2017, irrespective of the age of the individual. The higher cap of $35,000 that currently applies to individuals over age 50 will be abolished. The reduced cap will continue to be indexed in future years in line with wages growth.

5 Must-dos for Small Business Owners for EOFY – by Intuit Quickbooks

Posted by Team AVS on 23 Jun, 2016  0 Comments

If you work on your accounts regularly, this won’t be such a problem. But if you tend to push everything to one side, you may have a large backlog to catch up on. Moving from paper or Excel accounts to professional accounting software can help you here, as it will automate a lot of tasks such as bank transactions. Miscoding these is the top mistake made by small businesses, according to a survey of members of the Institute of Public Accountants (IPA).

Medical practitioners and tax deductions

Posted by Team AVS on 23 Jun, 2016  0 Comments

Going to basics, income tax is levied on the taxable income which is the resultant amount of assessable income minus allowable deductions. Assessable income is which we receive for services rendered and allowable deductions are expenses which are incurred for earning the assessable income. Balance amount which remains is taxable income on which tax rate is applied. So, in order to lower the tax liability one has to maximize the allowable tax deductions.

Year-end Tax Planning Strategies

Posted by Team AVS on 15 Jun, 2016  1 Comments

The financial year is going to end soon and as your accountant, it is our responsibility to help you arrange your financial affairs in a manner so as to minimize your tax liability within the framework of the Australian taxation system. Here, we have put together some strategies for year-end tax planning. You need to act fast, and should you want to discuss your circumstances and how you can take advantage of these strategies

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