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After waiting for what seems like an eternity, the government has finally put to Parliament its draft legislation around two of its schemes.

The proposed schemes, the 'First Home Super Saver' and ' Contributing the proceeds of downsizing to superannuation', are both pieces of legislation that are an attempt to bring into action proposals from the 2017 Federal Budget.

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If your remuneration, including reportable fringe benefits and salary sacrificed superannuation contributions is in excess of $250,000pa, you may have an additional tax liability over and above the normal income tax payable on such earnings. Now that would be a fairly substantial salary package, so it may seem like a good problem to have, but no-one likes an unexpected demand from the taxman.
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Historically taxpayers may have been able to claim a deduction for the costs associated with setting up a business or raising finance, including the costs incurred in: establishing a company or other business structure, converting a business structure to a different structure, raising equity for the business, defending it against a takeover, unsuccessfully attempting a takeover, stopping carrying on business (including liquidating a company.

For these capital expenses, you have generally been able to claim a deduction over a five-year period on a straight line basis (that is 20% in the year you incur them and in each of the following four years). To have availed yourself of this deduction, the relevant costs must not be deductible under any other part of the tax law nor form part of the cost of a capital gains tax or depreciating asset.   

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A business becomes liable for car parking fringe benefits tax where it provides parking for more than four hours on its premises to its employees, and is situated within one kilometre of a commercial car park where the minimum all day cost is more than the current parking fringe benefit threshold ($8.66 a day for the 2017 - 18 FBT year).

Note that this one kilometre is a radius, and 'by the shortest practicable route, from a car entrance to those premises'. Also this can be travelled by any means, as long as this produces 'the shortest practicable route'.                                                 

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Insurance – protect your most valuable asset

How would your family or loved ones cope if you suffered an accident or illness? Would you be able to survive a forced retirement? Nearly a third of Australians over the age of 45 retire early due to ill health.  You have worked hard to support your family and have built up a healthy level of savings. A serious injury or illness could put these life savings and retirement plans in jeopardy.

Australians insure their homes and cars, often with barely a second thought, but only a minority protect themselves and their loved ones should something happen to them. In fact, we're one of the most under-insured countries in the developed world with many families suffering financially if something happened to one of the breadwinners.

Let us help protect you and your loved ones. Contact us today to arrange a complimentary meeting to discuss your personal life insurance needs.

·         How much cover do I need?

·         Should I hold insurance inside or outside of super?

·         Stepped vs level premiums?

·         Any vs own occupation?

·         I'm paying a large premium now, do I need to be?

·         I've got existing cover in my super but don't know if it's appropriate?

·         I'm a SMSF trustee but haven't considered the insurance needs of the members.

Visit our website for more information or contact Erich or En to organise a introductory meeting.