Tax Planning

With the end of the 2018 income tax year rapidly approaching, this issue draws attention to year-end tax planning strategies and compliance matters that you need to consider to ensure good tax health. It focuses on the most important issues for small to medium businesses and individuals to consider.

Tip: This is general information, but we’ll take your particular circumstances into account to help you achieve good tax health. Contact us to find out more.

What is Single Touch Payroll?

Single Touch Payroll (STP) is a new electronic method for employers to provide payroll information to the Australian Tax Office at the same time you pay your employees.  This information will include details of salaries, wages, PAYG withholding and super information.

STP provides businesses with opportunities for efficiency, particularly around the end of the financial year.  Organisations reporting via STP will no longer be required to complete employee payment summaries as payroll information will already be available to employees through the MyGov system.

For employers with 20 or more employees, STP reporting starts from 1 July 2018. Employers with less than 20 employees can report voluntarily.

Are you aware that the superannuation changes introduced on the 1st of July 2017 were not just about capping the amount of capital that can be transferred to retirement pension phase? They also included big changes to tax deductible and non-deductible contributions.

For the 2018 Financial Year, the concessional contribution cap is $25,000 for everyone who is eligible to make these contributions. There’s no longer a higher cap for anyone 50 or over.The tax deduction for personal contributions has also changed, but there’s a bit of a catch as personal super contributions claimed as an income tax deduction count towards the concessional contribution cap of $25,000 for the financial year 2018.

CEO Sleepout

This year one of our Directors, Greg Rundle, will be joining business and community leaders from around Australia to take part in the 2017 Vinnies CEO Sleepout, raising awareness and vital funds to support services for the thousands of men, women and children experiencing homelessness across the country.

Since signing up over one week ago, Greg has raised over $3000 for the CEO  Sleep out and is currently ranked 7th of the 124 CEOs currently signed up in South Australia.  Thank you to the 360 team, clients and friends whom have already made donations.

Did you know that more than 105,000 Australians experience homelessness on any given night of the year?

The face of homelessness is changing and now sadly encompasses an increasing number of women, families and children.

44% of those experiencing homelessness are women, and over 17,000 children under the age of 12 do not have a stable place to call home in Australia.

When thinking about the risk factors in each business, the term ‘key man’ is often used. What this relates to is revenue and how the exit of 1 or more person(s) could affect the revenue of the business. It occurs when a business becomes heavily reliant on a key individual(s). Although this risk is typically found in small to medium enterprises (SME), it occurs in companies of all scales and to varying degrees.

If you own, manage or work within a SME, chances are you can name a select few people who are critical to the viability of your business.  Now imagine you suddenly lost them. This could be the catalyst for uncertainty for your business, poor staff morale or loss of staff.

Consider these questions;  


When you pass away, the only way to ensure you have a final say over your assets, your final resting place and your legacy is to make a Will.

It is common that many people do not complete their Will until later in life – below are some of the excuses as to why people leave it so long!

I’m too busy

Life can be incredibly busy. Neglecting your Will may not impact you, but could potentially impact your loved ones.  Don’t over think it! Speak to us and we can ensure a quick and smooth process.

Everything owned jointly will just go to my spouse anyway

Sort of!  There may be some additional assets you still own in your own name such as a bank account or Superannuation.  If you pass away without a Will in South Australia, your spouse is entitled to the first $100,000 and 50% of the balance of your estate thereafter if you have children, whilst the remaining 50% gets split between your children.

More often than not the focus for retirement centres on finances. However, retirement planning is not all about the money; thought also needs to be given to how you are going to transition from a working life to a retired life.

Where the baby boomer generation is concerned, men have predominantly been the main bread winners for their families whilst their wives/partners have in the main been the stay-at-home partner who raised the children and took care of the household. As a result many baby boomer women have been able spend time developing new friendships and exploring options outside of work and children. Baby boomer men however, for the most part, have not been able to do the same. With such a heavy focus on their work life and with many of their social connections inter-related, many men now facing the end of their career are struggling with filling the gap that is left once they reach retirement.

Whilst travel between your home and workplace is usually considered private and therefore not claimable, there are a few exceptions.

A few such exemptions can ocur when:

  • Your home is considered a place of employment meaning you are travelling between two places of employment.
  • You start work from home and later travel to the office e.g. a consultant who meets clients at home and is required to attend the business premises from time to time.
  • The nature of your work requires you to carry bulky equipment which would be impracticable to transport under other circumstances e.g. a masseuse visiting clients and transporting the massage table.
  • Your work activities mean that your destination upon leaving home each day is frequently changing e.g. a sales person who leaves home and travels to the premises of a client before arriving at the office.

Whilst the majority of Australians are generally willing to become organ and tissue donors, less than 1% of people die in the hospital in the specific circumstances where organ donation is possible. Here in Australia, your family will always be asked to confirm your donation decision before the donation can proceed so, if you fall into that 1% and you do wish to be an organ and tissue donor, it is very important that you let your family know.

Members of the 360Private Investment Committee attended the Sohn Hearts & Minds Investment Leaders Conference earlier this month in Sydney. The conference has been running for 19 years in the United States and this year marked the first in Australia.

It was a unique opportunity to gather distinguished global and local investment professionals to share their expertise and exclusive investment ideas. Importantly, 100% of all funds raised through the conference went towards medical research charities.

Some of the ideas presented by the guest speakers were:

Parents naturally want to make sure that their kids are safe, secure, and healthy, and they will always want to be there for the if they're not. But what happens if your child is seriously injured or struck down with an illness and they need more of your time than your current situation allows? How do you take time off away from work to care for them whilst at the same time juggling the costly expenses of hospital visits, surgeries, and medications, without reducing your income?

Serious illness and inury to children impacts the family unit not just emotionally, but financially as well. You probably have trauma cover for yourself, but what about your children?

Child trauma policies cover a number of events and provide a lump sum payment, giving your family much needed financial relief so that you can concentrate on what is most important - your child's recovery.

Benefits will vary from provider to provider, but most policies will cover the following insurable events:

Planning for retirement means different things to different people, but for many Australians, it's not all about savings and superannuation. If that's the case, how are they expecting to fund their retirement?

It turns out that many Australians are hoping to receive an inheritance windfall to take the pressure off their financial future. In the meantime, their ommitment to a comfortable lifestyle is chewing up much, if not all of their disposable income. Smashed avocado anyone?

A recent study by IPSOS, in conjuction with MLC found that 17% of Australians say they're waiting for an inheritance. This expectation actively discourages them from making concrete financial plans to fund their retirement. Instead, they count on a potential cash windfall to clear their mortgage and leave them with extra disposable income for superannuation payments and investments to fund their golden years.

Financial health check

Whether it be a query about superannuation, investments, insurance, mortgage or any other financial based questions, get 360Private to check on your financial health.

Client testimonials

We've relied on them for over 30 years

We have relied on the Team at 360Private for accounting and financial advice for over 30 years. Their sound strategy enabled our investments to perform well even through the Global Financial Crisis and we have benefitted from their knowledge of taxation law and superannuation. On a day to day level, we are always able to get prompt replies to any accounting matters relating to our business and everything is explained in language we can understand, rather than in "accountant speak". Our children now have their own businesses too and they also rely on 360Private.

- Sandra Haese, Director, Haese Mathematics

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