New rules for immediate write-offs
Recent changes for immediate write-off rules Small business entity (‘SBE’) taxpayers who choose to depreciate their assets under the simplified depreciation rules are entitled to an immediate deduction with respect to low-cost assets in the year they are first used or installed ready for use for a taxable purpose. Thanks to recent changes, SBE taxpayers may be […]
What is a family trust?
Is a family trust a good solution for you? Family trusts can help you protect your assets, manage your family’s tax more efficiently and enable you to provide an income stream to a vulnerable family member. To decide whether a family trust could be good for your family it’s important to understand how they work and […]
What factors make certain investments more expensive?
Why some investments cost more than others People are sometimes unsure why different investment types cost more to manage than others. There can be several reasons for this. Let’s look at some of the main ones. When deciding what to invest in, there are three main factors you should consider: The expected return you need to […]
Ageing and aged care in Australia
Receiving care in a residential aged care home In Australia, the government subsidises different types of aged care services to cater for older peoples’ needs and to support their carers – usually their family. This is a sensitive and complex area, and for more and more Australians is a decision they will need to make […]
Mid-Year Economic and Fiscal Outlook
MYEFO report Mid-Year Economic and Fiscal Outlook (‘MYEFO’) report recently released. It indicates that the underlying Budget deficit is expected to be $5.2 billion in 2019 (down from the $14.5 billion deficit estimated in the 2018/19 Federal Budget). The substantial deficit reduction is reportedly a result of increased tax collections, with individual tax collections up […]
Board of Advice Program
Project managing your future business needs As a business owner, your wealth and well-being are inextricably linked to your business. It is your source of income, your most important asset and, frequently, its sale will fund your retirement. At Omnis Group, we want to support your goals so you can retire financially secure by providing you […]
Fodder storage assets
More help for drought-affected farmers As part of the next phase of its drought assistance policy (which includes various other measures), the Government announced that farmers will be able to immediately deduct the cost of fodder storage assets. Previously, these types of assets (such as silos and hay sheds used to store grain and other […]
The power of an attorney
Protecting your interests A power of attorney is a legal document that allows you to nominate someone you trust to make financial decisions on your behalf if you are unable to do so. A popular misconception is that a person’s partner can make financial decisions for them and manage their assets. However, unless a formal […]
SMSF investing in cryptocurrencies
Bitcoin and cryptocurrencies like bitcoin are not money but are capital gains tax (CGT) assets If an SMSF transacts in cryptocurrencies, SMSF trustees and members need to be aware of the tax consequences. In each case these will depend on the nature of the SMSF’s circumstances. SMSFs involved in acquiring or disposing of cryptocurrency must […]
Re-weighting your risk
Portfolio re-weighting is an essential risk management process that every investor should use But what is portfolio re-weighting and why should you do it? What is ‘portfolio weighting’? Portfolio weighting describes the percentage of an investment in a portfolio – usually by asset class. For example, a typical balanced fund will have around a 60 […]
