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Edition 24 view edition

SINGLE TOUCH PAYROLL (STP) WILL AFFECT ALL EMPLOYERS

If you employ fewer than 20 people, you might not have heard of Single Touch Payroll (STP) but it’s soon to be on every employer’s to-do list, whether they like it or not!

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MANAGED DISCRETIONARY ACCOUNTS – YOUR INVESTMENT IS IN GOOD HANDS

We have established a Managed Discretionary Accounts (MDA) portfolio management system. It is an arrangement whereby you give a manager the authority to invest a certain amount of your money at their discretion.

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INTEREST ONLY LOANS – ARE YOU READY TO PAY MORE?

Australian property prices soared in the past five years but times are changing and it pays to be aware. Many Australians have entered the property market via more-affordable interest-only (IO) loans, as opposed to traditional Principal & Interest (P&I) loans. However, changes in payment rules ...

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SCAM ALERT!

If you receive a call from someone who says they’re from the ATO, telling you that you have a tax debt that must be paid NOW, please DO NOT act. This is a scam. Only act on correspondence from Bongiorno.

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GIVING NEW DOCTORS A CHANCE TO EXPERIENCE THE WORLD.

For more than half a century, the Bongiorno National Network has helped medical professionals to grow, manage and protect their wealth. We believe that giving back to the community is the only way forward and have raised hundreds of thousands of dollars for charities.

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NO MORE TAX DEDUCTIONS FOR NON-COMPLIANT WAGES PAYMENTS.

The Government is trying to make it harder for the Black Economy to function. If certain boxes aren’t ticked, like withholding tax for casuals, part-timers, full-time staff or contractors without an ABN, you will miss out on critical tax deductions. This measure is closely linked to Single Touch Payroll and will apply from 1 July 2019.

There are already administrative penalties for failure to withhold income tax, however this new rule is in response to the Black Economy Taskforce Report, i.e. it makes it much easier to detect any non-withholding or thwart phoenix-type activity.

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WHY REGULAR INSURANCE REVIEWS MATTER.

Over the years, our lifestyles, income and health can change, and the insurance you took out years ago might not be adequate to protect your current way of life. That’s why it’s always a great idea to conduct regular reviews of your policy (or policies) and make sure your level of risk protection continues to match your needs. Some of the areas you need to review include:

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UPCOMING DATES

Office closure:

22/12/18 – 7/1/19

December 2018 BAS due:

28/2/19

2017/2018 tax return due date for large tax payers:

31/3/19

March 2019 BAS:

28/4/19 or 25/5/19 (ask your adviser)

2017/2018 tax return due date for all taxpayers:       

15/5/19

EOFY – pay your super:

30/6/19

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Edition 23 view edition

A MESSAGE FOR ALL EMPLOYERS – ARE YOU READY FOR SINGLE TOUCH PAYROLL?

If you’re an employer, you are about to be significantly affected by a change to how the payment of wages is reported to the Australian Taxation Office. It is called Single Touch Payroll (STP).

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SUPERANNUATION

Now is the time to consider superannuation.

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BUILDING WRITE-OFF ALLOWANCES

The removal of depreciation claims for existing assets in an investment property acquired after 9 May 2017 does not include the building allowance claims.

The 2.5% building allowance remains available on newly acquired investment properties and needs to be supported by a quantity surveyor report.

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SMALL BUSINESS 100% ASSET WRITE-OFF

Any small business (a gross revenue of less than $10m) can claim a 100% deduction in the year a business asset was purchased. The cost of the business asset must be less than $20,000.

This tax concession was recently extended from 30 June 2018 to 30 June 2019.

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ATO CRACKDOWN ON WORK-RELATED EXPENSES

Before an employee can claim a deduction for a work related expense, the employee must substantiate the expense by obtaining written evidence.

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UPCOMING TAX DATES

Business Activity Statements

If you prepare your own BAS, your June BAS is due 30 July 2018 and September BAS is due 28 October 2018.

If we prepare your BAS, your June BAS is due 25 August 2018 and September BAS is due 25 November 2018.

Income Tax Returns

The last date for lodgement of ALL 2016/2017 income tax return is now. Please contact us if this is outstanding.

The next income tax return is due depending on your net tax payable situation. Either 31 March 2019 or 15 May 2019.

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Edition 22 view edition

ATO DEBT NOW AFFECTS YOUR CREDIT RATING.

Before 1 July 2017, your ATO debt did not appear on your credit report, but things have changed. If you’re debt is over $10,000 and you’re more than 90 days late in paying, the ATO can now disclose that debt to Credit Reporting Bureaus, thereby negatively impacting your credit rating.

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SCAM ALERT

Bongiorno has recently become aware that a number of our clients have received an email, purportedly from ASIC, instructing them to click on a link to renew their business name. Please be advised that this is a scam.

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YOUR SUPER: IMPORTANT REMINDERS

As mentioned in our previous newsletter, on 1 July this year some of the biggest changes to super in 10 years came into effect.

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WHAT TO DO WITH AN INHERITED GIFT

If you’ve inherited a gift, the last thing you probably want to think about is tax. However, it pays to think about these issues now rather than be faced with unexpected financial implications later. Here are a few things you should know.

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WILL ROBO-ADVICE EVER CONQUER THE HUMAN RACE?

An increasingly used term in the financial planning sector is ‘robo-advice’. More specifically, it is computer-generated advice which involves visiting a website where you complete a series of questions regarding your finances, goals and attitude to risk.

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UPCOMING TAX DATES

Oct-Dec 2017 BAS lodgement due:

28/2/18

Jan-Mar 2018 BAS lodgement due:

28/4/18 or
25/5/18

Large taxpayers’ 2016/17 tax returns:

31/3/18

Other 2016/17 tax returns due:

15/5/18

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Edition 21 view edition

Sweeping super changes: planning is essential.

In our last newsletter, we outlined the first major changes to superannuation in a decade, passed in Parliament on 23/11/16. We’d like to take this opportunity to recap this critical issue. If you have not already contacted us for advice, we urge you to speak with us about your best financial strategies going forward.

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A snapshot of the 2017 Federal Budget

Although you will already have received our special 2017 Budget newsletter earlier this month, it’s worth repeating some of the most salient changes that will affect the medical professions.

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Breaking into the property market just got harder

With banks now tightening their lending criteria for property purchases, it’s becoming harder and harder to break into the market or expand your property investment portfolio.

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The trouble with myGov and the ATO

myGov is one of a host of online tools that can be extremely helpful to individuals wishing to access their financial information. Unfortunately, the myGov portal has one glaring pitfall.....

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Tips and advice

Year-end tax planning is an important part of ensuring you benefit from all the concessions and tax deductions to which you are entitled. Over the coming months, consider:

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OTHER NEWS

Your Bongiorno consultant will contact you over the next few months to introduce our new system for transferring information between us. We are implementing a client portal to allow the secure transfer of information, tax returns, BAS, letters and any other personal communications. The portal is more secure than email and there is no risk of mail going astray.

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Edition 20 view edition

SWEEPING SUPER CHANGES: PLANNING IS ESSENTIAL

The latest super changes, passed in Parliament on 23/11/16, will have an enormous impact on everyone who has any amount in superannuation. The changes represent many pre-30/6/17 windows of opportunity which should be considered as a matter of urgency.

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HOW TO USE EXTRA CASH WISELY

Bongiorno is often asked about the best strategies for effective utilisation of accumulated cash or unexpected monetary windfalls. Here is some of our best advice.

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TIPS FOR REDUCING YOUR TAX

Minimising your tax debt can be a complicated task. While the following advice is merely the tip of the iceberg, we hope you find it helpful.

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PLANNING FOR THE UNTHINKABLE

Life insurance is something many people tend to delay thinking about - or avoid entirely. While the inclination is entirely understandable, the right policy can make all the difference to the lives of the people left behind.

Let’s look at the facts;

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TIPS AND ADVICE

Year-end planning is an important part of ensuring you take advantage of all the concessions and tax deduction to which you are entitled. Over the coming months, consider:

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Edition 19 view edition

THE BEST WAY TO HELP YOUR CHILD BUY A HOME.

While it is perfectly understandable that a parent would want to give their child money to assist with the purchase of a new home, it might come as a surprise to learn this is not always the wisest course of action. Bongiorno & Partners (NSW) encourages parents to consider four different options. Please note that all the below scenarios assume the child lives in the home.

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ETHICAL INVESTMENT ON THE RISE

In recent years, interest in ethical investment – also known as sustainable investment or socially responsible investment – has grown significantly. In fact, the 2015 Responsible Investment Australia Benchmark Report indicates that ethical investment rose 24 per cent in 2014 to $31.6 billion.

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AGED CARE: ARE YOU READY?

As a result of improved medical technologies and treatments, life expectancy at birth has increased from 75.8 years in 1984, to 82.1 today. By 2044, it is projected that the average Australian will live to approximately 90.4 years of age. The demand for quality aged-care is expected to rise in line with these statistics. As it does, so too does our need to plan for the future.

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DOES A LOW-INTEREST ECONOMY = LOWER RETURNS?

In August this year, the Board of the Reserve Bank of Australia lowered the cash rate by 25 basis points to just 1.50 per cent. While this is great news for mortgage holders, it poses certain obstacles for investors looking for strong returns.

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TIPS AND ADVICE!

Each edition we try and give you a few simple tips to make life easier.

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MORE CHANGES? OH, SUPER!

Another superannuation ‘shake-up’ is on the horizon. Treasurer Scott Morrison’s latest plan is to scrap the proposed $500,000 limit on after-tax contributions and replace it with an annual non-concessional $100,000 limit, down from the current $180,000. However, once super balances reach $1.6 million, non-concessional contributions will be disallowed.

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Edition 18 view edition

SUPERANNUATION CHANGES

There are a number of changes to superannuation that have immediate effect.

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INCOME TAX RATE CHANGES

Income tax changes that come into effect on July 1, 2016.

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NEW DEDUCTIBLE GIFT RECIPIENTS

To have immediate effect.

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MEDICARE CHANGES

The Government has proposed a savings of $925m as a result of pausing indexation of Medicare Scheduled fees. That is the Medicare scheduled fees will be frozen for at least three (3) years.

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NEGATIVE GEARING

There were no changes made to negative gearing, the current rules remain in force.

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Edition 17 view edition

The impact of tax deductions on investment property

Property is a popular investment asset that contains a number of significant advantages including income generation, capital growth, resistance to major market downturns and substantial tax deductions.

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Borrowing to invest within your SMSF

Self-managed superannuation funds (SMSFs) open up a whole new world of investment opportunities for your retirement savings, including direct property. But what if you simply don't have enough money in super to buy an asset outright?

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An often forgotten aspect of insurance

When most people think about financial planning they tend to focus on the wealth creation side of things, but often forget about the wealth protection.

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The debate between property and shares

The age-old debate between property and shares is: which investment option generates higher returns?

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Joint tenancy vs tenants in common

Purchasing property with a partner can be an exciting time in life, however, it is important not to overlook what kind of method of ownership you should use.

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What does a good adviser do?

Some people may think that a financial adviser’s role is to forecast the direction of the share market from month to month and invest clients’ money accordingly. This is not the reality..

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Succession Planning

An area all small business owners should be considering is the exit or sale of their business. More often than not, this crucial area is left to the last minute and this limits the potential value that has taken decades to build.

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Edition 16 view edition

Edition 15 view edition

Changes to superannuation

The changes to superannuation this year could actually work in your favour. Higher contributions caps and a more relaxed approach taken to accidental breaches of the limits.. |READMORE|

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Changes to healthcare spending and fee structures

The government has proposed a co-payment for GP visits, changes to the PBS and cuts across the health system. But what it takes with one hand, it gives with another by establishing the Medical Research Fund. |READMORE|

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University fees deregulated

Universities will be able to set their own fees from 2016, leading some experts to predict that the cost of medical degree could rise to more than $100,000. What will this mean for students? |REAMORE|

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Edition 14 view edition

Investing for children

Raising children can be a costly affair. This article looks at some ways to save and invest for your children. |READMORE|

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Landlord insurance

All landlords want good tenants who pay rent on time, keep the place clean and cause little trouble. Things can go wrong, but landlord insurance can help provide peace of mind. |READMORE|

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Choosing the right insurance premium structure

Insurance premiums tend to rise as we get older, and it can sometimes be tempting to let a policy lapse. In this article we explore alternative ways of structuring your life insurance so that it is more affordable when you need it the most.|READMORE|

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Edition 13 view edition

Reforms to work-related self-education expenses

In a move designed to help fund school education reform, the government has restricted the amount individuals can claim for self-education expenses. |READMORE|

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No super surprises

In a move which should provide some comfort and stability, the government has left superannuation relatively untouched in this year’s Budget. |READMORE|

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Changes to pension tax treatment

Pensioners with high superannuation balances could lose some of their tax-free status, while deferred annuities have benefited from changes to their tax treatment. |READMORE|

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A boost for health

The health sector is a winner in this year’s Budget, with new programs rolled out and additional funding for existing schemes |READMORE|

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What’s the economic outlook?

It has been described as an unusual Budget for an election year, but how is it likely to impact the Australian economy? |READMORE|

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A comfortable life…

We all know that saving for retirement is important, but how much do you really need to achieve the lifestyle you want? |READMORE|

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Tax and vehicle log books

If you use a car for work, chances are you also use a log book. Find out how to make sure that your log book meets tax law requirements. |READMORE|

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Becoming a philanthropist

You don’t have to be wealthy to be a philanthropist, but there are some simple ways to ensure that your gifts have the maximum impact. |READMORE|

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Tax tips for property investors

If you have a rental property, knowing what expenses you can claim can make a big difference to your tax liability. |READMORE|

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Edition 12 view edition

Means testing the Net Medical Expenses Tax Offset

High-income earners could find themselves paying more because of changes to the net medical expenses tax offset that came into effect this financial year.

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Preparing for an audit

Once again, high-income earners have been targeted in the Australian Taxation Office’s compliance program for 2012–13. In this article, we outline what the ATO is looking for and steps you can take to protect yourself during the audit process.

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Testamentary trusts

Good estate planning doesn’t stop with a properly drafted legal will. A testamentary trust can be an important tool to protect your estate and your beneficiaries.

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Edition 11 view edition

Changes to personal tax rates

Changes to the tax-free threshold and tax rates will apply from 1 July 2012. But there will be little benefit to anyone earning over $80,000. |READMORE|

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Superannuation in the spotlight

A lower concessional contributions cap for those aged 50 and over, and the introduction of a new surcharge on contributions by higher income earners, threatens to reduce the effectiveness of superannuation. |READMORE|

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Living away from home allowance

Having adopted the view that it was mainly senior executives who benefited from this allowance, the government has acted to restrict its availability |READMORE|

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Replacing a refund with a bonus

In a move that will eliminate the need to save receipts, the government has announced plans to replace the education tax refund with a bonus. But the eligibility criteria will limit the number of families who benefit from the payment. |READMORE|

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Changes in health spending

Health spending is always an area that attracts attention on budget night. And what this budget gives with one hand, it seems to take with another. |READMORE|

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What’s the economic outlook?

With the delivery of a budget surplus, the Reserve Bank of Australia is likely to play a greater role in influencing the economy through monetary policy. |READMORE|.

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Edition 10 view edition

Building a property portfolio

Bricks and mortar – one of the most popular forms of wealth creation today. We look at why so many people, from mum-and-dad investors to large super funds, have become  landlords. |READMORE|

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The investment law of averages

The concept of making regular contributions to investments is not new – you’re probably already doing it through your superannuation. But it’s during turbulent economic times  the Dollar Cost Averaging (DCA) model can really work for you. |READMORE|

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Paying your tax bill by credit card

It’s possible to pay your tax liabilities by credit card, but is this a practical option for you? |READMORE|

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Edition 9 view edition

Financial Markets

The recent volatility of the world’s share markets has created both threats and opportunities for investors. How does this affect your finances and how should you respond? |READMORE|

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Separately Managed Accounts

Investing in the share market in volatile conditions can be done in three different ways. We examine each method and discuss the ideal conditions for each. |READMORE|

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Taxpayer Alert – Overseas Self Study Courses

Does the prospect of going on an overseas holiday and doing a self-study training program while you’re there – and claiming a tax deduction for the lot – sound too good to be true? The Australian Tax Office says that it is. |READMORE|

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Overseas Work Travel

Going overseas to attend a conference and then going on a holiday afterwards seems like a good idea, but is it?  Find out more about tax-deductible travel costs. |READMORE|

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Upcoming Dates

We are pleased to be able to provide you with some upcoming dates...|READMORE|

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Edition 8 view edition

Year-end tax planning

June 30 is fast approaching, so how can you optimise your tax position before the end of the financial year? |READMORE|

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Self-education and the Youth Allowance

A recent court decision has opened the door for recipients of Youth Allowance to claim self-education costs, although this will only apply for the 2011 financial year. Find out if you can claim for self-education expenses and which records you need to keep. |READMORE|

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Excess superannuation contributions

Large penalties apply if you breach the superannuation contribution limits. Find out what the limits are, and how to accurately assess the total contributions to your account.|READMORE|

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Disaster recovery

If you suddenly had to leave your home or business in the midst of a disaster, what should you take with you to enable you to get back on your feet quickly? We offer you advice on how to develop a personal and a business recovery plan.|READMORE|

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Upcoming dates

We are pleased to be able to provide you with some upcoming dates...|READMORE|

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Edition 7 view edition

Personal tax rates to include Flood Levy

For the first time in several years, personal tax rates have not changed. However,the flood levy applicable from 1 July 2011 could be seen as a tax increase for many...
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Increased funding for hospitals and health care and changes to Chronic Diseases Dental Scheme

A range of measures to enhance the health system was announced...
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Tax changes to affect minors

Changes to the Low Income Tax Offset and to trust distributions will affect non-working minors ...
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Changes to spouse rebate

The new federal budget’s focus on jobs and encouraging full employment includes removing the dependant spouse rebate...
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Superannuation changes

Changes to the excess contributions regime, which will help those who make small errors, are among a raft of superannuation changes announced in the federal budget...
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Motor vehicle tax-break changes

Two federal budget changes affect motor vehicle owners: one benefit has been added and another has been removed...
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Changes to HECS

Paying a lump sum off your HECS debt before 31 December can save you money...
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Self-education claims for those on Youth Allowance

The ability of Youth Allowance recipients to claim self-education costs has been short-lived ...
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More money in the hands of low income earners

Changes to the Low Income Tax Offset and the Medicare Levy low-income threshold will put more money in the hands of low income earners...
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Edition 6 view edition

The pros and cons of self-managed super funds

Around 2000 self-managed superannuation funds (SMSFs) are set up every month. What advantages does an SMSF offer to offset the high management costs? |READMORE|

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Understanding your superannuation statement

The government regulates the information that must be contained in a superannuation statement and we explain the components to you.  Please download the explanatory statement here. (It may take a minute to download due to file size.)

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Non-commercial business losses

The rules about claiming business losses have changed, and they will affect higher income earners in particular. |READMORE|

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Consumer credit code

Australian consumer credit regulation changed on 1 January 2011. Find out about the new protections you can expect. |READMORE|

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Selecting the right income protection policy

Working out the best combination of income protection policy options for your own circumstances can be challenging and time consuming, and requires some specialised knowledge. |READMORE|

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Upcoming dates

We are pleased to be able to provide you with some upcoming dates...|READMORE|

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Edition 5 view edition

Buying shares using ASX performance benchmarks

Choosing which Australian shares to invest in can be difficult, but there are some benchmarks that will help. |READMORE|

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Understanding your payslip

Each pay period you receive a notice of what you have earned, but what do all the different terms on your payslip mean? |READMORE|

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Covering all bases

You probably insure your assets, but what about insuring your life and your ability to earn an income? Read more about the different types of personal insurance. |READMORE|

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Your mortgage: fixed or variable...or both?

Interest rates are rising, but should you change your mortgage? Read more here about the different types of mortgages available. |READMORE|

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Upcoming dates

We are pleased to be able to provide you with a list of upcoming dates. |READMORE|

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Edition 4 view edition

Making the most of your loan

Do you know the difference between an offset and a redraw account? If you have investment properties, choosing the right account can help you avoid an undesirable tax position.
|READMORE|

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Should you pay your mortgage or invest?

Have you wondered which option makes better financial sense—paying down the mortgage or investing elsewhere? Find out the pros and cons of each strategy.
|READMORE|

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True story - the importance of trauma insurance

A true story of how trauma insurance helped a Bongiorno client who had suffered from a critical illness and was unable to work. Could this happen to you?
|READMORE|

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Estate planning essentials

It can be confronting to think about the distribution of your assets after your death but by sorting out three key estate planning issues you can give your loved ones financial peace of mind.
|READMORE|

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Travelling to make a difference

Have you ever wanted to work and travel at the same time? Here are some ideas to get you started!
|READMORE|

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Edition 3 view edition

Maximise your tax position before June 30

The financial year has almost ended. If you haven’t already efficiently structured your financial affairs, NOW is the time to act to reduce your tax payments, boost your retirement savings...and maximise your government entitlements.
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The future of tax and super: the Henry and Cooper Reviews

The Henry and Cooper Reviews have received enormous media coverage in recent months. These in depth reports on the Australian tax and superannuation systems have widespread implications for individuals, families, and businesses. How will the changes affect you?
|READMORE|

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Australia's new workplace relations system

Employers need to be aware of significant changes to Australia’s federal workplace relations system under the Rudd government’s Fair Work Act 2009. The new system covers the majority of Australian workplaces, including private sector employers. Is your workplace compliant?
|READMORE|

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Buying residential investment property?

Are you looking to invest in the residential property market? Do you know what to look for when comparing investment properties? Is a house better than a unit? How do regional areas compare with capital cities?
|READMORE|

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Investing Post GFC

Although many commentators are reporting that the Global Financial Crisis (GFC) is now behind us, the Australia stock market remains volatile and is still trading significantly below the peak reached in October 2007. Bongiorno have developed a tax-efficient investment strategy to help you build wealth in this post-GFC environment.
|READMORE|

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Upcoming Dates

A list of important dates relevant to your financial and tax affairs.
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Edition 2 view edition

Economic summary

Despite global economic volatility, the Australian economy is expected to rebound powerfully from the recent downturn. According to federal budget estimates:

  • real GDP growth should reach 3.25% in 2010-2011 and 4% in 2011-2012.
  • unemployment should peak at 5.25% this financial year, and fall to 4.75% in 2011-2012.
  • the inflation rate should reach 2.25% this financial year, rising to 2.5% next year.
  • the budget deficit should reach $41billion in 2010-2011, which is $16billion less than the figure expected one year ago.

Against this background, the federal treasurer has announced a conservative budget that will return Australia to surplus by 2012-2013, three years ahead of previous forecasts.

The Henry tax review

As expected, the federal budget confirmed the Australian Government’s response to the Henry Review of the tax system. For a summary of the key recommendations to be implemented in the first phase, please click on the link below.

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Spending on health

The health system has been prioritised in the Budget, with plans for extensive spending on primary health. Please click on the link below for a summary of the proposed changes, and how the Government plans to meet these costs.

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New tax rates from 1 July 2010

The federal government confirmed changes to the marginal tax rates announced in its 2008 budget. Please click on the link below for the tax rates that will apply for the 2010-2011 year.

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Savings discount for interest income

From 1 July 2011, a new 50% tax discount will apply to the first $1,000 of interest earned by individuals from banks, building societies, and credit unions, as well as bonds, debentures, and annuity products. Click on the link below for more details about this benefit.

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Simplified tax returns

The Australian Government plans to allow a standard deduction for work-related expenses and the cost of managing tax affairs from 1 July 2012. This will simplify the process of lodging tax returns for many Australians. Click on the link below for further details.

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Medical expenses tax offset

The federal government has announced an increase in the threshold above which taxpayers may claim the net medical expenses tax offset. It will also index this threshold to inflation. Click on the link below for more information.

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Childcare rebate capped

Currently, the annual Child Care Rebate for eligible families is capped at $7,778 per child and is indexed each year. The Australian Government plans to cap the rebate at $7,500, and freeze the indexation for four years. The changes will take effect from 1 July 2010.

Reduction to the super co-contribution

The previous federal budget announced a temporary reduction in the superannuation co-contribution matching rate, with a staggered return to the original level by 2015. The federal government will now set the maximum rate of co-contribution at 100% of a person’s eligible non-concessional super contributions, up to $1,000. The income thresholds for the co-contribution will also remain frozen for the next two years.

Interest rate change for capital protected borrowings

The Australian Government has announced an increase in the benchmark interest rate that applies to capital protected borrowings. The new rate will be the Reserve Bank of Australia indicator rate for standard variable housing loans plus 100 basis points. This will improve the deductibility of borrowings, making capital protected products more attractive.

Low- income tax offset to increase

From 1 July 2010, the low income tax offset will rise from $1,350 to $1,500, effectively increasing the tax-free amount that can be earned to $16,000.

As a consequence of the increases, eligible senior Australians will have no tax liability until their incomes reach the following levels:

  • $29,867 for singles and $25,680 for each member of a couple in the 2009-10 income year.
  • $30,685 for singles and $26,680 for each member of a couple in the 2010-11 income year.

ATO to exercise discretion on excess contributions

Minor federal budget amendments allow the Tax Commissioner to exercise discretion where a taxpayer has inadvertently breached the Superannuation Caps or where the caps have been breached due to unforeseen circumstances. The discretion needs to be applied for prior to a tax assessment for excess contributions being issued. Where you are concerned that you may have an excess contribution issue, please contact your Adviser to discuss your options.

GST compliance - extra funding for ATO

The Government has stated that an extra $337.5m will be provided to the Tax Office over the next four years to fund activities promoting voluntary GST compliance and a level playing field for Australian businesses. The funding will also address issues relating to fraudulent GSTrefunds, systematic under-reporting of GST liabilities, non-lodgment of GST returns and non-payment of GST debts.

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Interest rates: the honeymoon’s over

We all enjoyed lower interest rates during 2009, but what lies ahead as the Australian economy recovers? If you have a home or business loan, or depend on income from investments to fund your lifestyle or retirement, click on the link below to see how rising interest rates will affect you during 2010. |READMORE|

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Recapping the caps

Are you aware that the superannuation rules have changed again? New legislation has made it more difficult to save for retirement, and you need to be careful that you are making the right level of contributions this financial year. If you salary sacrifice into super, or have contributions paid by an employer, please click on the link below to find out how to keep your super affairs in order. |READMORE|

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Lessons from the GFC

The famous banker J.P. Morgan once claimed that the only certainty about the stock market is that “it will fluctuate”. The recent Global Financial Crisis (GFC) is a testament to Morgan’s prediction, but what can we learn from the worst market downturn since the Great Depression? |READMORE|

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Underinsurance - are you at risk?

How would you or your family members manage financially if you became sick or injured, or died? Could they enjoy the same lifestyle? Could your children attend the same schools? Or would their emotional shock be compounded by financial distress? |READMORE|

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Important dates to remember

It’s good to know what’s on the horizon, so each quarter we will summarise important upcoming dates relevant to your financial and tax affairs. |READMORE|

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