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Articles by McKinley Plowman

Borrowing to Purchase Property in Your SMSF

March 28th, 2013

Property investing through your self-managed superannuation fund (SMSF) can be a great way to create wealth for your retirement. By investing in property, you can diversify your super investments. Also, any income from the investment property, including capital gains, will be taxed at concessional rates, so you should end up saving money in the longread more

Schoolkids Bonus

March 28th, 2013

The new SchoolKids Bonus, which replaces the Education Tax Refund, starts on 1 January 2013 and will be paid each January and July. The SchoolKids Bonus will be paid in two instalments, totalling $410 for each primary school child and $820 for each secondary school child per year. See your tax agent to find outread more

Improving Business Performance

March 28th, 2013

What you can do to improve business performance" Increase the number of enquiries Increase the number of conversions from enquiries to sales Increase the average value of sales Increase the number of times people buy from your business Increase the gross profit % For example (hypothetical business) Annual enquires 11,000 Conversion to customers 12.7% Numberread more

Fringe Benifits Tax (FBT)

March 28th, 2013

Did you know that tax is payable on 'payments' to an employee that are made in a different form to salary or wages (non-cash benefits)? Common benefits include the provision of a company car, meals and entertainment, and expense payments on behalf of employees. This tax is referred to as Fringe Benefits Tax (FBT). Employersread more

Individuals – 30 June is Fast Approaching

March 28th, 2013

The end of the financial year is fast approaching and it’s time to start planning to prepare for your 2013 Income Tax Return. Now is a good time to start thinking about your tax affairs. Some things you could look at are: Make sure you gather all your receipts to claim work-related expenses that exceedread more

Businesses – 30 June is Fast Approaching

March 28th, 2013

The end of the financial year is fast approaching ad it’s time to start planning to prepare for your 2013 Income Tax Return. Now is a good time to start reviewing certain assets and liabilities owned by your business and consider what should be done prior to 30 June 2013. Some suggested areas for reviewread more

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