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Questions to ask before applying for a loan

Posted on October 18, 2017 by admin

A loan can be great help. It can assist you in achieving your goals faster, such as buying a house, purchasing a new car or getting your business up and running. However, there are many considerations to make before taking on a loan as choosing the wrong loan can cause financial and legal havoc down the track. Take note of the following tips before applying for a loan: How much do I need? Before applying for a loan, carefully calculate how much assistance you need. The more you borrow, the more you will have to pay back in interest and fees. Calculate the benefits from saving for an extra month or sixth months and consider how this will impact on the loan you need. The amount you need may limit you to applying for only a small number of loans with stricter conditions. Which loan to pick Consideration needs to be awarded to working out which loan is best for your needs. Some loans only allow you to spend money on set things, e.g. student loans may prevent you from using loaned money for rent. Loans have different terms and conditions. There are a number of fees that may be […]

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How to save time and boost efficiency

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Many business owners are looking for ways to squeeze more into their cramped work schedules. But unfortunately, this may mean spending more time on unimportant tasks and not prioritising what really needs to get done. Rather than multi-tasking or spending late nights in the office, consider implementing these tips to optimising your time and boosting your efficiency: Delegate accordingly Even if you think you delegate enough, it is worth reviewing what tasks you delegate and if there are any more tasks that could be done by someone else. Learning to say ‘no’ is also a useful tool in improving productivity. Instead, you may suggest the task for another staff member or manager who is better equipped to deal with the task at hand. Incorporate downtime Block off time in your day that won’t be interrupted to focus on relaxing activities such as reading, journaling, walking outside or even meditating. When you incorporate downtime into your daily routine it unleashes creativity, hence, improving your problem-solving skills and allowing for the creation of new ideas and so on. Reduce time on meetings Many meetings can be substituted for a simple email or phone call. When they must take place, be sure to […]

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Super co-contributions

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Individuals may be eligible for a Government super co-contribution. A Government co-contribution means the Government adds to your super. You may be eligible for the super co-contribution, low-income super contribution (LISC) from the 2012-13 to 2016-17 financial years, or low-income super tax offset (LISTO) from 1 July 2017. Super co-contribution The Government will make a co-contribution of up to $500 if you are a low or middle-income earner and make personal (after-tax) contributions to your fund. The eligibility conditions for a co-contribution from the 2017-18 financial year include: a total superannuation balance less than the general transfer balance cap for that year the contribution you made to your super fund must not exceed your non-concessional contributions cap for that year. Low-income super contribution The low-income super contribution (LISC) is a Government super payment of up to $500 to help low-income earners save for retirement. If you earn $37,000 or less a year, you may be eligible to receive a LISC payment directly into your super fund. The LISC is 15 per cent of before-tax super contributions made you or your employer from the 2012-13 to 2016-17 financial years. If you have reached your ‘preservation age’ and are retired you can […]

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Selling your home and CGT

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When it comes time to sell your home, you may be wondering if you will need to pay capital gains tax (CGT). Generally, if you live in the home you are selling you will not have to pay CGT under the main residence exemption. The ATO considers a dwelling as your main residence if: – you and your family live in it – your personal belongings are in it – it’s the address your mail is delivered to – it’s your address on the electoral roll, and – services such as gas and power are connected. If the home has been used to produce assessable income such as running a business from it, renting it out or flipping it, you may not be entitled to the full main residence exemption from CGT. This means you will have to pay CGT on part of any capital gain made when your sell your home. For those who use their home to produce income, i.e., renting out part or all of it, you can work out the capital gain that is not exempt by taking into account the following factors: – proportion of the floor area that is set aside to produce income […]

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Understanding your business to better serve your customers

Posted on October 13, 2017 by admin

Whether you have been running your business for over 20 years or just starting out, you cannot deny the importance of regularly reviewing your business’ performance. Many business owners may put off reviews in fear of the actual results, but understanding why your business is performing the way it is is crucial for growth and development. Consider these three crucial areas of your business when conducting a review: Products and services Think about the quality and delivery of your products and services. Do they solve a problem for your customer/client, fulfil a want or need, keep customers returning? Analysing trends in products and services will also help you to identify which products or services need to be altered or removed or if new ones are needed. Also, by regularly reviewing trends you may realise gaps in the market or opportunities you did not know existed. Customer base Do you have a steady flow of loyal customers or are you struggling to make sales? This is a big factor in whether or not you need to change your business model. Be sure to take into consideration external factors that may influence sales, i.e., poor consumer spending in your industry, changes in […]

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Splitting super

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When partners in an SMSF separate, there are specific legal and tax implications that should be considered. It is possible to split super benefits, i.e., transfer assets, such as property, from one super fund into another and roll money over to another fund; however, trustees need to keep the following in mind: Separating couples need to work out how they will split their super. They can choose to enter into a formal written agreement, seek Consent Orders, or if the separating couple cannot reach an agreement, they can seek a court order. It is important to have necessary documentation in the event of an ATO audit including financial and non-financial records. Due to the tax outcomes of splitting super in an SMSF, it is essential to have documentation, such as the notice for splitting the super, to show a genuine separation. There is the potential for SMSFs with property as a major form of investment to create a liquidity problem; however, this can be addressed with future contributions. Individuals will also need to be aware of the market valuation rules for real estate in SMSFs. If one member establishes a new single-member fund it is advisable to incorporate a special […]

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Protecting honest businesses

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In its effort to facilitate a fair business environment, the ATO has offered continued support for honest businesses. With an estimated $40 billion lost to the hidden economy, the need for strong diligence and continued governance over Australian businesses is essential. The Black Economy Taskforce that was established in May 2017 and various trends have since been better understood regarding strategies dishonest businesses and individuals are using to evade their tax responsibilities. Trends show that problematic areas include: The sharing economy: the money exchanged through services such as Airbnb, Airtasker and Uber are all taxable. Ensure you understand how to be compliant before engaging with these services. Cash transactions: employers paying employees in cash to avoid tax and super responsibilities costs the economy an astronomical amount, as well as contractors accepting cash payments and not accurately documenting these. Incorrect reporting: individuals and businesses failing to report their business dealings correctly are creating huge liabilities in the economy. Small reporting dishonesties by a great portion of taxpayers creates a large balance of unaccountable money; the majority of unaccountable money in relation to tax evasion.

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Transfer balance account report now available

Posted on October 5, 2017 by admin

The new transfer balance account report (TBAR) is available on the ATO’s website. Self-managed super funds can use the TBAR report to report events that affect an individual member’s transfer balance account. The option to report is available from 1 October 2017, however, SMSFs are not required to report anything until 1 July 2018. Events that affect a member’s transfer balance account will need to be reported to minimise the tax consequences of exceeding the transfer balance cap. Funds with straightforward affairs are likely to have only a few events per member to report over the life of the fund. Common events that will require reporting include: the values of any retirement phase income streams to which an SMSF member is entitled, including reversionary income streams the value of any commutation of a retirement phase income stream by an SMSF member structured settlement payments an SMSF member receives and contributes to their fund certain limited recourse borrowing repayments that give rise to a transfer balance credit as a result of recently enacted legislation.

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Reporting SMSF changes

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Self-managed super fund trustees must notify the Australian Tax Office (ATO) if there are changes to their SMSF. Trustees must provide written notice within 28 days if there are changes to: the name of the fund the address of the fund details of the contact person the membership of the fund the trustees of the fund the directors of the fund’s corporate trustees your SMSF’s bank account details and Electronic service address. The above details are used by the ATO to determine if your fund meets the definition of an SMSF. Providing incomplete or inaccurate information may make it impossible for your fund to receive rollovers or contributions. If any of these details change for your SMSF, contact our office to update your details.

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How to build a loyal tribe

Posted on September 27, 2017 by admin

Building a successful business is almost impossible without a group of motivated employees. Here are three ways to keep your employees loyal to your business: Hire right Hiring someone who doesn’t share the same vision or values as your business is detrimental. You need to hire people that fit well into your business’ culture and are willing to work hard in their roles. If staff see the job as just a paycheck, they will be more inclined to look for a job elsewhere. In the job interview, it is important to ask candidates questions regarding their personality fit and career goals. Increase skill set Employees need growth and development to stay motivated. Providing regular training and opportunities for employees to advance are great ways of achieving this. There will always be room to progress, either by increasing skill sets or responsibilities or moving to a higher position. Offer incentives or perks Financial rewards, i.e., a bonus or a gift is a great way to show your appreciation for your staff’s efforts. Although, offering non-monetary perks can be just as motivating, such as providing flexibility to work from home, opportunities for staff to volunteer or a day off as a reward […]

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Contact Us

You can contact us at the following:

Office Location
Suite 4, 12 Tindale Street,
PENRITH NSW 2750

Mailing Address
Suite 4, 12 Tindale Street,
PENRITH NSW 2750

Phone: 02 4721 7444
Fax: 02 4721 7755
Email: wmw@wmwright.com.au

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