SVA Accountants

08/11/2019

You will be eligible to make a downsizer contribution to super if you can answer yes to all of the following:

1) You are 65 years old or older at the time you make a downsizer contribution (there is no maximum age limit)
the amount you are contributing is from the proceeds of selling your home where the contract of sale exchanged on or after 1 July 2018
2) Your home was owned by you or your spouse for 10 years or more prior to the sale – the ownership period is generally calculated from the date of settlement of purchase to the date of settlement of sale
3) Your home is in Australia and is not a caravan, houseboat or other mobile home
the proceeds (capital gain or loss) from the sale of the home are either exempt or partially exempt from capital gains tax (CGT) under the main residence exemption, or would be entitled to such an exemption if the home was a CGT rather than a pre-CGT (acquired before 20 September 1985) asset
4) You have provided your super fund with the Downsizer contribution into super form either before or at the time of making your downsizer contribution
5) You make your downsizer contribution within 90 days of receiving the proceeds of sale, which is usually at the date of settlement
6) You have not previously made a downsizer contribution to your super from the sale of another home.

Source: Australian Taxation Office

08/11/2019

The downsizer incentive is designed to provide a form of incentive to many aging Australians to sell their large family homes and move to something more manageable which is perhaps more in line with their newly acquired lifestyles as aging Australians.

The plan is to free up the larger homes for younger people with young families who obviously have greater space needs.

In our next post, we will be sharing the eligibility for the downsizer measure.

31/10/2019

The "workplace disincentive rate" is the proportion of a person's income lost to tax, the Medicare levy, reduced family tax benefits and increased out-of-pocket childcare costs due to working an extra day.

Click on the post to read more:

The accounting giant says the economy would expand by up to $700 million under a proposal to give women in particular a greater financial incentive to work.

25/10/2019

What would you like to achieve?

This could be retiring at a certain age, taking a special holiday, purchasing a home or investment property, even buying your dream car. It doesn’t matter if you set just 1 goal or 20. Having goals gives your life direction and focus which leads to achieving those goals.

16/10/2019

During the Reserve Bank Board Dinner detailing the RBA's historic interest rate cut, governor Philip Lowe showed off a new-and-improved $20 banknote that will be entering circulation.

According to Lowe, demand for banknotes in Australia is still strong with the stock of banknotes on issue, relative to the size of the economy, close to the highest it's been in 50 years.

Australian banknotes don't grow on trees, y'know. Instead, there's a set, finite amount of each denomination available for Australians to use. The Reserve Bank of Australia (RBA) recently broke down the hard numbers - and you might be surprised by the scarcity of some banknotes....

11/10/2019

Quote of the day by Andy Williams

08/10/2019

“Failing to plan is the same as planning to fail.” In life and in business, if we don’t set goals or review our finances, we will never achieve our dreams.

So here are our 4 steps to help you spring clean your finances.

“Failing to plan is the same as planning to fail.” In life and in business, if we don’t set goals or review our finances, we will never achieve our dreams. Trouble is, it can be difficult to set aside time to think about what we want or track where our money goes. But if you …

04/10/2019

The Reserve Bank has cut the official interest rates to a new record low of 0.75 per cent in a bid to drive up wage growth and reduce unemployment.

The Reserve Bank has cut the official interest rates to a new record low of 0.75 per cent in a bid to drive up wage growth and reduce unemployment. https://w...

03/10/2019

An outstanding effort by Mariam and Mellisa from MoneyGirl. We look forward to seeing more young women join the investment management and greater financial services field.

It's time finance education was targeted at the audience the sector forgot, say these founders.

02/10/2019

Sadly, around 16% of Australian taxpayers won’t receive a refund. But for the rest, it’s time to start thinking about how we want to use our refund.

Here are some options for you to consider.

Around 84% of all Australian taxpayers lodge their return on time and this year, the tax cuts have seen many people rushing to submit their returns to enjoy their refund early. Sadly, around 16% of Australian taxpayers won’t receive a refund. But for the rest, it’s time to start thinking about h...

27/09/2019

SVA Quote of the day

24/09/2019

The recent changes to the Instant Asset Write-off have complicated things for this financial year but for many clients, the changes will provide a great addition to their tax planning strategy.

Learn more about the new rules here!

The recent changes to the Instant Asset Write-off have complicated things for this financial year but for many clients, the changes will provide a great addition to their tax planning strategy. Here are the new rules: Businesses with a turnover less than $50 million are now included in the Instant A...