Death and Taxes

It is well known that Benjamin Franklin is credited with the famous line, “There are only two certainties in life – death and taxes.”  What is not as commonly known is that he is also responsible for the quote, “By failing to prepare, you are preparing to fail”.

 

For the majority of us, we understand the importance of spending time and money to ensure our tax structures are correct, appropriate and are the best in the circumstances to minimise taxation. Not many of us truly spare a thought about the important preparations the need to take place in the unfortunate event of a death in the family.
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Building A Business That You Can Sell

Businesses are sold for many different reasons. Perhaps your business is your retirement nest egg, or you are in transition to a new location or career.

If you are considering building value in your business or selling your business, it is important to know how to build the worth of your company and this will help develop an effective exit strategy. Below is a list of some key factors to help you focus on you achieving your end goal.
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Investing in Property Trusts

Property is a diverse asset class and is a popular investment for wealth creation. From rental properties through shopping centres and office buildings to industrial buildings, many wealthy Australians have built their portfolios on successful property investments.

Investment in property can be by purchasing property directly or by buying into syndicates to hold property jointly with other investors. These syndicates are most commonly structured as property trusts with a trust manager who manages the investment and a trustee who holds the property on trust for the investors.
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Backpackers Tax Battle Continues

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A decision regarding the “Backpacker Tax” has once again been delayed by Parliament.

Proposed changes to the way backpackers/working holiday makers are taxed were introduced in the 2015/16 Federal Budget.  Under the original proposal, backpackers would no longer be covered by Residency Tax Rules, including the $18,200 tax-free threshold, the low income tax offset (LITO) and the lower tax rate of 19% for income above the tax free threshold up to $37,000.
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Jeremiah’s Star shines brighter than ever

Jermiah Thum Ian Congram

Jeremiah Thum, Powers’ Auditing Partner, was shortlisted as a finalist to win an Award in the New Partner of the Year Category at the 2016 Accounting Awards hosted by Accountants Daily, Australia’s top publication for the Accounting Industry.

The five-star Gala Awards Dinner at the Four Seasons Hotel in Sydney, was held on Friday 14 October 2016.
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Heartless Scammers

heartless-scammers

Last Wednesday morning I received an emotional telephone call from my mother. I immediately heard from the tone of her voice that she was distressed, anxious and upset.

The reason for my mother’s agitated state was a series of telephone calls and messages left on her answering machine supposedly from the “ATO” claiming that she was on the verge of being prosecuted for outstanding lodgments and tax debts!
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