Jane Purnell, Author at Holzworth Partners - Page 6 of 8

22 Sep 2023

Increased Funding for the Tax Office: What It Means for You

The recent boost in funding for the tax office is set to bring about increased review activity, more ATO guidance, and expanded education campaigns. Understanding how the ATO plans to enhance tax revenue in the future is vital for your business's readiness. Here are our insights on the strategies the ATO might employ: Stricter Enforcement of Existing Laws: Expect further crackdowns based on existing legislation, such as ATO guidance on Division 7A and unpaid present

5 Sep 2023

Demystifying Letters of Administration: What You Need to Know

By Jane Purnell

In the complex world of estate management and probate, you might have encountered the term "Letters of Administration." Although it may sound daunting, this legal phrase plays a crucial role when someone passes away without a valid will or when the appointed executor is unable or unwilling to fulfil their responsibilities. So, what exactly is a Letter of Administration, and why does it matter? This article aims to demystify this concept and shed light on

5 Sep 2023

What is a SMSF?

By Jane Purnell

Take greater control of your retirement savings through a self-managed super fund (SMSF). An SMSF empowers you to oversee how your super is invested. This approach has gained popularity as a retirement savings method. Before transitioning to an SMSF, it's crucial to understand the administrative and compliance requirements associated with it. The information below provides insights into managing your SMSF effectively. What is an SMSF? An SMSF is a trust that manages funds or assets

14 Jul 2023

The End of the Low and Middle Income Tax Offset (LMITO)

By Jane Purnell

Beware! Your tax refund may be significantly smaller than anticipated this year. With interest rates continuing to rise, fuel prices reaching record highs, electricity and gas costs skyrocketing, and the price of essential food items increasing, many individuals are relying on their tax refund to alleviate some of the burdens of living expenses. However, they might face disappointment. The government has implemented a significant change to the tax system this year that will exert downward

13 Jul 2023

WHAT IF??

By Jane Purnell

In the past few years, we have encountered numerous challenging situations, such as the global pandemic of CoVid 19, which has caused uncertainty in various aspects of our lives. Our lifestyles have been disrupted, housing has become more uncertain, and the cost of living has continued to rise. These circumstances have forced us to confront an important question: What would happen to our personal and financial affairs if we were unable or incapable of making

13 Jul 2023

ESG (environmental, social impact and good governance) Investing – What is it, should you do it, and how to do it?

By Jane Purnell

There is increasing talk about the type of investing which considers environmental, social impact, and good governance (ESG) factors when making investment decisions. To understand if it is all just hype or whether its an important part of the future of investment let’s explore the topic. What is it? ESG factors can include things like a businesses' carbon emissions, its labour practices, and its board diversity. There are a number of reasons why investors might

4 Jul 2023

Pace is Gaining in Housing Market Recovery

By Jane Purnell

The national Home Value Index (HVI) assembled by CoreLogic has recorded a third consecutive monthly rise. The index captured continued growth in May of 1.2%, helped by low levels of available housing supply as owners continued to hold properties. By comparison, home values for March and April grew 0.6% and 0.5%, respectively. Notwithstanding the high uptick in price recovery, most housing markets across the country were still recording values well below their recent peaks. The

3 Jul 2023

Ensuring the Completeness of Your Tax Return for a Smooth Process

By Jane Purnell

As we approach the tax season, the Australian Taxation Office (ATO) has released a statement that they would like to remind taxpayers to exercise caution and avoid rushing the lodgement of their annual income tax return from 1 July. It is important to note that taxpayers who submit their returns before their income statement is marked as 'Tax ready' and before their other pre-fill information is received run the risk of experiencing processing delays and

14 Jun 2023

2023 TAX STRATEGIES

By Jane Purnell

Investors and Small Business Superannuation Contributions There are important issues to be aware of regarding your contributions to superannuation this year. These will affect all those under 75 years of age making contributions to their superannuation for the 2022/23 financial year. Claim a tax deduction on your after-tax contributions. From July 2017, most individuals under 75 may claim a tax deduction for superannuation contributions made from their after-tax savings. Talk to us and we can

14 Jun 2023

2023 TAX STRATEGIES

By Jane Purnell

Individual Salary & Wage Earners Deductions you can claim When completing your tax return, you're entitled to claim deductions for selected expenses, most of which are directly related to earning your income. To claim a work-related deduction: You must have spent the money yourself and not have been reimbursed; It must be directly related to earning your income; and, You must have a record to prove it. *N.B. If the expense was for both