Planning for 2024-25
By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth July 2024 The new financial year is under way, so it’s a good time to get your ’financial house’ in order for 2024-25 as good financial planning is a year-round consideration, not just a 30 June event. With the stage 3 tax cuts in play, you’ll…
Do you have an interest in an employee share scheme that vested this year?
By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth June 2024 If you received shares that vested under a tax-deferred employee share scheme (ESS) this financial year, you may need to include the value of those shares in your 2024 tax return. Take Wilma who participated in the Pterodactyl Airlines Employee Share Plan (PAESP). In…
The Federal Budget was super for super’s sake – calm!
By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth June 2024 In recent years, federal budgets have been getting leaner with announcements of new measures impacting superannuation, and this year’s budget was no different. In fact, this one takes the cake for being the leanest yet, but that’s good news for a system that’s seen…
Investing in unusual assets
By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth May 2024 Careful when investing your super in more unusual assets Frederick Flintstone runs a diamond retail and wholesale business, specialising in pink diamonds. Having expertise in this field, Fred wishes to invest in diamonds via his SMSF. He proposes to acquire the diamonds from his…
Accessing Super
By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth April 2023 Want to grab your super? Recently, the ATO announced that between 2020–2022, more than $630 million of super was illegally withdrawn by SMSF trustees, noting more funds appear to be at risk of breaching the access rules. Whilst trustees of existing SMSFs inappropriately accessed…
CC’s Cap Indexation
By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth March 2023 Great news for those looking to boost their super From 1 July this year, you may be able to boost your superannuation savings and have more for retirement because the contribution caps are going up. Average Weekly Ordinary Times Earnings (seasonally adjusted to November…
CGT Cap Contributions
By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth February 2023 Are you selling your business and looking to top-up your super? Many small business owners haven’t had the luxury to put money aside for retirement needing instead to retain earnings in the business to grow or just remain afloat. For them their business is…
Tax Notices
By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth January 2023 Aftermath of tax time As the 31 October due date for lodging personal income tax returns has passed, the Australian Taxation Office (ATO) will start issuing certain superannuation tax assessments and determinations to affected taxpayers as it uses information from these returns and information…
Super ideas for managing volatility
By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth November 2023 We live in turbulent times. It’s been a volatile time on the markets. The tax benefits of superannuation and the risk-mitigation and potentially cost-cutting benefits of ‘dollar cost averaging’ mean that sticking with a disciplined contributions strategy remains compelling even when investment markets are…
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