Inflation, interest rate increases and wage increases are currently a reality for all business owners in Australia.

Any one of these is enough to cause a significant amount of stress for a business owner, but there are options and ways to navigate these challenges.

Salt Financial Group has recently launched a specific service for business owners to sit down and discuss their business, its cashflow, its performance and how to minimise anxiety and maximise the benefits of being a business owner.

The service is tailored for each business and the unique challenges that the business or business owner may be facing.

In the meantime, the article below provides some tips and factors to consider.

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With interest rates now on the rise, many Australians may be worried about the cost of their mortgage repayments but there are some options to keep them as low as possible.

The majority of Australians mortgage holder are currently missing out on the potential of refinancing. Research commissioned by leading mortgage broker Aussie revealed that most mortgage holders (60%) were of the opinion that they were no getting a good deal, however of the 6 million active mortgages, only 445,000 have sought to find the right deal and refinanced in the last financial year.

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One of the often overlooked taxes in Australia is Land Tax. This is because it is levied at a State by State level and generally does not apply to your primary residence.
During the COVID pandemic, departments from all levels of government spent time improving data matching and sharing. Couple this with the financial support that was made available at all levels of government and you have the perfect storm for a review to where taxes are not being collected correctly in an attempt to improve the bottom line.

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The Tax Office said it is aware of issues in section 100A raised by the profession and is looking to address this in the final guidance.

It follows clarifying comments from the ATO, welcomed late last week by the Assistant Treasurer, that the draft guidance would “not apply on a retrospective basis”.

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For anyone considering an SMSF, it’s important to consider, among other things, what’s involved in setting up and running one

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From 1 July 2018, a carry-forward provision has applied for concessional contribution caps. This provision aims to give individuals an opportunity to ‘catch-up’ concessional contributions, if they have the capacity and wish to do so.

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The Government has announced a once-off $420 ‘cost of living tax offset’ for the 2022 income year, which will be provided in the form of an increase to the existing LMITO. This will increase the maximum LMITO benefit to $1,500 for individuals and $3,000 for couples, and will be paid from 1 July 2022 when Australians submit their tax returns for the 2022 income year.
Other than those who do not require the full offset to reduce their tax liability to zero, all LMITO recipients will benefit from the full $420 increase. All other features of the LMITO remain unchanged.

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One of the simplest but most important obligation of SMSF is ensuring that contributions from members can be accepted.

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Businesses will have another year to utilise the temporary full expensing of depreciating assets measure after it was extended to end on 30 June 2023.

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