Happy New Year!
Whether you have, are currently, or are dreaming of taking in a view like the one below, we hope that you had a relaxing holiday period and are recharged for a fresh year with new rewards and challenges ahead.
The holiday period and the start of a new year also typically allows time to reflect on the year that has been, and the year that lies ahead.
While New Year’s resolutions may be flooding your social media news feeds, why not take the time to set some specific goals – ones that have measurable outcomes, defined timeframes, and a strategy on how you are going to achieve the goal.
With a whole year available, what could you achieve by 31 December 2016?
Even small steps now can lead to big changes and improvements over the course of a year. You could break down the goals into smaller monthly steps, with each month allowing an opportunity to review your progress, revise your goals and reset your strategy.
Contact us at Value Beyond to discuss how we can help you set your goals, and keep you accountable so that 2016 is one of your best years yet.
Do You Have Multiple Super Accounts?
Do you have a Self Managed Super Fund, but also have superannuation in other accounts? ATO records show more than one quarter of SMSF trustees have multiple super accounts. If you are one of these trustees, consider whether you would benefit from consolidating your super into one account. Consolidation can often make it easier for you to keep track of your super and you may save on fees and other charges.
If you are unsure whether it would be in your best interests to transfer super into your SMSF, contact us to put you in touch with an advisor who can assist, Alternatively you can contact the fund you are transferring your super from.
How to consolidate super
To transfer super into your SMSF you can complete the Rollover initiation request to transfer whole balance of superannuation benefits to your self-managed super fund (NAT 74662).
If you have super with more than one fund you will need to use a separate form for each super fund transfer. If you are unsure if you know where all your super is, or you have any questions about how to look after your super, contact us at Value Beyond to work out how we can help you.
New FBT exemption for portable devices
From 1 April 2016, new Fringe Benefits Tax (FBT) rules will allow businesses to supply more than one work-related portable electronic device without having to pay FBT.
What does this mean, practically?
If you supply your employees with laptops, mobile phones, tablets or any similar devices, then you provide them with more than any number of devices of a similar nature – this had previously been restricted to one device of a similar function per year. With more devices now coming out with multiple functionality (think about how on your phone you can now check emails, surf the net and various other functions that previously could only be performed on desktop computers), having multiple devices with similar functionality is becoming commonplace.
The added benefit is that if your business is structured through a trust of company and you can treat yourself as an employee, then you can take advantage of this concession personally.
Purchasing these items for work related purposes will allow you to claim back the GST, as well as fully deduct the cost of the item as a fringe benefit.
Given the pace of change in technology, the ability to claim higher deductions and get greater tax benefits will help offset the cost of upgrading on a regular basis.
if you have any questions about taking advantage of this concession, contact your Value Beyond team member to discuss whether your intended purchase will qualify.
