11 May

You’re paying to much tax, we’ll prove it!

Ever thought you deserved a better deal?

That’s what we’re offering here at Stafford Accounting: think of it as a second chance.

So, what do we mean by this?

If you’ve ever felt like you’re paying too much tax, there’s every possibility that you are.

Our client Simon thought the same. He had been thinking for a while that his current accountant wasn’t doing enough for his business, and it turned out that he wasn’t. Within minutes of reviewing his financials, Stafford Accounting found a simple trick that saved him around $6,000 in tax.

Isn’t it time you got proactive and contacted Stafford Accounting for a review of your financials? We guarantee it’s a chat you won’t regret.

A Stafford Accounting review costs $750 plus GST: let’s look at what you get.

  • An in-depth review of your current tax position by Stafford Accounting’s qualified team
  • A one-on-one consult answering any questions you may have
  • Stafford Accounting Guarantee: if we can’t save you a minimum $750 in tax, then the bill is on us!

That last point is important, because no matter the outcome, you’re saving and saving big time.

So, if your business turns over more than $400,000, you’re unsatisfied with your current tax bill, or just curious to see how much more you can save, then give Stafford Accounting a call today.

Because everyone deserves a chance to save money.

*** Only available for business’s who are not current Stafford Accounting Clients.

For more information on how we can help you and your business, contact us today.

13 Apr

An Eye for Now, an Eye for the Future

Let tax planning be more than just getting a bigger refund

 

It’s the last quarter of the financial year. It’s the best time to review your profits, estimate your tax bill and determine what you can do to get your tax bill as low as possible (or your refund as high as possible).

While we all love spending money on what we need now, tax planning season is also an opportunity to claim a tax deduction for growing your wealth. With the right planning, you will not only be getting money back, but you’ll be getting a return on the money you claim as a deduction.

Here’s 2 key areas for you to look at:

 

Making Contributions to your Super Fund

If you haven’t maximized your contributions to superannuation this year, make sure you do. By putting your money into super not only are you getting a tax deduction now but you are growing your retirement nest egg.

There is a limit to how much you can contribute to receive a deduction ($30,000 if you are less than 49 years old, $35,000 if you are older) so please come and see us to make sure you don’t exceed the cap.

 

Prepaying Interest on Investments

An important part of growing your wealth is leverage – borrowing money to invest in an asset of higher value. If you have a leveraged asset, consider pre-paying the interest for the next financial year.

If you have the cash available and you have had unusually high income for the year, a one-off prepayment might be what you need for some tax relief. Remember – if you prepay the interest this year, you can’t claim it next year.

Please come and see us first so we can go through the impact of prepaying your interest with you. Contact Stafford Accounting today to book in your tax planning meeting.

For more information on how we can help you and your business, contact us today.

06 Apr

Give your superannuation a boost

An alternative way of building up your retirement savings

While most of us will hopefully accumulate enough superannuation throughout our working lives to have a comfortable retirement, many of us simply won’t have the funds there to splurge on something nice every now and then.

What if we could tell you there’s a way to boost your superannuation earnings that reduces the amount of tax you have to pay on your contributions at the same time – would you be interested?

Consider purchasing an investment property within a Self-Managed Superannuation Fund (SMSF). The interest on the Investment property loan is 100% tax deductible which means not only will you be making more money; you’ll be saving tax at the same time!

The other benefit of investing in property through your SMSF is diversification. Some people are tired of the share market’s ever volatile state and prefer property as an investment. Investing in property in additional to shares will mean you won’t have all your eggs in one basket. This gives you peace of mind knowing a sharp downturn in shares one day won’t be the end of your retirement savings.

Sounds good? Absolutely, but it isn’t something you should rush into without discussing your situation with your Accountant or Wealth Advisor first. Investing in property through an SMSF can be complex and will require some expert external knowledge to get you started

Make an appointment with Stafford Accounting today to discuss your situation and see if property within an SMSF is right for you.

For more information on how we can help you and your business, contact us today.

04 Apr

The two biggest expenses you will ever have, and you’ll want to make one bigger…

In your lifetime you will encounter many, many expenses. Doctors and dentists, cars and houses, repairs and replacements but there are two expenses that dwarf them all.

 

Tax & Retirement

Retirement

Think about it, when you retire you stop working, that doesn’t mean your expenses stop rolling in. How much will you really need in retirement?

 

The average life expectancy for Australian males is approximately 80 years of age and 84 for females.

 

So when did you say you wanted to retire?

 

It doesn’t matter how old or young you are its time to start taking your retirement seriously. Who knows, if you get quality advice now you may even be able to retire early! Or follow your passion and do what you love without having to worry about your pay packet.

 

Along the way you’ll have another HUGE expense…

 

Tax

This is the one you do NOT want to get bigger. Legally reducing tax is one of the best strategies for improving your financial position. Which, in-turn can help with that retirement fund.

 

If you currently pay in tax $20,000 (which is the approximate amount of total taxes you would pay if you earned $82,500 in this financial year) and you speak to a skilled tax accountant (say for instance Stafford Accounting), with some quality tax planning and depending on your circumstances they could help save you $1,100 after their fees. If this happened each year, and each yearly $1,100 was invested each year at 6.5% p.a., it would return more than $100,000 over 30 years, and that’s when you start from scratch (i.e. zero savings). That’s an extra $100,000 for doing NOTHING.

 

So how long can you afford to wait to get this sorted?

 

Now is the time to get started! Call Stafford Accounting today for a FREE discussion on your Tax and Retirement strategies to ensure yourself a better financial future.

For more information on how we can help you and your business, contact us today.

28 Mar

Buying property through your Super?

Property is the most trusted asset class for Australians, yet only around 3.5% of all SMSF investment is in residential property.

 

Property investment can produce a range of tax benefits, for e.g. your tax can be significantly reduced or eliminated for rental income and capital gains, and the rental return can be used for loan repayments.

Do you need an SMSF to buy property through your super?

You do, that is if you want to choose which property you invest in anyway. Contact Stafford Accounting TODAY for a free SMSF consult.

 

Are you in business?

Business owners can get some significant benefits when buying their commercial premises through their super. Along with all of the tax benefits mentioned above you also avoid the tenant or landlord issues that are often associated with commercial property. This is great, as buying your own business property still satisfies the ‘sole purpose’ test which is discussed under ‘what are the rules’ that follows.

 

Can you borrow money when buying property through super?

You CAN. Often banks will lend up to 80% for a residential property and 70% for commercial property loans through your SMSF. This is an example of leveraging the bank’s money to increase your investment.

 

What are the rules?

There are significant and strict rules around property investing through your super, according to moneysmart.gov.au the property must comply with these 4 key rules:

 

  • The property must pass the ‘sole purpose test’ – contact Stafford Accounting to see if this can apply to you
  • You cannot buy or acquire the property from a family member
  • Neither you or your family members can live in the property
  • Neither you or your family members rent the property. Basically, it’s off limits to you and your family members. It is an investment property for your SMSF only.

 

Tips and Traps

Like any major financial decision jumping in means that you take on more responsibility however, there are major tax benefits available which can assist your decision. These can be utilised efficiently provided you seek the advice of qualified professionals such as the team at Stafford Accounting.

 

The bottom line

There can be some MASSIVE benefits of buying investment property through your SMSF, by borrowing money you are increasing your investment which can yield great results over time. There are also options to secure your loan to protect your other assets in the fund. These investment and asset protection strategies are things you really should spend time researching and talking through with your adviser. We specialise in SMSFs and would LOVE to talk to you about your options.

For more information on how we can help you and your business, contact us today.