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2015 Federal Budget  and the Small Business $20,000 Instant Write-off Scheme

18/5/2015

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Guest Blogger Trevor Fair of Oxley Partners - Bowral 

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The 2015 Federal Budget has provided small business a significant tax deduction with the announcement of the $20,000 instant tax write-off for asset acquisitions. Eligible businesses must not only have an ABN, but also be actively trading, and the purchases must relate to the enterprise. The scheme allows businesses to acquire assets, either new or second hand which cost under $20,000 for each asset to be instantly written off in the year of acquisition. 


The commencement date is from budget night until 30 June 2017, so this scheme can be taken advantage of before the end of this financial year. There is no limit to the number of assets which can be written off, however to get maximum benefit businesses should have taxable income which to offset the depreciation against. Further to this, if you use the correct structure to own the asset in the enterprise such as a chattel mortgage, via your finance broker, you can finance the asset over your standard five year term, yet take advantage of the instant depreciation write down immediately.


For equipment over $20,000 there is still the asset pooling option where the depreciation is 15% in the first year and then 30% in subsequent years.

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Building approvals and housing trends

5/5/2015

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Record low interest rates and an ever growing population have pushed new home approvals to an all time High. Approvals for construction of new homes rose 2.8% in March the highest monthly reading since 1983. Housing trends are underpinning the type of growth with the number of multi-unit dwellings approved in March overtaking free-standing houses for the first time.  St George cheif economist Hans Kunnen says there has been a big move in Australians wanting to live in apartments, townhouses and semi-detached houses. He also states that this explains relatively wekaer price growth of late among units as compared to houses. HIA economist Shane Garrett said that low interest rates and  a strong population were driving the home building boom.  With a $15,000 great start grant still available to first home buyers and stamp duty discounts on land for anyone intending to build now we have certainly seen the trend at Wilson Financial.

Source - www.thebull.com.au 

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How do we afford insurance...

5/5/2015

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Does the cost to insure yourself prevent you from protecting your greatest asset? 

Insurers have caught onto the rising pressure of living expenses, so they now offer new funding methods that can remove the burden of insurance from your monthly pay packet.  For many with tight budgets, where one adult has temporarily stopped working to raise children, adequate Insurance is seen as a superfluous item and never taken out, even when large debts are taken on to finance the family home. This is a big risk for a family, so there are alternate ways to fund protection that you should explore.

What’s the answer? How do we afford insurance?

It is often said that the only constant in the Financial Services Industry  and even life, is change. Due to constantly evolving government legislation, client requirements and industry developments, Insurance and Investment products are always evolving. To maintain competitiveness, some insurers are allowing insurance premiums to be fully or partially funded through superannuation, thus allowing you to become insured, but removing a large part of the out of pocket expense. Funding Insurance premiums through Superannuation has been an option for quite some time, but often clients would end up sacrificing the strength of the policy in order to avoid costs.

Are there any catches? 

In some instances, a policy fully funded by super can ‘weaken’ your policy because they don’t offer the same features as policies outside of Super, or there is a conflict with the rules and guidelines of the Superannuation environment.  For example; you are unable to acquire own occupation total and permanent disability cover or, agreed value income protection exclusively through super. What this means is, if you were to be totally and permanently disabled but only had 'any' occupation cover, your TPD may not pay if you are still able to do another job type.

How does partial payments work?

Given that you have already paid tax at your marginal rate on the money that’s in your wallet, people want to spend as little as possible on Insurance premiums. This flexi-linked fee structure allows clients to split many different types of Insurance, including Income Protection.  A financial planner can review your specific scenario and provide formal advice on how best to structure a split paid policy premium, if that is determined to be the best option for you.

When doesn't it work?

This will depend on the level of Super Contributions being made, and the recommended level of cover that you need.  In the end Superannuation is a means of funding our own retirement, and should be used as such. A Financial Planners role is to provide recommendations so that you can benefit from the Financial Products available, and understand the sometimes complex frameworks of Superannuation and Insurance.

For any Insurance queries, or to organise a review of your Superannuation, Investments and Insurance please contact me on george@wilsonfinancial.com.au



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    Author

    Liz Wilson has been working in finance for nineteen years now. She regularly blogs on industry topics and here you will find over a hundred personally written blog topics and case studies...

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