Super and Tax Policy

The Major Parties' Superannuation and Tax Policies

The federal election has been called for May 18 and both major parties have outlined their superannuation and tax policies.

federal electionWith the federal election only weeks away many of our clients have been asking what the major political parties' policies are that may impact their SMSF, individual taxation circumstances or personal investments. 

If you would like more information on a particular policy announcement, please do not hesitate to contact our office to set up a time to discuss any requirements you may have.

Liberal-National Coalition

  • Australians aged 65 and 66 will be able to make voluntary superannuation contributions without needing to work a minimum amount. Previously, this was only available to individuals below 65. Read more…

Northern Rivers Lending Specialist Insights

Insights from Northern Rivers Lending Specialist, David Seymour (Part 2)

Following our February article read why, when it comes to loan applications, David is ready to ask the right questions.

David Seymour"For anyone self-employed you need to run your business and take a wage to service your debts – is there sustainable income or industry change ahead that affects your ability to secure the finance you need?"

David's due diligence includes reviewing the financial statements and clients' needs analysis to understand the needs that the applicant is seeking and how he can match those with a suite of products from different lenders. 

"At times I need to play the devil's advocate to help achieve the end goal in the most effective way and eliminate as many questions as possible regarding an application," says David. Read more…

2019 Australian Accounting Awards

Collins Hume shortlisted for Australian Accounting Awards 2019

Collins Hume Accountants and Business Advisers have been named Finalists in the Australian Accounting Awards for Mid-Size Firm of the Year (20 employees or more), Business Advisory Firm of the Year and Marketing Program of the Year.

Australian Accounting AwardsThe Australian Accounting Awards, in partnership with Intuit QuickBooks Australia, is the only national independent awards program for the accounting industry. Recognising excellence across a true cross-section of the accounting industry, the awards celebrate the contributions of both individuals and firms who are leading the way. 

Partner Peter Fowler and Business Manager David Keith said that they were humbled to be recognised and proud to be a part of such an exclusive network. 

Commenting on being shortlisted, Peter said, "Collins Hume's recognition for our contribution to NSW Northern Rivers industry reinforces the strength of our business in engaging with our clients and connecting with our community."

Read more…

2019-20 Federal Budget

Government delivers surplus election-friendly 2019-20 Federal Budget

Leaves superannuation largely untouched

parliamentA surplus election budget is the news coming out of the 2019-20 Federal Budget. With superannuation left largely untouched, the Government focused on further personal income tax cuts.

However, three key announcements include providing more flexibility for individuals to contribute at ages 65 and 66, the ability to choose their preferred exempt income tax method and increased funding for electronic super rollovers are welcomed.

This Federal Budget will provide much-needed stability and flexibility for SMSF members while looking to reduce red tape.

The key changes proposed for SMSFs and superannuation are:  Read more…

Single Touch Payroll starts 1 July 2019

Single Touch Payroll (STP) compulsory for all businesses from 1 July 2019

How will this change affect your business? 

Single Touch PayrollWe've got you covered with all the top questions on STP answered.

What is Single Touch Payroll?
Single Touch Payroll, also called STP or one touch payroll, is an ATO initiative that requires employers to report salaries and wages, PAYG withholding and superannuation to the ATO each time they pay their employees.

Why is STP being introduced?
Legislation made it compulsory for businesses with 20 or more employees to digitally report payroll details to the ATO. However, following an amendment, it is now mandatory for all employers in Australia to adopt a compliant payroll solution, which are often software-based, from 1 July 2019.  Read more…