Business, Wealth Management & Tax News

Synectic Blog

Business, Wealth Management & Taxation

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2017-18 Federal Budget: Housing affordability and supply

12 May, 2017/in News, Wealth Management /by synecticgroup

Housing affordability has been one of the major components of this year’s Federal Budget, which featured a comprehensive package of tax and superannuation measures aimed at increasing housing availability and improving affordability. The government has also reigned in tax breaks enjoyed by many residential property investors in the hope of providing Australians with confidence that tax concessions are correctly targeted. These measures will be complemented by a number of supply-side initiatives including the release of Commonwealth land and housing supply targets.

2017-18 Federal Budget: Personal Taxes and Medicare

12 May, 2017/in Individuals, News /by synecticgroup

Personal taxes

The option of claiming a standard tax deduction for work expenses has long been talked about, in the hope of simplifying personal tax returns. It was speculated to be delivered in this year’s Federal Budget, however was not to be.

The 2017-18 Budget also contained no changes to the personal income tax rates and thresholds. This means that the Temporary Budget Repair Levy (2% on incomes over $180,000) will still expire at the end of the 2016-17 financial year.

Farm in Tasmania - image by Rob Burnett Images

Farm Management Deposit (FMD) scheme changes: What they mean for Tasmanian farmers

20 March, 2017/in Business & Corporate Advice, Wealth Management /by synecticgroup

The Farm Management Deposit (FMD) scheme allows farmers to set aside primary production income in years of high income, to draw on in leaner years. The deposits are an excellent cash flow planning tool and an important strategy for primary producers to consider in their tax planning. They help farmers build up cash reserves while smoothing fluctuating income, maximising profits and minimising tax liabilities.

Effective 1 July 2016, the government introduced several amendments to the FMD scheme. The changes give farmers more flexibility in managing their businesses and mean that FMDs should be back on the table during the upcoming tax planning season. In this article we look at two of the changes that we see as particularly relevant to our Tasmanian farming community.

Employers: understanding the tax system

15 March, 2017/in Business & Corporate Advice /by synecticgroup

Navigating the tax system to ensure you are meeting all your obligations as an employer can get confusing. In this article we look at some common areas of concern for business owners and provide some handy tools and tips.

FBT on portable electronic devices in 2017

24 February, 2017/in Business & Corporate Advice /by synecticgroup

The FBT exemption for small business employers providing work-related portable electronic devices to employees has been expanded in the 2017 FBT year (that is, from 1 April 2016).

Under the old rules, FBT exemption does not apply to multiple portable electronic devices provided to an employee in the same FBT year, where those multiple items have “substantially identical functions”. This “one device” limit still applies to employers that are not small businesses.

However, small business employers (that is businesses with an aggregated annual turnover of less than $2 million) can now access the exemption for more than one work-related portable electronic device, even where the devices do have “substantially identical functions” (such as the functions of a tablet and a laptop).

Xero accounting software improves bulk changes to invoice reminders

Xero improves bulk changes to invoice reminders

20 February, 2017/in Business & Corporate Advice /by synecticgroup

Last week Xero released an enhancement to their invoice reminders. The release allows you to bulk-select groups of invoices to switch reminders on or off from the main Invoicing list.

3 Tips to Update Your Business Plan for the New Year

6 January, 2017/in Business & Corporate Advice /by synecticgroup

What’s your New Year’s Resolution: “stay fit”, “stress less”, “save more”? The New Year is a welcome opportunity for some personal reflection and goal setting, but are you making any resolutions to help make your business better than ever? January is a great time to consider your business goals and to plan what you’d like to achieve in the coming twelve months.

2017 Synectic UTas “Scholarship in Business” winner

23 December, 2016/in News /by synecticgroup

Synectic wish to congratulate Chloe Smith, the 2017 University of Tasmania (UTas) recipient of the Synectic “Scholarship in Business”.

The annual scholarship is made available to a student entering the second year of an undergraduate Business degree. In recognition of the long heritage of our firm in the Devonport region the student must originate from North-West Tasmania, however may be attending any of the UTas campuses.

Superannuation reforms – what they will mean for you

8 December, 2016/in Wealth Management /by synecticgroup

The Australian Government finally had most of its 2016 budget measures on superannuation pass through Parliament on 23 November, following a tortuous process of negotiation with the cross-benches. Most of these changes to Australia’s superannuation system will take effect from 1 July 2017.

Tax and the sharing economy

6 December, 2016/in Business & Corporate Advice, Individuals /by synecticgroup

There are more and more sharing economy, or collaborative consumption, websites and apps hitting the market in Australia and they are making their way from the big cities into the Tasmanian market. With the holiday season upon us, short-term vacation rentals through apps like Airbnb and Stayz will be in full swing. And now that Uber has arrived in Hobart – just in time for the silly season – Tasmanians and our tourists are embracing the ride-sourcing phenomenon.

But before you decide to rent your house out for summer with Airbnb or earn some extra money driving for Uber, you need to consider the tax implications – you may need to pay GST and income tax on your earnings and you may be liable for CGT down the track.

Information on this webpage has been prepared on a general advice basis only. The advice has been prepared without taking account of your specific objectives, financial situation or needs. Accordingly, you should, before acting on the advice, consider the appropriateness of the advice having regard to your objectives, financial situation and needs. In cases where the advice relates to the acquisition, or possible acquisition, of a particular financial product, you should obtain a Product Disclosure Statement (or other relevant information statement) and consider such document before you make any decision about whether or not to acquire the product. Self-managed superannuation funds are not cost competitive for lower balance accounts and are not appropriate for all investors due to the time, cost and responsibility involved in managing an SMSF. For these reasons, it is imperative that you seek advice from your financial adviser before making any investment decisions.

About Us

Synectic is a Chartered Accounting and Advisory firm that brings together the skills of accountants, business advisers, financial planners, self-managed superannuation experts, and auditors. Our team operates state-wide from Devonport, Hobart and Launceston offices.

Our mission is to help people, businesses and the community prosper.

We offer the depth of knowledge, specialist skills and progressive resources usually associated with much larger firms. Yet our size and availability allows us flexibility and enables us to develop an in-depth understanding of your business and financial affairs.