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Please browse through our Frequently Asked Questions to find answers to any of your questions relating to KG Partners and Co and our services, if you can't find the answer to your specific question, please feel free to contact us for further information.
- 1Are you paying too much on your home loan?
Interest rates are at all time low levels, so are you paying too much on your existing mortgage? Our Financial Planner, Steve Everist, can help you reduce your home loan payments and save you money to pursue other investments. Contact our financial planner today.
- 2Do you have a Will?
The Financial Planner at KG Partners & Co can help you organise a Will and ensure that your family is taken care of in the future.
- 3How many super funds do you have?
Let KG Partners & Co assist in finding your lost super. Our Financial Planner, Steve Everist, can assist in organising your super so it achieves your goals and save you on fees and charges.
- 4How much tax do I withhold from my pay/ employee?
- 5I will be going into business, what should I do?
There are certain issues that need to be addressed so that you can ensure that you are following the correct path. We can provide the appropriate advice on how and what is required with respect to registration, record keeping, etc.
- 6My employer is offering salary sacrifice, what does it mean? What should I do?
There is no restriction on the types of benefits that can be sacrifice. The important thing is that these benefits form part of your remuneration, replacing what otherwise could have been paid as salary. The types of benefits generally provided in salary sacrifice arrangements by employers include fringe benefits, exempt benefits and superannuation.
Common fringe benefits include:
- Cars, property (including goods, real property such as land and buildings and shares or bonds), expense payments (such as the payment of your loan repayments, school fees, child care costs and home phone costs).
- Superannuation - Salary sacrificed superannuation contributions under an effective salary sacrifice arrangement are considered to be employer contributions which, when paid for an employee to a complying superannuation fund, are not fringe benefits. However, superannuation contributions made for the benefit of an associate, such as your spouse, are a fringe benefit. Similarly, contributions paid to a non-complying superannuation fund will be a fringe benefit.
- 7What if I get a penalty for non lodgement of my tax Return? What can I do?
With penalties imposed by the ATO we can assist you in lodging an objection.
- 8What is the $20,000 the Government has announced in the Budget?
The Government has proposed to expand accelerated depreciation by allowing small businesses with aggregated annual turnover of less than $2 million to immediately deduct each asset that cost less than $20,000. The measure will apply to assets acquired from 7.30pm on 12 May 2015 until 30 June 2017.
This will replace the previous instant asset write-off threshold of $1,000.
Assets excluded from these depreciation rules include horticultural plants and in-house software allocated to a software development pool. In most cases specific depreciation rules apply to these excluded assets.