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                 Possible changes to salary packaged cars after

the election.

The Labour
Government  recently announced reforms affecting the way Fringe Benefits Tax (FBT) is handled for salary packaged vehicles which may affect you as a business client or as an employee in the receipt of such benefits.

The reforms seek to remove the statutory formula method calculation of vehicles, and replacing it with a logbook style system effective 1 April 2014.

For those contemplating purchasing a motor vehicle between now and the election, you will need to consider what documentary evidence you'll need in order to comply.

To find out how these changes will affect you, please call us to discuss.

For those of you politically minded, the Coalition has advised that they do not support these measures if they win the election.   

 

                                   


 

From 1 July 2013 the minimum SG contribution has been increased to 9.25%. This rate will gradually continue to increase until July 2019 when the rate will reach 12%

     FINANCIAL YEAR          SG CONTRIBUTION RATE

             2013-14                                9.25%
             2014-15                                9.50%   
             2015-16                              10.00%
             2016-17                              10.50%
             2017-18                              11.00%
             2018-19                              11.50%
2019-20 & Onwards                        12.00%
   

 Increase in Concessional Contributions Cap

The concessional contributions cap has been increased to $35,000 for the 2013-14 and later financial years for individuals aged 60 years and over. For the 2014-15 and later financial years the concessional contributions cap will also increase to $35,000 for individuals aged 50 years and over.

For everyone else the concessional cap will remain at $25,000 for the 2013-14 year and later years until indexation increases the amount.

Note: Non-concessional contributions remain unchanged at $150,000 per year or $450,000 over a three year period.

Increased Concessional Cap

 Age

2013/14

2014/15

Under 49

$25,000

$25,000

49 - 59

$25,000

$35,000

59+

$35,000

$35,000




 


 Minimum pension drawdown relief ceases

 

After 5 years of pension drawdown the minimum pension payments will return to the pre-GFC levels from 1 July 2013.

 Age
                               

2012-13
Pension Rate
                                        

 2013-14 and beyond
Pension Rate

Under 65

3%

4%

65 - 74

3.75%

5%

75 - 79

4.5%

6%

80 - 84

5.25%

7%

85 - 89 

6.75%

9%

90 - 94

8.25%

11%


 

   


Relay for Life Charity Golf Day

Where:    Forster Golf Club
When:     Thursday 19th September
Time:      Registration & Refreshments 10.30
                Shotgun Start: 11.30
Teams:   4 People (no handicap required)
Event:     Drop off Ambrose
Price:      $30pp which includes lunch, 
               18 holes of golf, lots of prizes!
                                                                                            
                                                             
                                                 
          



         TO REGISTER YOUR TEAM RING
  
                     Peter 0403 955 780
                                  or
                     Sally 0412 306 242
            

 


 

 

  Will I have enough to retire?

 It is the ultimate question in the lead-up to retirement – how much super is enough? It would be wonderful if there was a way to accurately predict how long you're going to live, precisely what's going to happen in terms of inflation, real estate and other economic influences during your retirement and exactly what you're going to do (and how much money you will need to do it) every day for the rest of your life. Without such perfect knowledge of the future, here's some useful guidance.

Assuming your home is owned outright and you are relatively healthy, a couple who wish to live a 'comfortable', as opposed to 'modest', existence in NSW will require just over $55,0001 a year in today's value. Those choosing a modest lifestyle will need around $31,0001 a year.

Singles will need around $39,0001 annually for a comfortable lifestyle and $22,0001 for a modest lifestyle.

If that sounds daunting, you're not alone, as many people approaching retirement don't have enough in savings for a comfortable lifestyle. Fortunately, there are strategies that can help you make the most of what you have and make wise financial decisions as you transition into retirement.

 Remember that every individual case is different and the best advice is to simply discuss your situation with our Financial Planner Malcolm Wallace. This way a customised plan can be created for you and constantly checked and updated as time goes on and situations, both personally and in the broader economy, continue to change.

 1. Source: Association of Superannuation Funds Australia (ASFA) Retirement Standard Calculator (www.superannuation.asn.au)

 

 

Part of this information has been prepared by Beaver Novello Moss Financial Planning Services an Authorised Representative of Count Financial Limited ABN 19 001 974 625; AFSL 227232 ("Count") a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124 and is for general information only. The information has been prepared without taking into account your personal objectives, financial situation or needs. You should assess whether the information is appropriate for your needs and consider talking to a Count Authorised Representative before making any investment decision.

  

What our clients say...

  • I first met Alex from Beaver Novello Moss just before I started my podiatry practice, approx. five years ago. With little business management experience, Alex provided much valued guidance throughout the formative years and as the business has continued to grow to help me reach my financial goals.

    I have always been extremely impressed with Alex's professionalism, enthusiasm, knowledge and personal approach.

    Joe Crowther
    Podiatrist

  • Beaver Novello Moss have been my accountants for the past 30 years.

    In this time I have had several businesses.

    Over the years I have needed lots of advice and Beaver Novello Moss are always there when I need them.

    Anytime I need something done , its only a phonecall to them and it gets sorted quickly.

    The whole team is very professional and nothing is ever a problem.

    They help with crucial decisions on managing my business to get the best financial results.

    Paul Nixon
    Director Forster Cycles
    Forster NSW

  • We were put onto BNM by a close mutual friend who had used their services for years.

    At the time our business was just a two man team with a rather mediocre turnover

    Our previous accountant didn't ever give us the feeling he wanted to grow with us even though we had expressed our intentions to grow the business in a very clear way.

    Although changing accountants felt a little daunting at the time, we bit the bullet and made the change... And what a fantastic decision that was...

    Joel Knott/Damian Quain
    Directors Automotive Hail Repairs
    Sydney NSW

  • I have been a client of BNM for the past 30 years, both on a personal & business level.

    BNM has been responsible for all aspects of accounting and tax for several Companies I am involved with as well as my superfund.

    Strategic business and tax planning has added significantly to my bottom line.

    Over the years I have found Alex & the team to be very reliable & efficient. They provide good advice, at times with very short notice, which can be critical to future outcomes...

    Ross Andrews
    Director
    Forster NSW

  • Today in business you have to have an accountant. We are just lucky to have the best one. We have been in business for over 35years and are nearing the end of our working career. This has only been made possible by the strong steerage of Beaver Novello Moss in our earlier years of work and without whose help we would now be floundering about, trying to work out how we would ever be able to afford to retire.

    Howard Day
    Optometrist
    Forster Eyecare

  • I have been a client of BNM for over 7 years now and I wouldn't have it any other way. Alex Novello helped me when I launched my first online business back in 2007 and has since helped me take it from strength to strength over the years.

    Let's face it, no-one likes dealing with the ATO, but BNM do!!! They get things dealt with quickly and easily. They take care of it all and in what seems like minutes and for a fraction of the cost that I would lose in billable time if I did it myself!

    Lisa Rigoni
    Picnic Point NSW
    Director Rigoni Australia

  • I have been a client of Beaver Novello Moss for over 11 years and they have been a key advisor to my businesses and an essential member of my team in business development.

    Most importantly, always being there in the tough times with a thorough knowledge of the business. eg steering a successful ATO audit, supporting me through the death of my partner and planning for the future needs of myself and my children.

    Sharyn Cox
    Possum Brush NSW
    Company Director Clarendon Farm Pty Ltd and Clarendon Management Pty Ltd

  • Hi Grant

    Just want to thank you for the interest you show and the quality advice I constantly receive. I have just realised that it is now over ten years since you were first recommended to me.

    I count myself fortunate to have found such trustworthy help!

    I just want you to know your integrity and genuineness is greatly appreciated.

    Wes Schwarze
    Bonny Hills
    NSW

  • Beaver Novello Moss have been handling my accounting and tax needs for over 25 years. During that period of time I have found them to be reliable, professional and very up to date with the ever changing and complex Australian and Superannuation systems.

    Their guidance and advice on all things financial has proved to be invaluable. I can rest easy knowing my taxation and superannuation obligations are being handled by a group of professionals who give friendly and personal service.

    Max Keech
    Proprietor
    Tuncurry Auto Spares

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