Minimise taxes in transition to retirement
Recently there have been some changes to superannuation law that allow individuals to contribute larger amounts to their retirement savings without incurring tax liabilities. In the 2014-15 financial year, the concessional contributions cap has been lifted to $35 000 for people over the age of 49. This means that you can salary sacrifice up to…Read more
Get on top of your record keeping
Get on top of your record keeping Effective and reliable record keeping is extremely important for small businesses. Maintaining organised records will help you to meet your tax obligations and will be extremely helpful in the event that you get audited. A good record keeping system can also help you to monitor and reflect on…Read more
Can my SMSF purchase my investment property?
A common question that often comes up is, can my SMSF buy a residential rental property, holiday home, or house from me or someone related to me? The answer is no, not unless the property is business real property (a property used wholly and exclusively for business). And, in most cases, residential property will not…Read more
Family investment properties
The holidays are often a time that people reflect on ways that they may be able to give their family members a little extra help. With the price of Australian real estate continuing to climb, especially in capital cities, a lot of people are considering the challenges that will face their children when they want…Read more
A legally responsible Christmas
It is that time of year again, the holiday period is just around the corner and the excitement of the work Christmas party is setting in. End-of-year celebrations are an important way for employers and staff to reflect on the progress they have made as a team throughout the year. It is also a time…Read more
Closing the superannuation gap
On average, Australian women are retiring with just over half as much superannuation as their male counterparts. This disparity in super balances is made even more problematic by the fact that women have significantly longer life expectancies, meaning that many women have to live off less money that is also stretched over a longer period.…Read more
Transferring a business property into your SMSF
Under a limited set of circumstances, it is possible for SMSF members to make non-cash contributions, also known as in-specie contributions, to their funds. One way in which this can be done involves the transfer of a ‘business real property’ to an SMSF. Using a combination of the non-concessional contributions cap and the CGT retirement…Read more
PROTECT YOUR MOST IMPORTANT ASSET AT YEAR END
As employees look forward to celebrating the year gone by, employers should not lose sight of their responsibilities. It is easy for staff to become overly enthusiastic at office functions. However, it is the employer who may be held liable for any injury or misadventure suffered by an employee at or directly after an office…Read more
ATO targets false Medicare exemptions
A recently announced ATO initiative will target individuals who are falsely claiming an exemption on the Medicare levy. Using metadata matching technology, the ATO will aim to ensure that individuals are meeting their tax obligations. The program is also predicted to identify a number of individuals who do qualify for the exemption, but have not…Read more
Division 7A and family breakdown
The ATO has made its final ruling on the application of Division 7A to relationship breakdowns. If a private company is ordered by the family court to make a payment or transfer an asset to a separating partner, then the settlement will be treated as a distribution of profits for tax purposes. The ruling has…Read more
Susan Flux, Brisbane
Since that time I known Tony and his team at Lee and Lee, they have provided me with outstanding advice and services regarding my personal, family and especially my SMSF borrowing setup for wealth creation and tax reduction strategies that have since led to financial independence.
I now very clear and feel confident on my future financial goals and taxation strategies and know they can be achieved with Tony's expert and professional help.
Shukri Barbara, Property Tax Specialists Sydney
Tony has impressed me with his technical knowledge and execution. He works with honesty and integrity and is generous in his dealings.
John Mu, Internet Marketing Strategist Gold Coast
Tony has the strategies which are helping me legally minimise tax. He has helped me in my personal development and wealth creation to build a multimillion dollar property portfolio.
If you want a hands-on accountant who knows his stuff...Tony Lee is the man!