Search Articles from our Blog By Month
At Sapience Financial, much of our advice involves helping people learn new skills and insights.
- We have a range of individually hand-crafted Blog Articles relevant to our client's needs and lives.
- We also have separate more in-depth Key Articles to help you understand some of the practical details of our specialty products and services in greater depth, specific to the needs of many of our small business clients, friends, and supporters.
Use the blue site Search Button at the top right corner of our site. And if you really want to drill down through our data for something very specific, you can also search by Article Tag here. Alternatively, if you're looking for something in particular, just get in contact here.
Below you can search our archive of Blog Articles by title or date published.
Following your north-star in a very crowded world
Do you ever get the feeling that time is speeding up?
The major transitions in human history have been driven by the need to domesticate cattle and plants, the large-scale mechanisation of jobs; and now the immediate dissemination of information around the world upon demand.
With the arrival of each new age, the speed of change has left us wondering, where is this all going?
What's your defense against the dark arts, in business?
Ever had a bad day at the office? Ever had a tough week?
Maybe the last 2 years in business haven’t been what you hoped for.
Perhaps Harry Potter and his mates can relate.
Growth
We don’t get a chance to do that many things, and everyone should be really excellent. Because this is our life. ― Steve Jobs
ATO revises advice fee tax deductible rules
The Australian Taxation Office (ATO) has confirmed financial advice fees for tax related guidance are deductible where the advice is provided by a Qualified Tax Relevant Provider (QTRP). The ATO released guidance stating, ‘fees for financial advice an individual incurs may be deductible under section 25-5 to the extent that the advice related to the managing their ‘tax affairs’.
- It added that, ‘it takes the view that tax (financial) advice is included within the meaning of 'tax affairs’.
- An individual must be able to identify the payment was for advice to assist them, in managing their tax affairs. For example, fees for advice in relation to salary sacrifice arrangements will be advise that assists an individual in managing their ‘tax affairs’.
Not all advice provided by a financial adviser will be considered to be tax (financial) advice.
Where an advisor merely provides factual information about a financial product that does not involve the application or interpretation of taxation laws to the clients personal circumstances, that advice will not be for managing the individuals tax affairs.
This new guidance does not change the ATO's current stance that other fees, being those related to initial advice, are capital in nature and cannot be deducted, and that ongoing advice fees are deductible.
TD 2024/7.
- Payday Super changes pending
- Minimum wages increase from 1 July 2024
- New tax on people who have more than $3m in their Superannuation?
- Pay your employees’ super on time
- Take advantage of the 1 July 2024 Super Cap Increases
- Six Significant Changes Small Business Owners will face from 1 July 2023
- New Directors Penalty Notices (DPN's)
