As we step into a new year, it’s the perfect time to take control of your financial future. Whether you’re an individual looking for accounting and financial planning advice or a business owner seeking business accounting services, HJC is here to help you navigate the complexities of tax, superannuation, and financial planning.
Staying Ahead of ATO Changes
The Australian Tax Office (ATO) constantly updates its rules and regulations, making it crucial to stay informed. Here’s how recent changes might affect you and how HJC can help:
- ATO Interest Remissions
If you have an outstanding tax debt, it’s important to know that the ATO has become stricter with interest remissions. A strong application with comprehensive supporting documentation is essential. Our tax agents in Geelong can help you gather the necessary information and present a compelling case to increase your chances of approval.
- ATO Debt Payment Plans
Life can throw unexpected financial challenges your way. If you find yourself needing more time to pay your tax bill, it’s crucial to understand that the ATO now requires more detailed information to approve payment plans. As the best accountants in the area, HJC can assist you in preparing a comprehensive application that demonstrates your circumstances and commitment to repayment, increasing your likelihood of securing a manageable payment arrangement.
Changes to Study Loan Debts (For Students & Graduates)
Managing student loan debt is a significant concern for many. Fortunately, the Australian government has recently introduced reforms to the indexation of existing HELP debts. These reforms are designed to reduce the growth of HELP debts by tying the indexation rate to the lower of the Consumer Price Index (CPI) or the Wage Price Index (WPI).
What does this mean for you?
If you have an existing HELP debt, these changes could lead to significant savings over time. For example, if you have a $25,000 HELP debt:
- Before the reforms: Your debt could have increased by $1,775 (7.1% CPI) in a year.
- After the reforms: Your debt would increase by $1,000 (4% WPI) in a year.
This means you could save $775 on your HELP debt per year (componding) due to the government’s reforms.
What do you need to do?
Nothing! The ATO will automatically apply these changes to your account. However, staying informed about your financial situation is always a good idea. HJC’s tax accountants in Geelong can provide personalised advice on how these changes impact your specific loan and help you develop a repayment strategy. We also specialise in tax returns in Geelong, ensuring you claim all eligible deductions to further improve your financial position.
Superannuation & Retirement Planning
Wouldn’t it be fantastic to know that you can live well when you finish work and enjoy doing the things you love most? Ensuring you have enough superannuation to retire happily often requires more input than the compulsory employer contributions. That’s where a retirement financial advisor can help.
Whether you are 25 or 55, finding ways to boost your super is one of the smartest money choices you can make for your future. Not only will it help you retire, but your savings will be kept in a low tax environment at a 15% tax rate while working and then 0% in retirement.
It’s never too late to start planning so get in contact with HJC today. Our superannuation accountants can provide expert financial planning advice tailored to your needs.
Victorian Property Taxes & Key Considerations for Business Owners
Understanding Property Taxes: Victorian property owners need to be aware of recent changes to land tax. This reform, part of the 2023-24 Budget’s Securing Australians’ Superannuation Package, aims to synchronise the payment of SG contributions with employees’ salary and wages, moving away from the current quarterly requirement. This change is set to take effect from 1 July 2026.
HJC’s expert tax accountants in Geelong can provide clarity on these complex rules and help you minimise your Geelong tax liability. We are a leading financial planning firm in the area, offering expert advice on property tax and other financial matters.
Payday Super Reform: The Payday Super reform requires employers to adjust their payroll processes. HJC, your trusted small business accountant in Geelong, can help your business navigate these changes, ensuring a smooth transition and ongoing compliance. We offer a full suite of business accounting services to support your business growth.
Ready to Take Control of Your Finances?
HJC accountant and financial planner is your trusted partner in navigating the complexities of personal and business accounting services. Contact us today for financial advice in Geelong and support to achieve your financial goals.
