Integrated Accounting Group

𝗗𝗲𝗻𝘆𝗶𝗻𝗴 𝗱𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻𝘀 𝗳𝗼𝗿 𝗚𝗲𝗻𝗲𝗿𝗮𝗹 𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗖𝗵𝗮𝗿𝗴𝗲 (𝗚𝗜𝗖) 𝗮𝗻𝗱 𝗦𝗵𝗼𝗿𝘁𝗳𝗮𝗹𝗹 𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗖𝗵𝗮𝗿𝗴𝗲 (𝗦𝗜𝗖) The Government has introduced new legislation that will stop clients from claiming General Interest Charge (GIC) and Shortfall Interest Charge (SIC) as tax deductions. These changes will come into effect from 1 July 2025. Currently, GIC and SIC payable to the ATO are deductible when the interest arises, not when paid. However, under the new rules, this deduction will be removed entirely. Clients can still apply to the ATO for interest remission, and if they can demonstrate that the failure to pay was due to circumstances beyond their control, the ATO may be inclined to remit the interest. With this change, we may see a rise in clients seeking external funding to clear outstanding ATO debts or applying for remission to avoid non-deductible interest charges. It's important to note that interest payable to financiers like banks and private funders will not be impacted by this new legislation. #tax #accounting #ATO #legislation #businessfinance #taxdeductions #financialplanning

We’ve discussed when you can access your super and what circumstances allow for early withdrawal. However, before deciding to access your super early, it is crucial to fully understand the financial implications involved. 𝗜𝗺𝗽𝗮𝗰𝘁 𝗼𝗻 𝗥𝗲𝘁𝗶𝗿𝗲𝗺𝗲𝗻𝘁 𝗦𝗮𝘃𝗶𝗻𝗴𝘀 Accessing your super early means reducing the overall amount saved for retirement. Given the power of compound interest, even a small reduction in your super balance today can lead to a significant shortfall in the future. According to industry experts, taking out $20,000 today could mean $50,000 less when you reach retirement, depending on investment returns. 𝗧𝗮𝘅 𝗜𝗺𝗽𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻𝘀 The tax consequences of early super withdrawals can also be substantial. The Australian Taxation Office (ATO) imposes specific tax rates depending on your age and the type of super benefit being accessed. Generally, if you are under 60 years old, early withdrawals are taxable, either as a lump sum or as income payments. Once you are over 60, most withdrawals are tax-free, but there are exceptions. 𝗖𝗼𝗻𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻 𝗥𝗲𝘀𝘁𝗿𝗶𝗰𝘁𝗶𝗼𝗻𝘀 Withdrawing super early may also affect your ability to make contributions in the future. The annual concessional and non-concessional contribution caps mean you could face limitations in rebuilding your retirement savings. Moreover, individuals who have taken early withdrawals may find themselves ineligible for government co-contributions or other incentives. 𝗔𝘃𝗼𝗶𝗱𝗶𝗻𝗴 𝗜𝗹𝗹𝗲𝗴𝗮𝗹 𝗦𝗰𝗵𝗲𝗺𝗲𝘀 It is also important to note that illegal early access schemes can lead to serious penalties. Scammers may attempt to lure individuals into accessing their superannuation illegally by promising to help them access funds for personal use, such as buying a car or paying off debt. The Australian Securities and Investments Commission (ASIC) warns that such activities are illegal and could lead to penalties and prosecution. Before making any decisions regarding your superannuation, we recommend consulting with your super fund or a professional financial advisor to understand all potential impacts.* #superannuation #retirementplanning #compliance #retirement *𝘗𝘭𝘦𝘢𝘴𝘦 𝘯𝘰𝘵𝘦 𝘵𝘩𝘢𝘵 𝘢𝘭𝘭 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘱𝘳𝘰𝘷𝘪𝘥𝘦𝘥 𝘣𝘺 𝘐𝘈𝘎 𝘪𝘴 𝘨𝘦𝘯𝘦𝘳𝘢𝘭 𝘪𝘯 𝘯𝘢𝘵𝘶𝘳𝘦, 𝘥𝘰𝘦𝘴 𝘯𝘰𝘵 𝘵𝘢𝘬𝘦 𝘪𝘯𝘵𝘰 𝘢𝘤𝘤𝘰𝘶𝘯𝘵 𝘺𝘰𝘶𝘳 𝘱𝘦𝘳𝘴𝘰𝘯𝘢𝘭 𝘤𝘪𝘳𝘤𝘶𝘮𝘴𝘵𝘢𝘯𝘤𝘦𝘴 𝘰𝘳 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘨𝘰𝘢𝘭𝘴, 𝘢𝘯𝘥 𝘴𝘩𝘰𝘶𝘭𝘥 𝘯𝘰𝘵 𝘣𝘦 𝘤𝘰𝘯𝘴𝘵𝘳𝘶𝘦𝘥 𝘢𝘴 𝘢𝘥𝘷𝘪𝘤𝘦. 𝘠𝘰𝘶 𝘴𝘩𝘰𝘶𝘭𝘥 𝘤𝘰𝘯𝘴𝘶𝘭𝘵 𝘸𝘪𝘵𝘩 𝘢 𝘲𝘶𝘢𝘭𝘪𝘧𝘪𝘦𝘥 𝘢𝘯𝘥 𝘦𝘹𝘱𝘦𝘳𝘪𝘦𝘯𝘤𝘦𝘥 𝘍𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘗𝘭𝘢𝘯𝘯𝘦𝘳 𝘣𝘦𝘧𝘰𝘳𝘦 𝘮𝘢𝘬𝘪𝘯𝘨 𝘢𝘯𝘺 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘥𝘦𝘤𝘪𝘴𝘪𝘰𝘯𝘴.

Previously, we covered the standard conditions under which you can access your superannuation. However, situations may arise that require access to your superannuation before reaching retirement age. The Australian Government permits early withdrawal of super in limited circumstances—let's explore what these options look like. 𝗘𝗮𝗿𝗹𝘆 𝗔𝗰𝗰𝗲𝘀𝘀 𝗼𝗻 𝗖𝗼𝗺𝗽𝗮𝘀𝘀𝗶𝗼𝗻𝗮𝘁𝗲 𝗚𝗿𝗼𝘂𝗻𝗱𝘀 The Australian Prudential Regulation Authority (APRA) allows super to be accessed early under compassionate grounds if you need to pay for costs such as medical treatment for yourself or a dependant, modifications to your home or car due to severe disability, or to prevent foreclosure on your mortgage. Compassionate grounds also cover funeral or burial expenses for a dependant. 𝗠𝗲𝗱𝗶𝗰𝗮𝗹-𝗥𝗲𝗹𝗮𝘁𝗲𝗱 𝗖𝗼𝗻𝗱𝗶𝘁𝗶𝗼𝗻𝘀 You may also access your super early if you are facing a terminal medical condition. Two medical practitioners, one of whom must be a specialist, must certify that you have a life expectancy of fewer than 24 months. Alternatively, temporary incapacity (due to illness or injury) may allow you to access your super, typically in the form of regular payments to support your income during your recovery. 𝗣𝗲𝗿𝗺𝗮𝗻𝗲𝗻𝘁 𝗜𝗻𝗰𝗮𝗽𝗮𝗰𝗶𝘁𝘆 𝗼𝗿 𝗦𝗲𝘃𝗲𝗿𝗲 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗛𝗮𝗿𝗱𝘀𝗵𝗶𝗽 For those who experience permanent incapacity that prevents them from ever returning to work, super can be accessed early to provide ongoing support. Additionally, Australians facing severe financial hardship—such as an inability to meet essential living costs—may qualify if they have been receiving eligible government support payments continuously for at least 26 weeks. Before making any decisions, it is essential to consult the Fair Work Ombudsman or ATO guidelines and speak to a financial advisor. Early access can provide relief in challenging times, but it may also impact your long-term financial security. In our next post, we will look at the financial impacts of accessing super early and how to make the best decision for your future.* #superannuation #earlyaccess #financialhardship #superwithdrawal *𝘗𝘭𝘦𝘢𝘴𝘦 𝘯𝘰𝘵𝘦 𝘵𝘩𝘢𝘵 𝘢𝘭𝘭 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘱𝘳𝘰𝘷𝘪𝘥𝘦𝘥 𝘣𝘺 𝘐𝘈𝘎 𝘪𝘴 𝘨𝘦𝘯𝘦𝘳𝘢𝘭 𝘪𝘯 𝘯𝘢𝘵𝘶𝘳𝘦, 𝘥𝘰𝘦𝘴 𝘯𝘰𝘵 𝘵𝘢𝘬𝘦 𝘪𝘯𝘵𝘰 𝘢𝘤𝘤𝘰𝘶𝘯𝘵 𝘺𝘰𝘶𝘳 𝘱𝘦𝘳𝘴𝘰𝘯𝘢𝘭 𝘤𝘪𝘳𝘤𝘶𝘮𝘴𝘵𝘢𝘯𝘤𝘦𝘴 𝘰𝘳 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘨𝘰𝘢𝘭𝘴, 𝘢𝘯𝘥 𝘴𝘩𝘰𝘶𝘭𝘥 𝘯𝘰𝘵 𝘣𝘦 𝘤𝘰𝘯𝘴𝘵𝘳𝘶𝘦𝘥 𝘢𝘴 𝘢𝘥𝘷𝘪𝘤𝘦. 𝘠𝘰𝘶 𝘴𝘩𝘰𝘶𝘭𝘥 𝘤𝘰𝘯𝘴𝘶𝘭𝘵 𝘸𝘪𝘵𝘩 𝘢 𝘲𝘶𝘢𝘭𝘪𝘧𝘪𝘦𝘥 𝘢𝘯𝘥 𝘦𝘹𝘱𝘦𝘳𝘪𝘦𝘯𝘤𝘦𝘥 𝘍𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘗𝘭𝘢𝘯𝘯𝘦𝘳 𝘣𝘦𝘧𝘰𝘳𝘦 𝘮𝘢𝘬𝘪𝘯𝘨 𝘢𝘯𝘺 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘥𝘦𝘤𝘪𝘴𝘪𝘰𝘯𝘴.

Superannuation is more than just a savings plan—it forms the bedrock of your future financial security. For many Australians, it represents the culmination of years of hard work, careful planning, and dedication, ensuring a comfortable retirement. In this series, we aim to provide clear guidance on everything you need to know about accessing your superannuation, from the standard conditions of release to options for early access. To start, when can you access your superannuation? Under current regulations set out by the Australian Government and the Australian Taxation Office (ATO), superannuation can generally be accessed once you turn 65, regardless of whether you are still working, or when you retire after reaching your preservation age, which ranges from 55 to 60 depending on your birthdate. You may also be able to access your super while still working if you opt for a transition to retirement income stream, allowing flexibility as you approach retirement. However, life is unpredictable, and sometimes early access to super is necessary. In our next post, we will explore scenarios that allow for early withdrawal and the conditions you must meet. Stay with us as we take a closer look at superannuation, a critical element of your financial journey.* #superannuation #retirementplanning #financialsecurity #iag #superwithdrawal #australianfinance *𝘗𝘭𝘦𝘢𝘴𝘦 𝘯𝘰𝘵𝘦 𝘵𝘩𝘢𝘵 𝘢𝘭𝘭 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘱𝘳𝘰𝘷𝘪𝘥𝘦𝘥 𝘣𝘺 𝘐𝘈𝘎 𝘪𝘴 𝘨𝘦𝘯𝘦𝘳𝘢𝘭 𝘪𝘯 𝘯𝘢𝘵𝘶𝘳𝘦, 𝘥𝘰𝘦𝘴 𝘯𝘰𝘵 𝘵𝘢𝘬𝘦 𝘪𝘯𝘵𝘰 𝘢𝘤𝘤𝘰𝘶𝘯𝘵 𝘺𝘰𝘶𝘳 𝘱𝘦𝘳𝘴𝘰𝘯𝘢𝘭 𝘤𝘪𝘳𝘤𝘶𝘮𝘴𝘵𝘢𝘯𝘤𝘦𝘴 𝘰𝘳 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘨𝘰𝘢𝘭𝘴, 𝘢𝘯𝘥 𝘴𝘩𝘰𝘶𝘭𝘥 𝘯𝘰𝘵 𝘣𝘦 𝘤𝘰𝘯𝘴𝘵𝘳𝘶𝘦𝘥 𝘢𝘴 𝘢𝘥𝘷𝘪𝘤𝘦. 𝘠𝘰𝘶 𝘴𝘩𝘰𝘶𝘭𝘥 𝘤𝘰𝘯𝘴𝘶𝘭𝘵 𝘸𝘪𝘵𝘩 𝘢 𝘲𝘶𝘢𝘭𝘪𝘧𝘪𝘦𝘥 𝘢𝘯𝘥 𝘦𝘹𝘱𝘦𝘳𝘪𝘦𝘯𝘤𝘦𝘥 𝘍𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘗𝘭𝘢𝘯𝘯𝘦𝘳 𝘣𝘦𝘧𝘰𝘳𝘦 𝘮𝘢𝘬𝘪𝘯𝘨 𝘢𝘯𝘺 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘥𝘦𝘤𝘪𝘴𝘪𝘰𝘯𝘴.

Does managing your inbox take up more time than it should? You’re not alone. According to a recent report by McKinsey, the average professional spends about 28% of their workweek reading and responding to emails. That’s over 11 hours a week spent in your inbox! Here are some tips to help you reclaim that precious time and boost your productivity: 𝗧𝘂𝗿𝗻 𝗼𝗳𝗳 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻𝘀: Constant email notifications can be a major distraction. Consider turning them off—it might not work for everyone, but it’s worth trying. Without the constant “bing” or pop-up, you can stay focused on the task at hand. 𝗦𝗲𝘁 𝗕𝗼𝘂𝗻𝗱𝗮𝗿𝗶𝗲𝘀: Limit when you check your emails and make sure your clients are aware of these times. Studies show that batching email checks at set times of the day can increase productivity by up to 40%. Set expectations with clients—if something is urgent, they’ll call. If not, you can maintain focus without constant interruptions. 𝗙𝗶𝗹𝘁𝗲𝗿𝗶𝗻𝗴 𝗶𝘀 𝗬𝗼𝘂𝗿 𝗙𝗿𝗶𝗲𝗻𝗱!: Setting up filters can take a bit of time initially, but it’s well worth it. Once your filters are in place, you’ll find it much easier to manage new emails and keep track of what’s in progress. A well-organised inbox can significantly reduce the time spent searching for important information. Take control of your inbox, and take back your time. #emails #timemanagement #productivitytips #inboxmanagement #worksmarternotharder #businesstips #IAG

Working from home? Make sure your insurance is up to date! We often work with businesses that run from a home office, and one of the first things we ask is, "Does your insurer know you're running a business from home?" Whether you see clients at home or not, running a business from home can impact your insurance coverage. Claims could be rejected if they’re linked to your business activities, even indirectly. Avoid any surprises. Speak to an experienced insurance broker who can assess your current policies and recommend the right cover for a home-based business. You deserve peace of mind. #homebasedbusiness #smallbusinessowners #insurancebrokers #workingfromhome #insurancetips #homebusiness #riskmanagement

Data is one of the most valuable assets your business has, and safeguarding it is not just a best practice—it’s an obligation to your customers. With the rise of remote work, cybersecurity is more important than ever. Home offices, once protected with basic online security, now need upgraded measures to keep data safe. According to the Australian Cyber Security Centre (ACSC), cybercrime reports increased by 13% in the 2022-23 financial year, with an average of one report made every seven minutes. The shift to remote work has made small businesses particularly vulnerable, with 43% of cyberattacks targeting small to medium enterprises. Here are some practical steps to protect your data and your business: 1️⃣ Invest in a quality anti-virus program: Free versions might be enough for personal use, but for a business, you have much more at stake—especially when it comes to handling customer information. A good anti-virus solution can help prevent malware attacks, which accounted for 30% of reported incidents in Australia last year. 2️⃣ Enable two-factor authentication: Even on personal accounts, two-factor authentication adds a crucial layer of security by requiring a code (usually sent to your phone or email) in addition to your password. This simple step can prevent up to 80% of data breaches, according to ACSC. 3️⃣ Avoid phishing scams: Don’t click on links from unknown sources. Scammers are getting more sophisticated, and their emails can look legitimate. Always double-check the sender’s email address. In Australia, phishing remains one of the most common types of cybercrime, with over 76,000 incidents reported last year. Cyber threats are real, but by taking proactive measures, you can significantly reduce your risk. Protect your data, protect your business. #cybersecurity #dataprotection #smallbusiness #remotework #cyberawareness #businesssecurity #twostepauthentication

Making your accountant a key part of your business team is one of the smartest moves you can make for long-term success. Why? Your accountant doesn’t just crunch numbers—they offer crucial insights that can guide business decisions. Whether you're considering expanding, hiring, or investing, an accountant can assess the financial implications, including tax liabilities, cash flow impacts, and how these decisions will affect your overall business strategy. In Australia, many small to medium-sized businesses benefit from close relationships with their accountants. According to CPA Australia, businesses that work with accountants are more likely to experience higher growth and profitability. Accountants can help navigate the complexities of the Australian tax system, ensuring compliance and maximising deductions, which in turn boosts cash flow and sustainability. A recent survey from the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) found that businesses with access to quality financial advice were 20% more likely to survive in challenging economic times. At Integrated Accounting Group, we work closely with our clients to ensure they have a comprehensive understanding of their financial position. We walk you through the tax implications and cash flow impacts of every business decision, ensuring you make informed choices that align with your goals. If your accountant isn't part of your decision-making process, you could be missing out on valuable guidance that could save you time and money. Make sure to reach out to them before making any major decisions—you’ll be glad you did! #accountingadvice #businessgrowth #cashflowmanagement #taxstrategy #smallbusinessaustralia #financialplanning #decisionmakingtips

As a business owner, you can’t do everything—and nor should you. It's essential to recognise your strengths and find the right people to support you in running your business effectively. Delegating tasks such as bookkeeping, social media, data entry, advertising, marketing, and even customer follow-up can save you significant time and energy. While you may have handled these tasks yourself when starting out, offloading them now frees you up to focus on business growth. What many business owners don’t realise is that these outsourced services are tax-deductible, which means you could save more money than expected by doing less of the "busy work" that doesn’t directly generate income. According to the ATO, expenses related to hiring external professionals or contractors can be claimed as deductions, as long as they are directly related to running your business. By focusing on higher-value tasks and delegating others, you’ll gain more time to innovate, expand, and work on your business, rather than in it. This is a smart move for improving efficiency and profitability. #businessgrowth #outsourcing #australiantaxdeductions #smallbusinessadvice #businesssupport #delegate #entrepreneurship

Confused about calculating your work-related car expenses? Your accountant can guide you on the best approach, but if you’re handling your tax on your own, here are some handy calculators to simplify the process. Save yourself the hassle and get started here - bit.ly/3l8zBRe #tax #workrelatedexpenses #carexpenses #taxhelp #diytax #taxplanning #accountingtips