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Accounting & Tax

Investing in property can be a great way to build wealth in Australia. However, navigating the world of tax deductions can feel overwhelming. As property investors, you need to understand tax depreciation schedules, and we at K Partners have the necessary knowledge to help you maximise your tax benefits. What are Tax Depreciation Schedules? Tax depreciation schedules set out what tax deductions can be claimed each year for your investment property. They work by acknowledging the gradual decline in the value of your investment property's building and fixtures over time. Understanding Tax Depreciation The concept of tax depreciation is more..
Superannuation or ‘super’ is money set aside by your employer over your working life for you to live on when you retire. By investing additional funds into superannuation or taking control over how these funds are invested you can influence the outcome of your retirement savings. Here are some reasons why investment in superannuation is beneficial:
In financial planning and wealth management, K Partners embraces innovative solutions to optimise our client's financial well-being. One concept that may arise is an investment bucket company. Such a strategy can be a valuable tool for effective financial planning by improving tax efficiency and allowing clients to achieve their long-term financial goals. What is a bucket company, and how does it function? Let's look at this concept. What is a Bucket Company? Imagine a trust, a legal entity holding assets and generating income in Australia. Traditionally, the trust distributes this income directly to designated beneficiaries. However, this often subjects the..
As increasing numbers of Australians look for ways to boost their retirement savings, self-managed super funds (SMSFs) are gaining popularity. So much so, in fact, that the number of SMSF’s grew by 5% in 2022 alone. However, with the rules and regulations that govern SMSFs, they may not be suitable for everyone – so weighing up the advantages and disadvantages of SMSFs before opening one is crucial. Let's explore the most significant benefits of SMSFs, as well as the potential disadvantages of SMSFs. Advantages of SMSFs (The Benefits of SMSFs) Investment Control and Flexibility One of the major benefits of..
A self-managed super fund (SMSF) is a private superannuation fund that you own and manage. In doing so, you get to decide how to invest your super contributions, who can be a member of the fund, and ultimately, whether to keep it running. However, you're also responsible for  ensuring your SMSF complies with all relevant regulations – and dealing with the consequences of non-compliance. An SMSF can be a powerful tool for saving for retirement as it offers greater control over investments, the ability to pool savings with other members, and more flexible costs. However, the process of setting up..
So you've been filing your own tax returns? Are you sure you're saving all the tax you're entitled to save? You don't have to be a surgeon to claim higher tax deductions and save more of your hard-earned money. Speak to a business accountant and they'll tell you there are probably a few tax-saving areas you've not thought of. You may be able to claim these expenses at tax time. Financial advisers at KPartners are there to help you work out your specific claims.