Review your financial situation for 2024

New Year’s resolutions often fade away, but the commitment to pause, reflect and review your financial situation each year is one that should endure. At Synectic, we encourage you to make this your top priority early in 2024. To get started, consider the following:

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Business Insights and Inspirations: Xerocon 2023 Recap

Xerocon 2023 was a whirlwind of innovation, insights, and inspiration for our business services team. Here’s a recap of six valuable topics shared by a huge number of speakers across the two days in Sydney.

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Podcasts for reflection and growth

Having been on the road a fair bit over the past month, I’ve had the chance to delve into some of the latest ABC This Working Life podcasts. I thought I’d share my top seven podcasts, curated for reflection and growth, for those who might want to engage in some meaningful self-reflection and personal development over the summer months.

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Super balances above $3 million to be taxed at 30% – what does it mean?

The Albanese government have announced plans which will see the earnings on super balances above $3 million taxed at a concessional rate of 30 per cent, from 1 July 2025 onwards. The current rate on these earnings is 15 per cent.

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FBT exemption for electric vehicles in Australia

Fringe Benefits Tax (FBT) exemption for electric vehicles in Australia has now been legislated. The relevant legislation, Treasury Laws Amendment (Electric Car Discount) Bill 2022, received Royal Assent on 12 December 2022. It upholds the Government’s pre-election commitment and broader decarbonisation initiatives.

Of all the employee ‘perks’, employer-provided cars (through novated car leases or private use of company vehicles) are one of the most popular fringe benefits in Australia. As a result, FBT exemption for electronic vehicles has been keenly anticipated.

What do employers and employees need to consider?

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Changes to Superannuation for employers, employees and retirees from 1 July 2022

A number of superannuation changes came into effect from 1 July 2022, including:

  • Changes to the work test and bring forward rules for those aged 67-75 years
  • Carry forward unused concessional contributions
  • Changes to contributing to super from the sale of your home (‘downsizer contributions’)
  • Government contributions for low-to-middle income earners
  • Pay an increased super rate to employees
  • Pay super to employees regardless of their earnings
  • Increased contribution allowance for first home buyers

Learn about these changes to superannuation and what you need to do below.

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Keeping a vehicle log book

When claiming work-related car expenses, many people miss maximising their claim due to poor record keeping. Inadequate records can also cost dearly if you are audited by the Australian Tax Office (ATO).

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What really matters?

Xerocon2018 brought us several sessions that asked us to think about the way we think. They were an excellent, and timely, reminder for me of what’s important in my life.

With a young family, I’ve found myself at one of those times in life when it’s valuable to pause a moment. To check that you understand your priorities. Because they change over time. And sometimes a significant event, or a minor event, a comment, a chance meeting, or a speaker at a conference can trigger reflection.

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Artifical Intelligence is here, but maybe it’s not so scary

One of the highlights of Xerocon2018 for me was a presentation from Professor Genevieve Bell: Preparing for artificial intelligence, or the fourth wave of industrialisation 

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What is Adjusted Taxable Income and why do you need to know?

If you apply for certain tax offsets, concessions or government benefits, you may be asked to provide your “adjusted taxable income” (ATI).

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