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Bridgland & Co Blog

All Things Tax and Accounting

Author: Lindsay Bridgland

Chartered Accountant and Financial Adviser BSc Econ(hons), FCA, AFP, ATIA, CTA

Double your Pension

If you are in pension phase with an SMSF there are two things you need to be doing now; First is to add up all your pension payments this year to ensure you have paid no less than the minimum amount required. Failure to pay the minimum will result in your SMSF becoming non-complying and… Read More Double your Pension

June 7, 2023 Lindsay BridglandLeave a comment

Topping up your super? Look back before forwards

Remembering the end goal of retiring with the home paid off and as much as possible in the tax free super environment, it is a generally a good idea to put as much as you can into super every year. There are two types of contribution available each year; concessional (which includes employer SGC and… Read More Topping up your super? Look back before forwards

May 31, 2023 Lindsay BridglandLeave a comment

Balance of 2022 Tax is Due

Just a reminder that if you had tax to pay after lodging your personal, company or SMSF 2022 tax return it is due now. For personal returns you will have received an assessment. Please check your email for details of the amount due and BPAY codes, or check your mygov account for details. For SMSFs… Read More Balance of 2022 Tax is Due

May 20, 2023 Lindsay BridglandLeave a comment

120% Tax Deduction for Technology Expenditure

The March 2022 budget introduced a bonus extra 20% deduction for technology expenditure for small businesses. In simple terms this means that if you spend $100 on eligible items you get to deduct $120 from your profits and therefore pay less tax. It will be capped at $100,000 of expenditure. Due to the slow process… Read More 120% Tax Deduction for Technology Expenditure

March 14, 2023 Lindsay BridglandLeave a comment

Proposed Max Super Cap

There has been much in the press recently about the government proposal to introduce a new $3m cap for super balances. The reasoning behind this is to reduce the tax advantages of the very wealthy who are lucky enough to have more than $3m in their superfund in the first place. There are estimated to… Read More Proposed Max Super Cap

February 28, 2023 Lindsay BridglandLeave a comment

ATO is updating Security

As fraud becomes more prevalent, the ATO are updating their security to stop unauthorised agents accessing client business records on the ATO portal. As this new scheme is rolled out, business owners will receive an email of instructions from the ATO. You need to have your mygovID set up and be able to access your… Read More ATO is updating Security

January 16, 2023January 14, 2023 Lindsay BridglandLeave a comment

Happy Xmas and New Year

December 27, 2022 Lindsay BridglandLeave a comment

End of the Work Test – well kind of

Prior to 1 July 2022, individuals aged between 67 and 75 needed to satisfy a work test, of 40 hours work in 30 days, prior to making a voluntary superannuation contribution in order for it to be accepted. This work test requirement has now been removed for the following contributions; However, the potential trap is… Read More End of the Work Test – well kind of

November 8, 2022October 9, 2022 Lindsay BridglandLeave a comment

Commonwealth Seniors Health Card

Commonwealth Seniors Health Card holders may receive benefits such as cheaper medicine, refunded medical costs and discounts on rates, electricity, gas, dental, eye care and public transport. In order to access a card you need to have reached age pension age and pass an income test which has recently been substantially increased. The income limit… Read More Commonwealth Seniors Health Card

November 1, 2022October 9, 2022 Lindsay BridglandLeave a comment

Downsizer Contributions to Super

The age eligibility of the downsizer contribution has been lowered to 55 from 1 July 2022. This is in line with when average Australians actually downsize, which statistically is in their late 50’s to early 60’s. The downsizer contribution allows you to put $300k each into super when you sell your home. This is in… Read More Downsizer Contributions to Super

October 25, 2022October 9, 2022 Lindsay BridglandLeave a comment

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