With the super guarantee increasing to 11% from tomorrow, you may need to adjust your salary sacrifice amounts to keep your total super below $27,500 for the year end 30 June 2024. Chat to your payroll to make any adjustments required. Lindsay
Believe it or not there is still the possibility to get some free money from the government. The superannuation co-contribution is hanging on in there for a little longer so make use of it if you can and grab up to $500 of free cash. Even better, why not pop some $ into the (working)… Read More Free Money – Co Contribution
Do you have a spouse? Would you like to pay $540 less tax? If the answer to both of these is yes then read on as it is still possible to get a tax offset for superannuation contributions made on behalf of your spouse. It’s free money from the government, so if funds allow, why… Read More Spouse Super Rebate
I think these photos give a good indication of what we do at riding for the disabled each week. The group photo is the number of volunteers it takes to run one morning of classes and if you look at the assistance each kid gets in the second photo you can see why. Its all… Read More SAVE TAX – MAKE A DONATION BEFORE 30 JUNE
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
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
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
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
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
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