Hi Continuing with the June theme of year end tax saving tips, some of you might like to consider making a super contribution into your spouse’s super account. If your spouse has income of less than $10,800 in the 2015 year, you can receive an 18% rebate on contributions made into their account. The maximum… Read More Save $540 of tax with a Spouse Super Contribution
Super Co-Contribution rules for 2014/5 Yes the co-contribution is still here – just! The maximum the government will pay into your super is $500. To receive this you need to make a personal contribution to your superfund before 30 June 2015 of $1,000, and satisfy all the eligibility criteria as follows….. At least 10% of your income… Read More Free Cash from the Government
You may have heard of superstream over the past year or so, but have probably been able to ignore it to this point. However, if you pay wages to anyone (even if only to yourself), you need to start using superstream to make super contributions from 1 July this year. It’s compulsory. Don’t panic, as… Read More Superstream – time to get ready
A few reminders for you all, which will hopefully make you a little more comfortable in retirement … If you are an employer (even if your only employee is yourself), then from the 1st July the SGC has increased to 9.5%. Make sure you therefore increase your employee super amounts in the next pay run,… Read More Super ! Contribution Limits Increased
The ATO have a new arsenal of weapons for SMSFs that fail to follow the rules. For contraventions that occur after 1 July 2013, the table below shows the (massive) fines applicable PER trustee. That is if you have two individuals as trustees you can double the amounts shown. A huge incentive to get your… Read More New ATO Penalties for SMSFs
The government’s co-contribution scheme is still in force for the 2012/13 year -albeit in a watered down state. The government will contribute 50% (up to a maximum of $500) of a non-concessional contribution you make to your superfund before 30 June 2013. To be eligible, your taxable income + fringe benefits + salary sacrificed super must… Read More Contribute before June 30 for a free $500
I am sure you are all hanging on the edges of your chairs for my budget update. So putting aside the removal of the baby bonus, which has been done to death in the media (and in my opinion was about $1m short of an incentive to have more children), here are some other, perhaps more important,… Read More Budget Update 2013
Here are my top 6 retirement plans that are doomed to fail! You would be surprised how often I hear them: 1. Assuming that your spouse will agree to your grand plan of downsizing the family home or moving to a different area on retirement. 2. Assuming that your parents will leave you an inheritance.… Read More 6 Retirement Plans Doomed to Fail
No idea where your money goes? Arm yourself with three months of bank and credit card statements, a glass of wine and the spreadsheet on this link. It is best if one of you completes it to start with. Then discuss the results, (nicely & in a productive manner) with your other half (if applicable),… Read More Free Cashflow Spreadsheet
Dear All, We were lucky enough in March to benefit from one of the wide range of activities available at schools today. Short thing went away on school camp for a week! Smelling freedom, we rushed off to Bankstown to take the “home-made plane” for a holiday, and over 4 days we covered nearly 4,000km.… Read More April Reflect: How Much is Enough?
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