The budget super reforms have now passed the senate and only require royal assent to become law, which is thought to be a mere formality. The major changes are as follows Introducing a $1.6 million transfer balance cap which limits the amount that can be transferred to the retirement phase, where earnings are tax-free. This… Read More Super Reforms Passed
The September tax instalment notices have recently been issued. You may notice that if you had previously varied your instalments down, they will have bounced back up again. This is due to the fact that the September instalment is the first instalment for the 2016/17 year. As this is a new tax year, the ATO… Read More Why have my PAYG instalments bounced back up?
Today the Treasurer has announced changes to 2016 Budget super reforms. These are not yet legislated and could of course change again, however it is a start; The changes to the proposals are: The $500,000 lifetime cap for non-concessional contributions (NCCs) will be replaced with an annual $100,000 non-concessional contributions cap. So they have removed… Read More Further Changes to the Proposed Super Reforms
For those of you that are employers or have an SMSF that is paying a pension your PAYG annual summaries are now due. The ATO will probably have posted pink forms to you for completion. The forms are always sent direct to you. Employees need to be given their copy by 14th July and the… Read More PAYG SUMMARIES NOW DUE
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 kids’… Read More Tax Tip 2019 : More Free Money from the Government
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 Tax Offset for those with a Spouse
Morning, below is a summary of the changes to the budget relating to super. This being the area of most change. Remember these changes are not yet legislated and mostly will not come into force until 1 July 2017. None of the changes suggest you should remove any money from super. It will continue to… Read More Budget Update 2016 – 7 Main Points
There has been much in the press recently about negatively geared investment properties and whether the tax concessions will be reined in. However we are forgetting that you can negatively gear any investment, it doesn’t have to be property, and no one is talking about changing those rules. You can access the benefits of gearing… Read More Lets Negatively Gear Something Else
Thinking of coming back to Australia to retire? Then you need a plan in place to utilise the utopian Australian tax system, many years before your feet actually touch Australian soil. In your absence, the superannuation rules have changed such that with a bit of careful planning, once you retire over age 60, you might… Read More Retiring in Australia?
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