Just a few changes to tax in the budget this time ………….. The proposed tax cuts are being implemented from 1st July which comprise the following The rates above this remain unchanged at 37% and 45% however the top rate now kicks in at $190,000. Note that medicare at 2% is in addition to the… Read More Federal Budget 2024 – summary
The Stage 3 personal marginal income tax cuts are now legislated and will start 1 July 2024. Everyone with taxable income over $120k should be very excited! Unfortunately those earning less than $45k less so as they will get no cuts. However for the higher earners, that nasty 47% tax rate will now not kick… Read More Tax benefits of Deductions for Super Contributions
As you will be aware, for those with super balances below $500k on the 30th June, it is often possible to utilise any spare concesssional contribution caps you have had in the past five years. This allows you to put more into super and save tax in the process by reducing your taxable income. Due… Read More Unused CC cap from 2018/19 – use it or lose it
Many of you will know Glenn my hubby is an airplane nut. Having retired from Cathay he is now entertaining himself with formation flying and acrobatics in our little two seater RV7 (which he lovingly built) with a bunch of similar gentlemen. After months of training and boot camps he and his 12 friends performed… Read More What a Clever Hubby
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
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
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