For those of you paying employees (and/or yourselves) via STP payroll there is a finalisation process that needs to be done by 14th July. You no longer have to provide PAYG summaries, but you do need to send a final year end report to the ATO using your single touch payroll (STP) software of choice. I… Read More Year End Payroll Reporting
With the super guarantee increasing to 11.5% and the concessional cap increasing to $30,000 for the 2024/25 year from tomorrow, you may need to adjust your salary sacrifice amounts to keep your total super below $30,000 and/or ensure you are maximising your caps for the year end 30 June 2025. Chat to your payroll to… Read More Update your Salary Sacrifice
Are you confused by the 5 year bring forward rules for concessional contributions? Do you want to save tax by contributing more into super before 30 June? Are you under age 74, with taxable income in 2024, and a total of less than $500k in your super? Then you need to attend one of our… Read More Complimentary Webinar Tomorrow- the 5 year Bring Forward Concessional Contribution Rules
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 Top up your super before 30 June
This year the end of the tax year, being 30th June, falls on a Sunday. If your intention is to make tax deductible or non-concessional contributions to super they must hit your superfund (not leave your bank) by the 28th June in order to be included in the 2023 year. Be aware that if you… Read More 28th Is The New 30th
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
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