After what seems like years of discussions about the proposed Div296 tax on large super balances, this week a few changes have been made which seem to address the main concerns. The good news is that the tax will no longer tax unrealised gains (this was potentially going to give some cashflow issues), and the… Read More Div296 update
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
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
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
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
Prior to 1 July 2022, individuals aged between 67 and 75 needed to satisfy a work test, of 40 hours work in 30 days, prior to making a voluntary superannuation contribution in order for it to be accepted. This work test requirement has now been removed for the following contributions; However, the potential trap is… Read More End of the Work Test – well kind of
The age eligibility of the downsizer contribution has been lowered to 55 from 1 July 2022. This is in line with when average Australians actually downsize, which statistically is in their late 50’s to early 60’s. The downsizer contribution allows you to put $300k each into super when you sell your home. This is in… Read More Downsizer Contributions to Super
Tax planning is always best done throughout the year, rather than in a mad scramble in June. I know the various blogs & newsletters posted over the year have triggered most of you into action already. However, I also know tax planning sometimes gets forgotten. Therefore I have put below some headings and links to prior… Read More Year End 2018 – top tips
Another year, another budget and another raft of changes. Remembering that nothing is legislated, and it may all change and be tweeked as it goes through parliament, here is a brief synopsis of the main points of interest. Most of the changes this year are fairly minor, with lots working to eliminate the cash economy and get everyone paying… Read More Budget Update
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