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
Make the most of the tax concessions around super with these tips this June. Call Lindsay to discuss on 02 8090 4112.