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
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 your (working)… Read More Free Money – Co Contribution
There has been much in the press recently about the new Div 296 tax leaving many confused so I just want to clear up a few points here What is it? The new proposed tax will tax the growth in a members super balance (adjusted for pension withdrawals & contributions) each year at an additional… Read More Div 296 tax – $3m super balances
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
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
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
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
The start of a new tax year results in PAYG instalments being automatically reset for the September quarter, even if they have been varied down previously. The ATO calculate instalments based on the last tax return lodged, which at this point in time is probably 2021 for most people. Therefore if your income in 2022/23… Read More Varying your PAYG Instalments
If you had an amount of tax to pay from the lodgement of your 2021 tax returns, that tax is due now. Please note that the ATO do not send reminders, so please arrange payments where applicable ASAP in order that we don’t need to chase you! Makes our job so much easier! If you… Read More Final 2021 tax payments due
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