Division 293 tax is an additional tax on concessional super contributions for “high income earners”, but the threshold isn’t so “high” and many taxpayers are caught by surprise when they receive the extra tax bill. This article explains what Division 293 tax is, who it applies to and how it can be dealt with, so… Continue Reading
Category Archives: Superannuation
2019 Federal Government Budget
At 7:30pm tonight, Josh Frydenberg delivered his first budget announcing that the “budget is back in the black and Australia is back on track” and “for the first time in 12 years, our nation is again paying its own way”. The treasurer announced a forecast budget surplus of $7.1 Billion for 2019-20, $11 Billion for… Continue Reading
New work test exemption for recent retirees
Many superannuation members are surprised to learn that Australia’s superannuation system places tight restrictions on who can make contributions after age 65. In some instances, this knowledge can unfortunately come too late, with members over 65 being shocked to learn that they can no longer make additional super contributions to their fund after retiring. From… Continue Reading
2018 Federal Government Budget
At 7:30pm tonight, Scott Morrison delivered his third budget with a forecast budget deficit of $18.2 Billion for 2017-18, $14.5 Billion for 2018-19, and a surplus of $2.2 Billion for 2019-20, $11 Billion for 2020-21 and $16.6 Billion for 2021-22. The treasurer announced that this budget is about creating a stronger economy, creating more jobs,… Continue Reading
Super Guarantee: Are you ready for the ATO crack down?
In the ATO’s first Super Guarantee Gap Report, released in August 2017, it revealed that there is a huge gap between the theoretical amount due by employers to be fully compliant with their SG obligations and the actual contributions received by super funds. The ATO’s report (based on figures for the 2014-15 year) reveals that… Continue Reading
2017 Federal Government Budget
At 7:30pm on 9 May 2017, Scott Morrison delivered his second budget with a forecast budget deficit of $29.4 Billion for 2017-18, $21.4 Billion for 2018-19, $2.5 Billion for 2019-20, and a surplus of $7.4 Billion for 2020-21. The treasurer announced that we are moving towards the end of a difficult period and that this… Continue Reading
Significant Superannuation Changes
In the 2016-17 budget, the government announced some major reforms to the superannuation system. Following extensive consultation, the government has decided to amend the changes in order to support Australians in investing in superannuation with the main objective of providing an income in retirement. The changes announced by the government this morning are: The $500,000… Continue Reading
Superannuation Changes Revealed
At last the uncertainty around superannuation is over – Treasure Wayne Swan announced today what changes the Labour government intend to make to superannuation. Summary of key changes announced:At last the uncertainty around superannuation is over – Treasure Wayne Swan announced today what changes the Labour government intend to make to superannuation. The key changes announced are:… Continue Reading
Superannuation Update
The changes to superannuation announced in the 2006 federal budget have been legislation and commenced on 1 July 2007. Some of the opportunities and changes to superannuation are summarised below: Superannuation Opportunities Taxpayers who are 60 and over can convert taxable salary into a tax free pension payment from their superannuation funds; Taxpayers who are… Continue Reading
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- 2024 Federal Government Budget
- 2023 Federal Government Budget
- Revised method for claiming working from home expenses
- October 2022 Federal Budget
- 2022 Federal Government Budget
- Professional firms – ATO compliance approach to allocation of profits
- NSW 2022 COVID-19 Business support
- NSW 2021 COVID-19 Micro-Business Grant
- NSW 2021 COVID-19 JobSaver Payment
- NSW 2021 COVID-19 Business Grant
- Greater Sydney COVID-19 Lockdown – What Government Support is Available?
- Be aware and get ready for the upcoming increases to superannuation guarantee payments!
- The COVID-19 tax relief measures and support available for your 2021 tax returns!
- Government Grants Currently Available!
- 2021 Federal Government Budget
- Utilising taxable losses against prior year profits!
- The Benefits of Annual Tax Planning
- Xero Updates – March 2021
- Setting sales targets in uncertain times
- New wages subsidy for employers of apprentices and trainees
- Is your SMSF breaching NALI rules unknowingly?
- 2020 Federal Government Budget
- Jobkeeper – Nominate Additional Employees
- New options for claiming home office expenses during COVID-19
- COVID-19 effects on rental property owners
- Risks involved in consolidating super
- JobKeeper Payment: Eligibility Tests Clarified!
- NSW Government’s Economic Stimulus Package
- Rent relief for Businesses: The Commercial Tenancies Code of Conduct
- JobKeeker Payment – Government Clarifies Employer Eligibility
- JobKeeper Payment – The Next Round of Government Support!
- Second Government Coronavirus Rescue Package
- Government’s Response to Coronavirus Outbreak
- The Super Guarantee Opt-out is In!
- Going, going, gone! Main Residence Exemption removed for Foreign Residents
- The Crowdfunding Craze – Implications for Promoters and Contributors
- An Update from the 2020 Xero Roadshow
- Tis the Season! Tax implications of Christmas festivities
- Land Tax or Land mine? Changes to NSW stamp duty and land tax for discretionary trusts
- $10,000 cash payment limit expected to take effect from 1 January 2020
- Superannuation Guarantee Amnesty legislation re-introduced
- GST on Imports – Are you optimising your Cash Flow?
- ForPurposeCo. – The epitome of social enterprise!
- “Where’s my refund?” and other questions about your 2019 Tax Return
- ABN registrations under scrutiny: does yours stack up?
- To SMSF, or not to SMSF?
- Traps of the CGT Main Residence Exemption
- Division 293 Shock!
- ATO benchmarks – A handy business check-up
- 2019 Federal Government Budget
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