Superannuation
Super contribution caps to increase on 1 July
For the first time in three years, the superannuation contributions are set to increase from 1 July 2024. Contribution caps to increase Due to indexation, the contribution caps will increase on 1 July 2024 as follows: What are concessional contributions? Concessional contributions (CC) are before-tax contributions and are generally taxed at 15%. This is the […]
Read MoreReturning To Work After Retirement
Most people look forward to retirement as it is a chance to finally relax, enjoy life, and do things they never had time for when they were working. But sometimes things change and some people feel the urge to return to work. If a return to work is inevitable, it is important to understand the […]
Read MoreHow to reduce your income tax bill using superannuation
Did you know you can reduce your income tax by making a large personal tax-deductible contribution from your take-home pay to your super? This strategy may be particularly useful if you will be earning more income this financial year or if you have sold an asset this year and made a large capital gain. What […]
Read MoreSuper pensions and the Commonwealth Seniors Health Card
Are you a self-funded retiree who does not qualify for the Age Pension? If you’ve answered yes, then help may be available for certain living expenses by way of the Commonwealth Seniors Health Card (CSHC). What is the CSHC? The CSHC is a concession card enabling access to cheaper health care and some discounts if […]
Read MoreProposed Tax On $3m Super Balances
Individuals with large superannuation balances may soon be subject to an extra 15% tax on earnings if their balance exceeds $3m at the end of a financial year. What has been proposed? Recently, the government announced it will introduce an additional tax of 15% on earnings for individuals whose total superannuation balance (TSB) exceeds $3m […]
Read MoreSMSF Compliance – What’s On The ATO’s Radar?
SMSF compliance: what’s on the ATO’s radar? In a recent speech, ATO assistant Commissioner Justin Micale outlined the ATO’s latest compliance issues for those who operate an SMSF. ID fraud and investment scams While ID fraud and investment scams are still quite rare in the SMSF sector, they are becoming more prevalent. In the 2022 […]
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