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 […]
Proposed Tax On $3m Super Balances Read More »
Income tax rates have changed for some groups Starting from 1 July 2014 the medicare levy will increase to 2%. In addition there will be a 2% increase to the highest marginal resident individual tax rate (over $180,000 taxable income) as a result of the introduction of the 2% ‘Temporary Budget Repair Levy’ Therefore the
2014 Year End Tax Tips For Individuals Read More »
What are concessional contributions? Superannuation contributions can be divided into two types — concessional (before-tax) and non-concessional (after-tax). Each type of super contribution is subject to a contributions cap. A contributions cap sets a limit on the amount of contributions you can make in any one year. Concessional contributions include: employer contributions (including contributions made
Taxation Updates: Concessional Contributions To Superannuation Read More »
Registered auditors for Self Managed Super Funds From 1 July 2013, SMSF trustees are required to appoint an approved SMSF auditor who is registered with the Australian Securities & Investments Commission (ASIC) to conduct audits. Check your SMSF auditor’s registration with ASIC You should check whether your SMSF auditor is registered with ASIC. ASIC maintains
Self Managed Super Funds Updates Read More »
Unpaid Trust Distribution to Private Companies Distributions made by trusts to private companies which remain unpaid at the end of the following year may be deemed to be a loan to the trust and become subject to Division 7A. To avoid the unpaid distribution being treated as a deemed dividend, please see your accountant and
Trusts | End Of Financial Year Preparation Read More »
Director Penalties Company directors should review their company’s reporting mechanisms to ensure that they are informed of their company’s financial position. Directors are personally liable where their company fails to make PAYG Withholding and SGC payments by the respective due dates. Carry Back of Company Losses The loss carry back rules are proposed to come
Company Taxation Preparation for End of Financial Year Read More »