With the end of financial year fast approaching, now is a great time to boost your superannuation savings and potentially save on tax. Below are six superannuation strategies to consider before 30 June 2024. Use the carry forward concessional contribution rules If you want to make up for lost time and make extra contributions to top […]
Six super strategies to consider before 30 June Read More »
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
Super contribution caps to increase on 1 July Read More »
Understanding the recent ATO crackdown on trusts The recent ATO crackdown on trusts will no doubt have some business owners (and even some advisors) asking themselves the question: Is this structure for business purposes still worth it? To recap, trust distributions have been under the ATO microscope in recent years. The latest ATO crackdown was
Trusts in Business | Navigating The ATO Crackdown & Evaluating Benefits Read More »
The increase to the superannuation guarantee (SG) rate from 1 July 2023 will see more employees (and certain contractors) entitled to additional SG contributions on their pay. But what happens when income earned before 30 June is paid after 30 June 2023 – will employees be entitled to the higher SG rate of 11%? SG
Super guarantee increases to 11% Read More »
The new financial year can be a time when business owners look at their operating structure and consider whether it still meets their needs. Choosing a structure is not simply about minimising tax, rather a range of factors should be considered such as asset protection, establishment and ongoing compliance costs, succession planning, and your understanding
Revitalizing Business Success: Time For a Restructure Read More »
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
Super pensions and the Commonwealth Seniors Health Card Read More »