A superannuation ‘downsizer contribution’ can be an excellent way to build a member’s superannuation balance. From 1 January 2023, those who are aged 55 and over may be able to make a ‘downsizer contribution’ to their superannuation fund from the proceeds of the sale of their family home. Prior to this date, the age limit […]
What you need to know about superannuation downsizer contributions Read More »
From 1 July 2025, a proposed new tax will apply to future earnings on super balances above $3m. Based on what we know to date, what can you expect if you’re likely to find yourself in this situation? The proposed tax on superannuation earnings is not yet law. What we know so far is that
Proposed Tax on Future Earnings on Super Balances above $3m Read More »
Treasury has released draft legislation to enact the Federal Government’s plan to increase the tax rate on earnings on superannuation balances over $3m from 15% to 30% from 1 July 2025. This is the final step before the legislation is introduced into Parliament and a step closer to implementation. The draft legislation seems to be
Draft legislation released for 15% on earnings for superannuation balances over $3m Read More »
In the lead up to 30 June, we want to remind you about the tax savings opportunities available via contributions to your superannuation. Upon your retirement from the workforce, your superannuation is likely to be a vital source of your future income. There are many ways to ‘top up’ your super while you’re still earning
Tax savings through superannuation Read More »
Does superannuation offer an avenue to help downsizers and first home savers? The Government seems to think so. Late last month the detail of the housing initiatives announced in the Federal Budget were released for consultation. We explore what’s on offer and the implications.
Super Concessions for First Home Savers and Downsizers Read More »
On Tuesday evening, Federal Treasurer Jim Chalmers handed down the 2023-24 federal budget. A surplus of $4.2 billion is forecast in 2022-23, but an underlying cash deficit of $13.9 billion is expected in 2023-24 (and a $35.1 billion deficit for 2024-25). The budget papers note that the global economic outlook has deteriorated and is highly
Australian Federal Budget 2023/24: the wins for small business Read More »
Every vendor selling a property needs to prove that they are a resident of Australia for tax purposes unless they are happy for the purchaser to withhold a 12.5% withholding tax. From 1 July 2017, every individual selling a property with a sale value of $750,000 or more is affected.
What Everyone Selling a Property Valued at $750K or More Needs to Know Read More »
If your business has employees, then paying superannuation on time is undoubtedly a topic you know much about. The government’s superannuation guarantee requires employers to pay a superannuation contribution equal to 10% (2021/2022) of an employee’s ordinary time earnings if an employee is paid $450 or more before tax in a month. If you use
The importance of paying superannuation on time Read More »
From 1 November 2021, there will be a key change to employer obligations for employee superannuation when setting up a new employee’s super fund. If a new employee doesn’t specify a super fund, there will be an extra step to ensure they comply with government requirements. What is the change? If a new employee does not specify
Super stapling: Key change to employer obligations for employee superannuation Read More »
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