In The News

Making your super last in retirement

This article outlines the importance of making your superannuation last in retirement. Superannuation is often a key source of income when you retire so it’s important to ensure your investment strategy makes your retirement savings last for as long as possible. If you’re approaching retirement and need help it may be worthwhile speaking to one of our Financial Adviser’s. (June 2024) Read more

Personal services income

We explain the personal services income rules that apply to income that is earned mainly from the personal efforts or skills of a person. Included is a handy flowchart which explains the rules depending on the different circumstances. It is worth noting that these rules do not apply to income earned from being an employee. (June 2024) Read more

What's not considered “income” by the ATO?

It is possible to receive different types of amounts that are not considered as “income” by the ATO. Although such amounts may not be assessable, they may need to be used in other calculations and may therefore be included elsewhere in your tax return for other purposes. We list the types of exempt income. (June 2024) Read more

Don’t lose your super to scammers

Lookout for scammers who may contact you about your superannuation. This is an important reminder as the number of cold callers is on the rise and many people are falling victim and losing their superannuation to scammers. Our tips – hang up on cold callers and don’t click on any social media links. (June 2024) Read more

On-boarding new employees

When hiring new staff there are certain steps you should follow when on-boarding new employees, as there are a number of tax, workplace and superannuation obligations you must adhere to as an employer. (June 2024) Read more

Selling your main residence?

Beware of a partial Capital Gains Tax liability! It is important to turn your mind to whether you may only have a partial CGT main residence exemption available to you, and not a full CGT exemption (because of the way you have used your home). So, what are some common ways that such a partial CGT liability may arise? (May 2024) Read more

Take care with contribution timing this financial year

We explain why you should be wary of timing when making super contributions this financial year. You may not realise it, but a contribution is deemed to be made at the time it is received by your superannuation fund, not when you process the transaction. So it’s best to allow plenty of time to make your contributions well before 30 June. (May 2024) Read more

Rental properties – traps and pitfalls

For those who have rental properties, this is an important article which summarises the traps and pitfalls to be aware of as the ATO is currently on the lookout. This is because the majority of residential rental property investors who have been audited have been getting their returns wrong. (May 2024) Read more

Six super strategies to consider before 30 June

With the end of financial year fast approaching, now is a great time to boost your superannuation savings and potentially save on tax. We explain six superannuation strategies you should consider before 30 June 2024. You’ll need to meet certain eligibility conditions before benefitting from any of these strategies. (April 2024) Read More

Important tax residency issues to consider

What happens from a tax point of view when a person leaves Australia part-way through the income year? How is the income they derived before that time taxed, and how is any income derived after that time taxed (whether from Australian or foreign sources)? (April 2024) Read more

Family companies and the many tax traps

If you own a family company, then it is very important how you receive and treat any payments made from the company to you, your associates or spouse. And this is simply because any payment from a company (other than a return of the original capital) is, in most cases, prima-facie a dividend in the hands of the recipient. (April 2024) Read more

Stage 3 tax cuts – a tax saving opportunity?

Legislation giving effect to the government’s revised settings for the Stage 3 tax cuts has been passed by both houses of Parliament with the support of the Coalition. We explain the permanent tax savings, how much you can save, how you can shift your taxable income into 2024-25, and bringing deductions forward. (April 2024) Read more

Super contribution caps to increase on 1 July

For the first time in three years, the superannuation contribution caps are set to increase from 1 July 2024. Concessional contributions – from $27,000 to $30,000; non-concessional contributions – from $110,000 to $120,000; and the maximum non-concessional contributions cap under the bring forward rules – from $330,000 to $360,000. (April 2024) Read more

Disclaimer

All Client Newsletter Library material is of a general nature only and is not personal financial or investment advice. It does not take into account one individual’s particular objectives and circumstances. No person should act on the basis of this information without first obtaining and following the advice of a suitably qualified professional adviser. To the fullest extent permitted by law, no person involved in producing, distributing or providing the information through this service (including Tax & Super Australia Incorporated, each of its directors, councillors, employees and contractors and the editors or authors of the information) will be liable in any way for any loss or damage suffered by any person through the use of or access to this information.