Super EOFY 2024 Update
SMSF to-do list prior to 30 June 2024 As the financial year is almost over below a few reminders to ensure you have completed your super to-do list. All super contributions must be banked into your super fund before 30 June 2024 to be counted as a contribution for this financial year. Below are the most […]
2024 EOFY Tax Update
2024 End of Financial Year (EOFY) Tax Update As the end of the financial year approaches, several key tax updates and changes are coming into effect. Here’s a summary of the most important changes and deadlines, along with some key tax planning tips that may benefit you or your Group. Small Business Incentives There […]
Introducing “Division 296 Tax”
The Government’s draft legislation imposes an additional 15% tax on certain earnings for individuals whose total superannuation balance is in excess of $3 Million. We finally have a name and further details of the exposure draft Treasury Laws Amendment (Better Targeted Superannuation Concessions) Bill 2023. together with accompanying explanatory materials, which was released on 3 […]
EOFY Countdown – Are You Tax Ready?
Uncapped immediate write-off for depreciable assets Businesses with an aggregated turnover below $5B can claim an immediate deduction for the business portion of eligible new depreciating assets. In order to claim the full write off in this income year, the assets acquired must be first used or installed ready for use by 30 June 2022. […]
End of Financial Year Super Checklist
Concessional contribution cap – before tax deductions Concessional contributions consist of: member concessional contributions that are deducted against your income (Sec 290-170 notice) employer super guarantee contribution obligations and/or salary sacrifice arrangement paid by your employer. You can contribute up to $27,500 per person for the year ended 30 June 2022. Concessional super contributions are […]
