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 »
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 »
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 »
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 »
The new financial year has arrived. Let’s take a quick look at some of the important dates and updates from 1 July 2022. 1 July 2022 Changes to Superannuation The Superannuation Guarantee rate is increasing to 10.5%. This rate applies for any payments that fall on or after 1 July, even if it was earnt
Important dates and updates from 1 July 2022 Read More »
The national minimum wage will increase to $812.60 per week, or $21.38 per hour, after a decision by the Fair Work Commission exceeds the government’s suggested 5.1% increase. The Commission decided to increase modern award minimum wages by 4.6% subject to a minimum increase for adult award classifications of $40 per week (full-time). The increase
Fair Work Commission announces 5.2% national minimum wage increase Read More »
Two important changes to superannuation will apply from 1 July 2022. As a business owner, it is important that you understand what these are, what they mean for your business and what actions you need to take. Super Guarantee rate will increase from 10% to 10.5% As a business owner, you usually need to pay
Two important changes to superannuation from 1 July 2022 Read More »
The Federal Treasurer Josh Frydenberg handed down the 2022–23 Federal Budget on 29 March 2022. In an economy emerging from the pandemic, the Treasurer confirmed an unemployment rate of 4% and an expected budget deficit of $78 billion for 2022–23. As international uncertainties add pressure on the cost of living, key measures in the budget
Australian Federal Budget 2022/23: the wins for small business Read More »
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