Posted by G. Dean McKinnon
on 24 March 2022
As most businesses transform their recordkeeping from paper-based to digital, it is sometimes difficult to understand what the legal requirements are for recordkeeping.
Luckily, the ATO have kindly provided guidance as to what they require in terms of digital record keeping. What the ATO will accept and ensure that you are complying with their requirements. It is important to understand your requirements so that in the event the ATO need you to prove tax deductions, you will...
Posted by G. Dean McKinnon
on 23 March 2022
The federal government provides up to $27,500 tax deduction for contributions made to your super each year, but this also includes your employer-sponsored superannuation contributions which is about 10% of your gross income.
To ensure you maximise your tax-deductible contribution for the 2022 FY make sure that the contribution is completed and cleared funds are in the superannuation account before 30 June, 2022. It is recommended that the contributions being made are completed and paid...
Posted by G. Dean McKinnon
on 22 March 2022
For many young Australians it is difficult to meet the increasing costs of living and also save for a deposit to purchase their first home. The Federal government at least now is beginning to understand this issue and a recent parliamentary enquiry has made some interesting recommendations to help first home buyers with their deposit.
One of the key recommendations from the committee was to allow first home buyers to use their Superannuation investment as security for the first ho...
Posted by G. Dean McKinnon
on 21 March 2022
An additional 15% Contributions Tax is payable on Concessional Super Contributions where the Division 293 Threshold has been exceeded. This means instead of paying 15% Contributions Tax on your Concessional Super Contributions, you will pay 30%.
The current Division 293 Threshold is $250,000.
Included as "assessable income" in the Division 293 Threshold includes various types of income but the primary income types are your gross wages and the Concessional Super Contribution....
Posted by G. Dean McKinnon
on 18 March 2022
The ATO is recently published superannuation rates and thresholds for the 2023 FY.
Some of the key points are as follows:
Superannuation co-contribution entitlement remains at $500 but the lower income threshold increases to $42,016 and a higher income threshold increases to $57,016
Concessional Super Contribution Cap limit will remain at $27,500
Non-Concessional Super Contributions Cap limit will also remain at $110,000
As with most things to do with superannuation, there are ma...