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Posted in Superannuation
#EveryoneNeedsaPlan: Employer SG Contributions Increased to 11.5% from 1 July 2024
Posted by Dean McKinnon
on 10 May 2024
The employer superannuation contribution rate increases from 1 July 2024 to 11.50%
The 2024 FY rate was 11.00%
The contribution rate is calculated on an employee's Ordinary Time Earnings (basically all earned income and allowances but not Overtime)
The contribution is payable on income up to the Maximum Super Contribution Base - ~$249,000 annually in the 2024 FY
If you need assistance with your employer super contribution (employee or employer) contact us - your initial c...
| Posted in:Superannuation | 0 Comments |
#EveryoneNeedsaPlan: 2024 End of Financial Year Super Contributions
Posted by Dean McKinnon
on 3 May 2024
The end of the 2024 Financial Year is fast approaching and if you want to make contributions to your super, you need to make sure you have a strategy, and the contributions are finalised prior to 30 June 2024.
There are restrictions related to superannuation contributions.
Exceeding superannuation contribution limits may have significant tax implications.
In addition to your Employer SG Contributions, you may be eligible for contributing personally to your superannuation and boost your r...
| Posted in:TaxSuperannuation | 0 Comments |
#EveryoneNeedsaPlan: Superannuation Contribution Caps Increased as of July 2024
Posted by Dean McKinnon
on 28 March 2024
Superannuation concessional and non-concessional contribution limits will be increased from 1 July, 2024 (i.e., the 2025 FY)
Superannuation investments generally incur a lower rate of tax when compared to non-superannuation investments
Accumulating savings in superannuation is a tax-effective strategy for retirement planning
Contributions to superannuation are limited and exceeding the limits will have tax consequences
Concessional Contributions (CC) to superannuation may be claime...
| Posted in:TaxSuperannuationFinancial Planning | 0 Comments |
#EveryoneNeedsaPlan: ATO Removes GST Discount on Investment Adviser Fees
Posted by Dean McKinnon
on 14 March 2024
From 1 July, 2024 Australian superannuation funds and investment platforms will not be eligible to claim some of the GST paid by investors for adviser fees
The fees you pay your adviser to help manage your investments are subject to GST
Generally, the GST paid on your adviser fees cannot be claimed back and therefore the cost of your adviser fee is increased by 10%
However, if you elect to have your adviser fees paid by way of deduction from a superannuation fund or investment ...
| Posted in:TaxSuperannuationInvestment | 0 Comments |
#EveryoneNeedsAPlan: Director Penalty Notice for Employee Entitlements
Posted by Dean McKinnon
on 23 February 2024
The ATO has the ability to make company directors personally liable for company debts including employee entitlements such as superannuation
If your business is structured as a company and you are the director you will be personally liable for unpaid employee entitlements, including superannuation
The ATO may issue a Director Penalty Notice (DPN) for unpaid employee entitlements and if you as a director of your company receive one, then you need to take immediate action
Th...
| Posted in:Business PlanningTaxSuperannuationLegal | 0 Comments |
