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Posted in Superannuation
#EveryoneNeedsaPlan to Not Exceed Superannuation Div 293 Threshold
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....
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 in:TaxSuperannuation | 0 Comments |
#EveryoneNeedsaPlan to Maximise Super in the 2023 FY
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...
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...
| Posted in:Superannuation | 0 Comments |
#EveryoneNeedsaPlan to Re-Contribute COVID 19 Early Release Super Amounts
Posted by G. Dean McKinnon
on 15 March 2022
At the beginning of the pandemic, many of us were unsure if we were going to need the early release super amounts that were being offered by the government, but after the dust settled it became apparent for a large number of 'early-releasers' that the money would not be needed and now find themselves in a position of trying to get the money back into super. However, super contribution rules are complex and need to be considered before transferring the early release amounts back ...
| Posted in:Superannuation | 0 Comments |
#EveryoneNeedsaPlan to Pay Employee Super If Earning Less Then $450 per Month
Posted by G. Dean McKinnon
on 9 March 2022
From 1 July, 2022 employers will need to pay super for employees who earn less then $450 per month, which was not previously payable.
Employers need to contribute to the employee's super 10% of the employees gross income each financial year quarter. The whole process can be complicated, so if you are unsure as to your obligations, the ATO has provided some guidance and an Employer Obligation Checklist.
McKinnon Financial Planning's Total Service Clients that utilise our bookke...
Employers need to contribute to the employee's super 10% of the employees gross income each financial year quarter. The whole process can be complicated, so if you are unsure as to your obligations, the ATO has provided some guidance and an Employer Obligation Checklist.
McKinnon Financial Planning's Total Service Clients that utilise our bookke...
| Posted in:Superannuation | 0 Comments |
#EveryoneNeedsaPlan to Access Super Legally
Posted by G. Dean McKinnon
on 3 March 2022
There are several ways in which to access your super legally but if you access your super illegally there are significant penalties that apply.
Super investments are intended to assist with funding your retirement income needs. However, depending on the circumstances, you may be able to access your super before you retire – such as permanent disability or severe financial hardship.
It is unusual to be able to gain early access to your super if you are not retired, permanently di...
Super investments are intended to assist with funding your retirement income needs. However, depending on the circumstances, you may be able to access your super before you retire – such as permanent disability or severe financial hardship.
It is unusual to be able to gain early access to your super if you are not retired, permanently di...
| Posted in:Superannuation | 0 Comments |
