#EveryoneNeedsaPlan to Contribute to Super if Aged 67-74 Without Meeting Work Test

Posted by G. Dean McKinnon on 1 April 2022
Presently, if you are aged between 67 and 74 you are required to satisfy the 'work test' before making certain superannuation contributions.  But from 1 July, 2022 the laws have changed and under certain circumstances you will be able to make some types of superannuation contributions without having to satisfy the 'work test'.

To meet the 'work test', depending on your age, the person must be gainfully employed for at least 40 hours during a consecutive 30-day pe...
Posted in:SuperannuationRetirement   0 Comments

#EveryoneNeedsaPlan to Add up to 6 Members to Their SMSF

Posted by G. Dean McKinnon on 31 March 2022
Self Managed Super Fund (SMSF) laws have recently been amended to increase the maximum number of members in the fund.

A SMSF can now have up to 6 members.  Previously, the laws only allowed a SMSF to have up to 4 members, which was sometimes limiting for larger families that had more than 2 children.  The laws do not restrict members of a SMSF to immediate family, which may be convenient for persons wanting to pool their assets for retirement and have a higher level ...
Posted in:Superannuation   0 Comments

#EveryoneNeedsaPlan To Understand the 2022-2023 Federal Budget Boredom

Posted by G. Dean McKinnon on 30 March 2022
Unfortunately, this was not a very exciting federal budget .... boring .... yawn-fest.  There are only a few key individual measures worth noting (all the rest is pretty much inconsequential to the majority of us): Low and Middle Income Tax Offset will increase by $420 in this current 2022 FY One-off $250 payment for Social Security payment recipients – including pensioners Single Paid Parental Leave scheme of up to 20 weeks paid leave Home Guarantee Scheme increase to 50,000 ...
Posted in:Tax   0 Comments

#EveryoneNeedsaPlan for 2023 FY HELP Repayment Levels

Posted by G. Dean McKinnon on 29 March 2022
For anyone that has a Higher Education Loan Program (HELP) debt it is important to understand the HELP Repayment Incomes and Rates for the 2023 FY to effectively budget for any repayments that fall due.

The minimum repayment percentage is based on the persons gross income.  The higher the gross income, the higher the repayment percentage.

The person needs to be earning more than $48,361 in the 2023 FY before repayments are required.  The repayment percentage minimum 1.0% and the m...
Posted in:BudgetingTaxFinancial Planning   0 Comments

#EveryoneNeedsaPlan To Get Business Invoice Correct

Posted by G. Dean McKinnon on 28 March 2022
If you are running a business, and are entitled to claim GST paid on goods and services received by your business, you need to ensure any Invoice for  payment is compliant with ATO guidelines or the GST will not be claimable. If you are registered for GST then the Invoice received must be called a 'Tax Invoice', providing your supplier is registered for GST.  If your supplier is not registered for GST, their Invoice must not include the words 'Tax Invoice', and you ...
Posted in:TaxBookkeepingFinancial Controller   0 Comments
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McKinnon Financial Planning Pty Ltd ABN 74 155 233 784 Australian Financial Services Licence 417488 | McKinnon Financial Services Pty Ltd ABN 82 056 817 648 Australian Credit Licence 392173 | General Advice Warning: Information contained in the pages of this website is of a general nature only and has not taken into account your particular circumstances. You should consider whether any strategies and or investments mentioned in this website are suitable for you and seek personal advice from a licenced investment adviser before making any investment decision.
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