#EveryoneNeedsaPlan: Increased Cost for Comfortable Retirement

Posted by Dean McKinnon on 14 June 2024
A “comfortable retirement” has a different meaning depending on your lifestyle but as a guide the Association of Superannuation Funds of Australia (“ASFA”) provides some benchmarks which may be helpful. Each Financial Year Quarter ASFA produce a report including expenses likely to be incurred in retirement The March 2024 Quarter costs for a “comfortable retirement” increased 0.70% to $72,663 for couples and $51,630 for singles The ASFA website has some...
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#EveryoneNeedsaPlan: ATO Tax Time Toolkit for Investors

Posted by Dean McKinnon on 24 May 2024
If you are an investor, it is advisable to prepare well in advance for the completion and lodgement of your Tax Return. The ATO has sophisticated data-matching capabilities with a broad scope Data relating to investment properties, shares, crypto assets, etc., are now available to the ATO The ATO will likely know if you have received income or made gains on the sale of an investment asset The ATO will “pre-fill” the Tax Return and automatically include details they have...
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#EveryoneNeedsaPlan: ATO 3 Key Areas of Focus for 2024 FY Tax Returns

Posted by Dean McKinnon on 17 May 2024
Generally, each year the ATO provide a list of the key areas they will be focusing on when assessing income and expenses included in an individual's Tax Return. Claimed Work Expenses - the ATO will be looking at: If the claimed expenses were incurred by the taxpayer or reimbursed by the employer If the expense is directly related to the earning of the taxpayers income If a receipt for the expense is available Rental Property Expenses - specifically, if the expense cl...
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#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
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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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