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#EveryoneNeedsAPlan: Luxury Car Tax on Utes
Posted by G. Dean McKinnon
on 10 November 2023
The Australian Tax Office ('ATO') has provided their 'guidance' on the application of the Luxury Car Tax ('LCT') for vehicles, based on its principal purpose:
Generally 'commercial' vehicles such as utes with a load capacity of 1 ton or more were considered commercial and therefore not subject to LCT
The ATO now wants to know more about the vehicle's principal purpose rather than its type before determining if the vehicle is subject to the LCT...
| Posted in:Tax | 0 Comments |
#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...
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 ...
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...
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 |
