#EveryoneNeedsaPlan to Maximise Tax-Deductible Super Contributions in the 2022 FY

Posted by G. Dean McKinnon on 23 March 2022
The federal government provides up to $27,500 tax deduction for contributions made to your super each year, but this also includes your employer-sponsored superannuation contributions which is about 10% of your gross income.

To ensure you maximise your tax-deductible contribution for the 2022 FY make sure that the contribution is completed and cleared funds are in the superannuation account before 30 June, 2022.  It is recommended that the contributions being made are completed and paid...
Posted in:TaxSuperannuation   0 Comments

#EveryoneNeedsaPlan to Maximise All Financial Resources for the Deposit for the First Home

Posted by G. Dean McKinnon on 22 March 2022
For many young Australians it is difficult to meet the increasing costs of living and also save for a deposit to purchase their first home.  The Federal government at least now is beginning to understand this issue and a recent parliamentary enquiry has made some interesting recommendations to help first home buyers with their deposit.

One of the key recommendations from the committee was to allow first home buyers to use their Superannuation investment as security for the first ho...
Posted in:PropertySuperannuation   0 Comments

#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....
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...
Posted in:Superannuation   0 Comments

#EveryoneNeedsaPlan When Signing Company Documents Electronically

Posted by G. Dean McKinnon on 17 March 2022
It usually take some time for the law to catch up with general practices in society.  This has been true for digital signing of documents as with anything else but on 10 February, 2022 the Corporations Amendment (Meetings and Document) Act 2021 was passed by Parliament.

This legislation allows directors to sign company documents digitally rather than using "wet" signatures (i.e., using a pen to sign on a paper document).

This will save a considerable amount of time to complet...
Posted in:Legal   0 Comments
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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