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#EveryoneNeedsaPlan: Superannuation Contribution Caps Increased as of July 2024
Posted by Dean McKinnon
on 28 March 2024
Superannuation concessional and non-concessional contribution limits will be increased from 1 July, 2024 (i.e., the 2025 FY)
Superannuation investments generally incur a lower rate of tax when compared to non-superannuation investments
Accumulating savings in superannuation is a tax-effective strategy for retirement planning
Contributions to superannuation are limited and exceeding the limits will have tax consequences
Concessional Contributions (CC) to superannuation may be claime...
| Posted in:TaxSuperannuationFinancial Planning | 0 Comments |
#EveryoneNeedsaPlan: ATO Data Matching Rental Bonds & Novated Leases
Posted by Dean McKinnon
on 21 March 2024
Commencing 2024 FY through 2026 FY, the ATO will demand comprehensive data records from rental property bond authorities and novated lease companies:
The ATO want to use the data obtained to match against taxpayer records and make sure all applicable tax is being paid
ATO Rental Bond Data Matching
ATO Novated Lease Data Matching
Included in the data obtained from the rental bond authorities will be the rental payments
If the rental payments don't match the income decla...
| Posted in:TaxMortgages and FinanceInvestment | 0 Comments |
#EveryoneNeedsaPlan: ATO Removes GST Discount on Investment Adviser Fees
Posted by Dean McKinnon
on 14 March 2024
From 1 July, 2024 Australian superannuation funds and investment platforms will not be eligible to claim some of the GST paid by investors for adviser fees
The fees you pay your adviser to help manage your investments are subject to GST
Generally, the GST paid on your adviser fees cannot be claimed back and therefore the cost of your adviser fee is increased by 10%
However, if you elect to have your adviser fees paid by way of deduction from a superannuation fund or investment ...
| Posted in:TaxSuperannuationInvestment | 0 Comments |
#EveryoneNeedsaPlan: Protect Your Identity with My Equifax Identity Watch Alerts
Posted by Dean McKinnon
on 7 March 2024
Increasingly, we have to face the challenges presented by living in the modern world where almost everything we do requires interaction with the 'online world', which is convenient but at the same time risky.
A major challenge faced by us all is protecting our identity
Cyber criminals are always searching for identifiers, such as name, date of birth, driver's licence numbers
The criminals then can use the stolen identity information to make transactions in the name of the per...
| Posted in:Legal | 0 Comments |
#EveryoneNeedsAPlan: Tax Debt Loan Interest Not Deductible From 1 July 2025
Posted by Dean McKinnon
on 29 February 2024
The federal government announced recently that they would introduce amendments to disallow tax deductions for interest incurred on tax debts
Both the General Interest charge and Shortfall Interest Charge will not be a tax-deductible expense for the taxpayer
The changes are proposed to commence from 1 July 2025 – i.e. 2026 FY
Currently, both Interest Charges are tax deductible to the taxpayer
...
| Posted in:Tax | 0 Comments |
