Posted by G. Dean McKinnon
on 24 November 2023
The Federal Government announced in May, 2023, a proposal for employers to be required to pay their employee super contributions on the day the employee is paid:
The present requirement is for the employer to pay their employee super contributions each financial year quarter (September | December | March | June)
The proposal is currently with Treasury department for consultation, but if adopted the new requirements would commence from 1 July, 2026
Business cashflow will be key to me...
Posted by G. Dean McKinnon
on 17 November 2023
The federal government is proposing legislation that, if passed, will increase the Paid Parental Leave ('Leave') to 26 weeks by 2026:
The proposal is to increase the current 20 weeks Leave (for children born or adopted after 1 July, 2023) by 2 week increments each Financial Year for the next 3 Years
There is an eligibility criteria to receive the payment, including: Income Test | Work Test | Residency Rules
Incorporating Leave payments into your Financial Plan may be critica...
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 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 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 ...