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 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 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 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 by G. Dean McKinnon
on 16 March 2022
Cryptocurrency, and dealing in cryptocurrency (i.e., buying and selling), as become very popular with many investors over the last several years. However, a considerable number of those investors are unaware that there may be tax payable on the profits generated from their cryptocurrency dealings.
The ATO considers any profit made from dealing in cryptocurrency, whether you are a sophisticated investor or just an ordinary citizen trying to make a buck, the profits are subject to tax. &...