Posted in Financial Planning
Posted by Dean McKinnon
on 26 August 2024
The federal 2024 budget confirmed superannuation will be paid on government-funded Paid Parental Leave (PPL) payments:
The contribution will be 12% of the payment
The contribution will be paid on payments after 1 July 2025
From 1 July 2026, the maximum PPL will be 130 days (26 weeks)
Recipients must satisfy eligibility criteria
If you need help with understanding the PPL, please don't hesitate to get in touch with us and arrange your free initial consultation
...
Posted by Dean McKinnon
on 19 August 2024
The recent Queensland State Government budget included an increase to the First Home Owner Grant (FHOG)
- The Grant has increased from $15,000 to $30,000
- Applies to eligible contracts entered into between 20 November 2023 and 30 June 2025
- Contact Us if you need help to apply for the Grant and or arrange your Home Loan
Posted by Dean McKinnon
on 14 June 2024
A “comfortable retirement” has a different meaning depending on your lifestyle but as a guide the Association of Superannuation Funds of Australia (“ASFA”) provides some benchmarks which may be helpful.
Each Financial Year Quarter ASFA produce a report including expenses likely to be incurred in retirement
The March 2024 Quarter costs for a “comfortable retirement” increased 0.70% to $72,663 for couples and $51,630 for singles
The ASFA website has some...
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 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...