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Posted in Financial Planning
#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: Employer Super Contributions to be Paid on Same Day as Pay Received
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 in:Business PlanningSuperannuationFinancial PlanningBookkeeping | 0 Comments |
#EveryoneNeedsAPlan: Paid Parental Leave to Increase to 26 Weeks by 2026
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 in:Financial PlanningSocial Security | 0 Comments |
#EveryoneNeedsaPlan for 2023 FY HELP Repayment Levels
Posted by G. Dean McKinnon
on 29 March 2022
For anyone that has a Higher Education Loan Program (HELP) debt it is important to understand the HELP Repayment Incomes and Rates for the 2023 FY to effectively budget for any repayments that fall due.
The minimum repayment percentage is based on the persons gross income. The higher the gross income, the higher the repayment percentage.
The person needs to be earning more than $48,361 in the 2023 FY before repayments are required. The repayment percentage minimum 1.0% and the m...
The minimum repayment percentage is based on the persons gross income. The higher the gross income, the higher the repayment percentage.
The person needs to be earning more than $48,361 in the 2023 FY before repayments are required. The repayment percentage minimum 1.0% and the m...
| Posted in:BudgetingTaxFinancial Planning | 0 Comments |
#EveryoneNeedsaPlan to Utilise the First Home Super Saver Scheme
Posted by G. Dean McKinnon
on 28 February 2022
It is increasingly difficult to save enough money for your first home purchase but there are some ways the government can help, such as First Home Super Saver ('FHSS') scheme.
The FHSS scheme allows you to save for your deposit within your superannuation investment account. There are several key benefits to using your super as the saving structure but the ability to withdraw personal Concessional Contributions may provide a significant tax planning advantage.
Personal Concessi...
The FHSS scheme allows you to save for your deposit within your superannuation investment account. There are several key benefits to using your super as the saving structure but the ability to withdraw personal Concessional Contributions may provide a significant tax planning advantage.
Personal Concessi...
| Posted in:PropertySuperannuationMortgages and FinanceFinancial Planning | 0 Comments |
