Posted in Superannuation

#EveryoneNeedsaPlan to Maximise All Financial Resources for the Deposit for the First Home

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 in:PropertySuperannuation   0 Comments

#EveryoneNeedsaPlan to Not Exceed Superannuation Div 293 Threshold

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 in:TaxSuperannuation   0 Comments

#EveryoneNeedsaPlan to Maximise Super in the 2023 FY

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...
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#EveryoneNeedsaPlan to Re-Contribute COVID 19 Early Release Super Amounts

Posted by G. Dean McKinnon on 15 March 2022
At the beginning of the pandemic, many of us were unsure if we were going to need the early release super amounts that were being offered by the government, but after the dust settled it became apparent for a large number of 'early-releasers' that the money would not be needed and now find themselves in a position of trying to get the money back into super.  However, super contribution rules are complex and need to be considered before transferring the early release amounts back ...
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#EveryoneNeedsaPlan to Pay Employee Super If Earning Less Then $450 per Month

Posted by G. Dean McKinnon on 9 March 2022
From 1 July, 2022 employers will need to pay super for employees who earn less then $450 per month, which was not previously payable.

Employers need to contribute to the employee's super 10% of the employees gross income each financial year quarter.  The whole process can be complicated, so if you are unsure as to your obligations, the ATO has provided some guidance and an Employer Obligation Checklist.

McKinnon Financial Planning's Total Service Clients that utilise our bookke...
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