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Posted in Tax
#EveryoneNeedsaPlan to Maximise Tax-Deductible Super Contributions in the 2022 FY
Posted by G. Dean McKinnon
on 23 March 2022
The federal government provides up to $27,500 tax deduction for contributions made to your super each year, but this also includes your employer-sponsored superannuation contributions which is about 10% of your gross income.
To ensure you maximise your tax-deductible contribution for the 2022 FY make sure that the contribution is completed and cleared funds are in the superannuation account before 30 June, 2022. It is recommended that the contributions being made are completed and paid...
To ensure you maximise your tax-deductible contribution for the 2022 FY make sure that the contribution is completed and cleared funds are in the superannuation account before 30 June, 2022. It is recommended that the contributions being made are completed and paid...
| Posted in:TaxSuperannuation | 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....
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 Meet CGT Obligations When Dealing in Cryptocurrency
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. &...
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. &...
| Posted in:Tax | 0 Comments |
#EveryoneNeedsaPlan to Vary the Pay-As-You-Go (PAYG) Instalment
Posted by G. Dean McKinnon
on 14 March 2022
The ATO will issue a Pay-As-You-Go (PAYG) instalment notice to a taxpayer based on the tax paid in the previous Financial Year but you are able to vary the PAYG instalment, depending on your circumstances.
The PAYG instalment issue usually rises when tax is payable on non-employment income such as back interest, share dividends, self-employment income, et cetera. The ATO assumes the taxpayer will be earning the same level of income in the following Financial Year and so they issue the ...
The PAYG instalment issue usually rises when tax is payable on non-employment income such as back interest, share dividends, self-employment income, et cetera. The ATO assumes the taxpayer will be earning the same level of income in the following Financial Year and so they issue the ...
| Posted in:Tax | 0 Comments |
#EveryoneNeedsaPlan to Not Pay the ATO's High Interest Rates
Posted by G. Dean McKinnon
on 8 March 2022
When you arrange a payment plan with the ATO you are charged interest rates which are likely much higher than the rate you can achieve in the market.
The ATO review their interest rate on a quarterly basis. The most recent quarterly update for April – June 2022 was recently published, increasing the General Interest Charge (GIC) rate to 7.07%.
The GIC is applied for late payment of taxes and other obligations, is compounded daily, and tax-deductible. However, an easy way a...
The ATO review their interest rate on a quarterly basis. The most recent quarterly update for April – June 2022 was recently published, increasing the General Interest Charge (GIC) rate to 7.07%.
The GIC is applied for late payment of taxes and other obligations, is compounded daily, and tax-deductible. However, an easy way a...
| Posted in:Tax | 0 Comments |
