Withdrawing part of your superannuation fund balance then paying it back into the account, known as a recontribution strategy, may sound a little strange but it could deliver a number of benefits including reducing tax and helping to manage super balances between you and your spouse. Your super is made up of tax-free and taxable [...]
Managing a healthy cash flow is often tough for small businesses and it is particularly the case right now in the challenging economic conditions Many businesses are facing supply chain issues, utilities and wages costs are increasing, it is more expensive to borrow money and some sectors are suffering severe downturns. Strong cash flow is [...]
With interest rates on the rise and investment rules increasingly volatile, Australians with cash to spare may be wondering how to make the most of it. If you have a mortgage, should you make extra repayments or would you be better off in the long run boosting your super? The answer is, it depends. Your [...]
New rules which came into force on July 1 will create opportunities for older Australians to boost their retirement savings and younger Australians to build a home deposit, all within the tax-efficient superannuation system. WORK TEST CHANGES From July 1, anyone under the age of 75 can make personal non-concessional or salary sacrifice super contributions [...]
Next financial year is also shaping up as a big one for super, with most of the changes announced in the May federal Budget expected to start on 1 July 2022. The Budget included proposals to: repeal the work test for people aged 67 to 74 who want to contribute to super reduce the minimum [...]
Every accountant knows that reviews or audits of your client’s tax returns or financial compliance obligations can sometimes be unavoidable. When an audit hits, this is rarely a reflection of the work put into preparing the return and is more often due to a specific crackdown by the Australian Taxation Office (ATO) or other State [...]
As the new financial year gets underway, there are some big changes to superannuation that could add up to a welcome lift in your retirement savings. Some, like the rise in the Superannuation Guarantee (SG), will happen automatically so you won’t need to lift a finger. Others, like higher contribution caps, may require some planning [...]
If your super could do with a boost and you have cash to spare, now is the time to check whether you are making the most of the contribution strategies available to you. You can make tax-deductible contributions up to $25,000 a year, including Super Guarantee payments by your employer. You can also contribute up [...]
The past 12 months have been a challenging time for many of us on a personal level, with the pandemic having a far-reaching impact on so many aspects of our lives. While the Australian economy is proving remarkably resilient, personal finances have been affected in different ways by lockdowns and government initiatives put in place [...]
Australian retirees are some of the wealthiest in the world, with median household wealth of around $1.4 million. Yet close to $1 million of this wealth is tied up in the family home. That’s a lot of money to leave to the kids, especially when many retirees end up living in homes that are too [...]
