Recent legislation allows for 'carried-forward' concessional contributions, which enables those who qualify to carry over up to 5 years of unused concessional contributions over a rolling 5 year period.
The 2020 Federal Budget has been characterised by spending and bringing forward tax cuts to get the economy moving again, check out the details.
Many people, including advisers and accountants, were unaware of a relatively new part of legislation which allows those 65 years old who meet certain eligibility requirements, to choose to make a 'downsizer' contribution into superannuation of up to $300,000 for each person from the proceeds of the sale of their home.
While it’s difficult to find any real positives during COVID-19, as a result of the quarantine requirements forcing so many people to work from home the ATO has introduced a new shortcut method for calculating related tax deductions
The Federal Government last night announced its 3rd, and largest, round of stimulus with a $130 billion package aimed at businesses impacted by the COVID-19 pandemic. Eligible businesses will receive a fortnightly wage subsidy up to $1,500 per eligible employee as part of a Federal Government action to prevent the significant jobs losses due to the COVID-19 pandemic.
The government has announced measures to help preserve superfunds by temporarily halving the minimum pension drawdown requirements for account based pensions and similar products for 2019-20 and 2020-21.
As trustee of a SMSF, you have many obligations to ensure the smooth running of your fund. One such obligation, which is often overlooked, or inadequately prepared, is your fund’s investment strategy. The Australian Tax Office (ATO) has issued letters to nearly...
It’s not really a ‘death tax’ as such, but it reminds people about how your superfund may actually pay tax upon your death.
It’s a question that comes up from time to time, however, it’s one which superfund members should understand as it’s an important consideration for tax purposes when your estate planning strategy is put in place. So, what does happen with my super when I die?
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