The 2024/25 Federal Budget was announced on 14th May 2024 with the stated aim to assist with cost-of-living pressures and stimulate growth over the long-term. There were no surprises given most of the spending initiatives and tax cuts were flagged prior. A few of the more relevant points to consider in the upcoming 12 months […]
Minimum Pension Expected to Revert to 100% for Financial Year 2024 (FY24). The government did not announce any extension of the 50% reduction on the pension minimum drawdown requirements, which have been in effect since the 2019/20 financial year (COVID). This means minimum drawdowns will likely DOUBLE from 1st July 2023 as per the schedule […]
Proposed Government Changes to Taxation Increase in personal income tax bracket thresholds: From 1 July 2018 the income threshold of the 32.5% tax bracket will change from $87,000 to $90,000. From 1 July 2022 the 19% tax bracket will change from $37,000 to $41,000 and 32.5% from $90,000 to $120,000. From 1 July 2024 removing […]
There are times in our lives when the need for gaining specialist professional advice may seem particularly critical. And for many super fund members, this is one of those times. Numerous members of SMSFs will seek advice specifically about how to deal with the tranche of superannuation reforms that has just passed into law. These […]
Peter Costello’s 2006 simplified superannuation rules seem a lifetime ago. In complete contrast the 2016 Federal Budget contains complexity, retrospective rule changes and personal and company tax cuts. The Leader of the Opposition says they will support some changes however not others including the retrospective initiatives. Given the Federal election in July 2016 there will […]
With the possibility of a new superannuation tax flagged by the Federal Opposition Leader of 15% tax on income over $75,000 pa within a super fund – Q: Does it still make sense to contribute to super and/or maintain my existing superannuation assets? With the distinct possibility a new tax will be introduced on higher […]
Many people expected more tough love from the Government to move the budget towards surplus and that was certainly not the case in regards to the small business incentives. However, behind this, the key savings measures target the middle class assuming the budget is approved by the upper house. The key points: The key benefactors: […]
No one likes a tough budget or the thought of paying higher taxes. The big issue seems to be the flow on impacts to State & Local Governments and we think it will be safe to assume the rises in the cost of water, power, and rates will continue unabated. The biggest winners of the […]
The 2013 budget was largely as expected. The key proposals are summarised below and subject to being legislated (and/or possible change post the next election). Increased Concessional Contribution Cap The current concessional (tax deductible) contribution cap is $25,000 per financial year for all ages. The cap is proposed to increase to $35,000 for those: Aged […]
With 30 June 2012 only a few weeks away we have put together a list of some of the key end of financial year actions to consider. Please contact us up you would like to discuss any of these points in further detail. Superannuation Contributions Concessional contribution limits re-set on 1 July 2012 at a […]
Consistent with tradition, on the second Tuesday in May the Government released its 2012 Federal Budget. Some of the key announcements are summarised below. Please note many of these changes are still to be legislated and we will keep you informed of any relevant changes over the coming months. Deferral of Higher Concessional Contributions for […]