2020 has been a difficult year for Australian businesses across all sectors when you consider that we started with a drought, then experienced extreme bush fires and topped it off with the COVID-19 pandemic[…]
2020 will be a year none of us forget and everybody’s attention has been on lockdown rules, number of infections and their daily movements, stock market volatility and the value of your superannuation[…]
Today the government announced their Coronavirus Stimulus Package totalling $17.6 billion. The stimulus package aims to protect the economy, assist businesses and help employees maintain job security[…]
Cash flow is incredibly important to all businesses and cash flow dictates what a business can and cannot do. One of the businesses largest cash outflows is to the ATO […]
Now that we are through another Federal Election and we can all let out a collective sigh of relief knowing that we can still obtain a refund of unused franking credits either personally or through our […]
Superannuation Contribution – Personal Deductible Contributions
Each person has an annual concessional superannuation contribution cap limit of $25,000. Contributions that count towards this maximum contribution limit each year are[…]
The Government announced personal tax cuts in the Federal Budget together with a number of integrity measures. Tax cuts will phase in over 7 years and will culminate in the reduction of tax brackets from 5 to 4[…]
The Federal Budget did not deliver much to businesses other than the extension of the immediate asset write off for eligible assets of up to $20,000 for small businesses. Much of the focus was on integrity measures to protect the revenue base[…]
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Essentially the Assets test “taper-rate” will increase from $1.50 per $1,000 to $3 per $1,000 of excess assets over the initial threshold. This means the reduction in the maximum Age Pension due to excess assets will increase. While the initial thresholds are increasing, the increased taper-rate will lower the cut-off levels for the Age Pension. So, while some pensioners may gain an increase in payments many others (as much as 91,300) may find that the no longer receive any Age Pension because of the changes. […]