Superannuation

The end of the financial year is fast approaching, and with it comes a number of important deadlines and changes business owners and tax payers need to be aware of. From deadlines for deductible contributions to adjustments in tax rates and super guarantee contributions. As tax and business advisers we want to ensure you have a smooth transition into the new financial year, stay on top of your financial obligations and take advantage of any available benefits.

As we approach the end of the 2024 financial year, now is the perfect time for business owners to analyse the financial situation of their business in order to gain an understanding of the potential tax position for the 2024 financial year.

Business owners should consider engaging with their Accountant to undertake sometailored tax planning advice, where individualised strategies can be determined based on their circumstances and implemented prior to 30 June 2024. This can in fact reduce their tax liability and maximise deductions.

Division 293 tax is an additional tax imposed by the Australian government on high-income earners in addition to the normal taxes they pay. Division 293 tax is calculated separately from income tax and is specifically applied to concessional superannuation contributions that exceed the concessional contributions cap or to an individual’s income for surcharge purposes that exceeds the Division 293 threshold (currently at $250,000).

On Tuesday, 9th May, Federal Treasurer Hon. Jim Chalmers handed down the 2023/24 Federal Budget, a second delivered by the Albanese Government, providing an outlook into the Government's priority to create a "responsible and sustainable" economic strategy, in the face of continued inflation, rising cost-of-living, and global volatility.

As we approach the end of Quarter 3, 2022/23, this is a reminder of the upcoming 28^th April 2023 due date for payments of your mandatory employer Superannuation Guarantee Contributions.

On Tuesday, 25th October, Federal Treasurer Jim Chalmers handed down the 2022/23 Albanese Government - Federal Budget, providing a brief introduction into Labor's priorities to steady the peak of inflation and manage Australia's economic deficit.

Managing a Super Fund as a trustee can have significant complexities, especially where keeping abreast of changes in legislation and audit focus areas.

For those operating a Self-Managed Super Fund, the Australian Tax Office has released new rulings relating to an increased focus on tax treatments surrounding ‘Non-Arm’s Length Income’ (NALI) and ‘Non-Arm’s Length Expense’ (NALE) transactions.

As of 1 July 2022, there are a number of important changes which come into effect impacting employers and the Superannuation of employees.

As confirmed in this year's Federal Budget, a reminder that from 1 July 2021, the Superannuation Guarantee (SG) base rate is set to increase to 10 per cent, rising from 9.5 per cent.