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If you’re a high-income earner, you may soon be asked to pay an extra 15% tax on the amount of concessional contributions that exceed the $250,000 threshold. What is Division 293 tax? Division 293 tax is an additional 15% tax that is payable when your income and concessional contributions exceed $250,000 in 2023/24. To recap, [...]

Tax file numbers (TFNs) are so much an everyday element when dealing with tax and the ATO that many taxpayers won’t give it a second thought when tax return software responds with an “invalid” message when a TFN is entered. The common thought will be that it’s human error, so naturally, one’s first reaction will [...]

Don’t be another victim; be on the lookout for scammers who call you about your superannuation! ASIC is on the lookout The number of cold callers is on the rise. The Australian Securities and Investments Commission (ASIC) is urging people to hang up on cold callers and scroll past social media clickbait that may be [...]

It is possible to receive amounts that are not expected by the ATO to be included as income in your tax return. However,, some of these amounts may be used in other calculations and may therefore need to be included elsewhere in your tax return. The ATO classifies the amounts that it doesn’t count as [...]

The personal services income (PSI) rules apply to income that is earned mainly from the personal efforts or skills of a person. It does not matter whether the income is earned by the individual in their own name or through an entity such as a business. The rules do not apply to income earned from [...]

Superannuation is often a key source of income when you retire so it’s important to ensure your investment strategy makes your retirement savings last for as long as possible. Shifting investment strategy objectives As you approach retirement, your investment strategy objectives may start to shift. In your younger years, the main aim of superannuation is [...]