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For the first time in three years, the superannuation contributions are set to increase from 1 July 2024. Contribution caps to increase Due to indexation, the contribution caps will increase on 1 July 2024 as follows: Concessional contributions cap – from $27,000 to $30,000 Non-concessional contributions cap – from $110,000 to $120,000 The maximum non-concessional [...]

For those who run a “small business” and decide to sell it, the various Capital Gain Tax (CGT) small business concessions are invaluable (as has been noted many times before). Of course, it is great if you can qualify for the “15-year exemption” concession because this will mean that you won’t have to pay any [...]

Legislation giving effect to the government’s revised settings for the Stage 3 tax cuts has been passed by both houses of Parliament with the support of the Coalition. The Stage 3 tax cut changes: Reduce the 19% tax rate to 16% for incomes between $18,200 and $45,000. Reduce the 32.5% tax rate to 30% for [...]

What happens if your property is damaged from the results of a natural disaster, or by tenants? Such a situation can affect the types of expenses you claim and the income you need to declare for your rental property. Declaring income If you receive a payout for damage to your rental property as a result [...]

Many people gift assets to their family or friends to give them a helping hand. However, care must be taken to ensure any gifting does not impact your current or future social security entitlements, such as the age pension. What are the gifting rules? For Centrelink purposes, gifting refers to selling or transferring income or [...]

Most people look forward to retirement as it is a chance to finally take time to relax, enjoy life, and do things they never had time for when they were working. But sometimes things change and some people feel the urge to return to work. If a return to work is inevitable, it is important [...]