The Government is introducing a series of new measures designed to help Australians keep a greater portion of their superannuation savings pie. Insurance opt-in Insurance within super may not be suitable for everyone, particularly young people and those with low balances. From 1 July 2019, insurance will be offered on an opt-in basis for members…
The 2018 Federal Budget is built on the back of a historically strong post-mining boom Australian economy, triggering fairly conservative changes to tax policy. The Budget’s strategy is to provide sustainable tax relief to those in the workforce, stimulating spending and encouraging businesses to invest in creating jobs. Individuals The Government is introducing a seven-year…
Self-managed super fund (SMSF) trustees are reminded that the deadline for their 2016-17 annual return is fast approaching. The extended due date for annual SMSF returns is 30 June 2018. As the due date falls on a Saturday, the ATO is allowing returns to be lodged the next business day, Monday 2 July 2018, without…
The Australian Tax Office is standing by its actions undertaken that were presented on a recent current affairs program. The ATO says where taxpayers fail to lodge tax returns and BAS returns over a number of years despite repeated requests, the ATO will raise a default assessment based on evidence that can be obtained, i.e.,…
Although workplaces require different skills and personality traits to fit into the role and culture of the business, there are some universal attributes that can help you succeed in the workplace. Consider the following: Effective communication skillsHaving effective communication skills is critical as it determines how well you get along with colleagues, management and other…
Due to new super measures introduced by the Government, Australians will now be able to contribute part of the proceeds of the sale of their home towards their superannuation. From 1 July 2018, where the exchange of contracts of sale for a ‘main residence’ home occurs on or after 1 July 2018, individuals will be…
Employers can employ holiday makers on either a Working Visa (subclass 417) or a Working and Holiday Visa (subclass 462). Employees on either visa are taxed at 15 per cent from the first dollar earned, regardless of their residency. Working holiday makers cannot claim the tax free threshold and must provide their employer with their…
A personal loan can come in handy if you need some extra cash to fund a purchase, but it may not always be your best option. Before you sign away, you will need to understand how personal loans work and if they are appropriate for your circumstances. A personal loan is when a person borrows…
