If your super balance is comfortably below $3 million, you can probably relax — the proposed changes to the super rules shouldn’t adversely affect you (yet). But if your super is nudging that level, or if you’re clearly over, the Treasurer’s latest announcement could change how you think about super’s generous tax breaks. For some time now the Government has…
The Federal Government announcement to implement Division 296 super tax certainly has people worried, questioning how and when this may affect them.The following information published from trusted sources Tax Banter, Accurium and Knowledge Shop, helps to answer some of these questions.In addition to the infographic below, more information can be found here. Note: The material and contents provided in this…
Division 296 super tax is a controversial Federal Government proposal to impose an extra 15% tax on some superannuation earnings for individuals if their total superannuation balance (TSB) is over $3 million as at 30 June of the relevant income year. This measure is not yet law and must still pass both Houses of Parliament. At the time of publication,…
As the Labor party settle back into their seats having secured a majority in the House of Representatives, we look at the campaign promises and the unfinished business from the last term. Individuals $1,000 instant work related expenses tax deduction Energy rebate extended The 2025-26 federal budget extended energy rebates. From 1 July 2025, households and small business will be…
The last few years have been a rollercoaster ride of instability. 2025 holds hope, but not a guarantee, of greater stability and certainty. We explore some of the key changes and challenges. An election Welcome to political advertising slipping into your social media, voicemail, and television viewing – most likely with messages from the opposition asking if you are better…
The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices. ATO data analysis has revealed that over 16,500 self managed superannuation funds (SMSFs) have reported assets as having the same value for three consecutive years. With many of these assets residential or commercial Australian property, you can forgive the ATO for being incredulous. For trustees of…