Labor plans to axe super tax breaks for wealthy

Financial Services Minister Stephen Jones said Labor plans to tackle tax concessions once an objective of the superannuation system has been put into legislation. People with millions of dollars in their superannuation are receiving tax concessions that ultimately have a “real cost to the budget”, the Minister said. “The concessional taxation of superannuation is a […]

Downsizing contributions into superannuation

From 1 July 2022 the eligible age is 60 years old or older. Prior to 30 June 2022 it was 65 years old or older. Some of the eligibility criteria you must satisfy are: The home must be in Australia, have been owned by you or your spouse for at least 10 years and the disposal must be […]

ASIC Tells Australians to Actively mange their super

Warren Day has called on Australians to actively engage with their super in order to set themselves up for retirement. In a recent interview with the ABC, Mr Day stated that retirement outcomes depended significantly on when individuals begin planning and whether they have accumulated enough wealth during their working life. “While super is not […]

Single Touch Payroll Phase 2

Single Touch Payroll (STP) is the way you report your employees’ tax and super information to the ATO. Single Touch Payroll (STP) is part of the government’s commitment to streamlining employer reporting obligations. STP was legislated on 16 September 2016 as part of the Budget Savings (Omnibus) Act 2016External Link. The mandatory start date for STP Phase 2 […]

Client Alert – July 2022

Tax Time 2022: businesses get ready As the end of another tax year approaches, the ATO is reminding businesses that it is time to: see if there are tax-deductible items the business needs before 30 June; check if there are any concessions the business can access before 30 June – for example, the small business […]