Accessing Super from Age 60 to 65
Starting July 1, 2024, the rules for accessing your superannuation have become simpler. The preservation age for beginning to access your benefits is now effectively age 60. However, until you reach age 65, there may still be restrictions on how you can access your super.
“Super Saver” Scheme Now More Flexible for First Home Buyers
Great news for first home buyers! The government has updated the First Home Super Saver Scheme (FHSSS) to make it more flexible for users.
Superannuation Guarantee: A Focus Area for ATO Business Debt Collection
The ATO is targeting superannuation guarantee compliance. Make SG contributions on time to avoid extra liabilities. If you miss a payment, lodge an SG charge statement within one month to prevent higher penalties and interest. Stay on top of your SG obligations to avoid issues with the ATO.
New “Bring-Forward” Contribution Thresholds for 2024–25
For 2024–25, the NCC cap rises to $120,000, allowing a maximum $360,000 under a “bring-forward” arrangement. Eligibility depends on your age and total superannuation balance (TSB). Check the updated TSB thresholds to optimize your contributions.
Claiming the Tax-Free Threshold
Australian residents don’t pay tax on the first $18,200 of income. Claim the tax-free threshold from your main income source to avoid a year-end tax bill. Make sure to fill out your withholding declaration correctly when starting a new job or adjusting your claim.
Motor Vehicle Expenses: Which Method Should Your Business Use?
Owning or leasing a vehicle for business purposes can offer significant tax benefits, but it's crucial to keep accurate records to maximize your deductions.
New SMSF Expense Rules: What You Need to Know
If you manage a self-managed super fund (SMSF), recent changes to tax rules for certain fund expenses could impact your fund's tax liabilities.
Do You Have Enough Super?
Determining whether you have enough superannuation for retirement is complex and individual, but tools like the ASFA Retirement Standard and professional advice can help tailor estimates to your needs.
Deducting Gifts and Donations: Getting It Right at Tax Time
Have you made charitable gifts or donations in the past financial year? Many Australians can boost their tax refunds through deductible donations
Time for a Super Check-Up
With the new financial year underway, several important changes to superannuation took effect from 1 July 2024.
Start a conversation
Let’s get started. Call us today (02) 9891 6044
Together, we can create something amazing.