Chartered Accountants

Latest News

Additional Super Contributions Not Appropriate for all

  Superannuation is an extremely effective investment vehicle for most people, but is not necessarily appropriate for all.

 

It has a range of Federal Government (Government) imposed restrictions before funds can be assessed, which are softened by tax concessions.

Is not suitable for clients planning to retire early.  

With the preservation age current at 55, but transitions to 60 years for those born on or after 1 July 1964, clients needing funds before preservation age would be ill advised to lock up additional money in superannuation.

Superannuation is a retirement savings vehicle, but it’s only going to be relevant if you want to retire after preservation age.

 

AcctWeb

Latest Accounting News

  • FBT Reminder – Odometer Reading

    Anybody who has a Fringe Benefits Tax obligation should take an odometer reading of motor vehicles.

  • ATO’s debts on hold campaign prompts new IGTO guidance

    New guidance has been released on best practice principles for debt notifications in response to the re-activation of old debts by the ATO.

  • Small business benchmarks

    The ATO has developed quite a number of benchmarks to help small businesses develop an idea of their performance compared to similar businesses in the same industry.

  • The 2025 Financial Year tax & super changes you need to know!

    The new financial year is fast approaching and so are a number of changes to superannuation contribution amounts and the individual tax rates. These changes are outlined below, as is some information on how you may be able to work with these changes when managing your tax affairs during 2024-25.