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Boost your retirement savings

Posted on Feb 22, 2017 by admin

Pre-retirees can take advantage of a range of strategies to boost their nest egg. Here are three popular ways to top up your retirement savings: Maximise contributions Take advantage of the concessional (pre-tax) and non-concessional (after-tax) contributions by contributing as much as you can afford before reaching the caps. From 1 July 2017, the annual concessional contributions cap will be $25,000 for all age groups. Consider spouse contributions Spouse contributions are super contributions made on behalf of your spouse. Generally, you can claim a tax offset of up to $540 per year if your spouse is a low-income earner or […]

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Boost your retirement savings

Posted on Feb 22, 2017 by admin

Pre-retirees can take advantage of a range of strategies to boost their nest egg. Here are three popular ways to top up your retirement savings: Maximise contributions Take advantage of the concessional (pre-tax) and non-concessional (after-tax) contributions by contributing as much as you can afford before reaching the caps. From 1 July 2017, the annual concessional contributions cap will be $25,000 for all age groups. Consider spouse contributions Spouse contributions are super contributions made on behalf of your spouse. Generally, you can claim a tax offset of up to $540 per year if your spouse is a low-income earner or […]

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Clarification on ride-sourcing

Posted on Feb 22, 2017 by admin

The Federal Court has recently agreed that ride-sourcing is taxi travel. For GST purposes, the word taxi means a car (vehicle) made available for public hire that is used to transport passengers for fares. State and territory laws regulating transportation of passengers contain specific definitions of the term taxi. A vehicle can be considered a taxi for GST purposes, but not for state and territory regulatory purposes. The ATO defines ride-sourcing as an ongoing arrangement where a driver makes a car available for public hire; a passenger uses, for example, a website or smartphone app provided by a third party […]

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Overview of the upcoming super reforms

Posted on Feb 17, 2017 by admin

The reforms to superannuation made in the 2016 Federal Budget are on their way with most of the changes commencing from 1 July 2017. Some of the changes to take place from 1 July 2017 onwards will include: Lowering the concessional and non-concessional contribution caps The cap on concessional (before-tax) contributions will be decreased from $30,000 (for those under the age of 50) or $35,000 (for those aged 50 years old and over) to the flat rate of $25,000 per year for all age groups. The new annual cap for non-concessional (after-tax) contributions will be reduced from $180,000 to $100,000. […]

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Overview of the upcoming super reforms

Posted on Feb 17, 2017 by admin

The reforms to superannuation made in the 2016 Federal Budget are on their way with most of the changes commencing from 1 July 2017. Some of the changes to take place from 1 July 2017 onwards will include: Lowering the concessional and non-concessional contribution caps The cap on concessional (before-tax) contributions will be decreased from $30,000 (for those under the age of 50) or $35,000 (for those aged 50 years old and over) to the flat rate of $25,000 per year for all age groups. The new annual cap for non-concessional (after-tax) contributions will be reduced from $180,000 to $100,000. […]

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