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Topping up your super with downsizer payments

Posted on Apr 27, 2018 by admin

Due to new super measures introduced by the Government, Australians will now be able to contribute part of the proceeds of the sale of their home towards their superannuation. From 1 July 2018, where the exchange of contracts of sale for a ‘main residence’ home occurs on or after 1 July 2018, individuals will be able to access the new downsizer super measure. Eligible individuals can contribute up to $300,000 from the proceeds of selling their home into superannuation. This is not a non-concessional contribution, therefore, it will not count towards an individual’s’ contributions caps. However, it will count towards […]

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Employing holiday makers on a visa

Posted on Apr 27, 2018 by admin

Employers can employ holiday makers on either a Working Visa (subclass 417) or a Working and Holiday Visa (subclass 462). Employees on either visa are taxed at 15 per cent from the first dollar earned, regardless of their residency. Working holiday makers cannot claim the tax free threshold and must provide their employer with their tax file number (TFN). Those who do not supply their employer with their TFN will be taxed at top marginal tax rate. If a working holiday maker meets eligibility criteria, employers are required to pay superannuation. Before employing someone on a Visa, you should check […]

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How to catch out an illegal super scheme

Posted on Apr 18, 2018 by admin

When a super scheme seems too good to be true, it often is. Many illegal super schemes are operating in Australia, so it is crucial to understand the characteristics of such schemes. A popular illegal scheme is one whereby an individual is enticed by being told they can access their super early to pay off a credit card debt, go on a holiday, buy a car and so on. Generally, such schemes are illegal as superannuation can only be accessed early by meeting a condition of release. Those promoting such schemes usually: – Encourage individuals to transfer super from an […]

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Changes to GST payments at settlement

Posted on Apr 18, 2018 by admin

Buyers of new residential premises or subdivisions of potential residential land will need to pay the GST component of the purchase price to the Australian Tax Office (ATO) as of 1 July 2018. The amount of GST will not change. This change does not affect the sales of existing residential properties or the sales of new or existing commercial properties. Buyers will need to split the amount of GST from the total purchase price, pay the GST component directly to the ATO by a disbursement at settlement and pay the GST exclusive purchase price to the vendor. It is important […]

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Staying ‘super’ compliant

Posted on Apr 16, 2018 by admin

Employers have a legal responsibility to pay eligible employees superannuation to provide for their retirement. And although most employers do the right thing, some do try to bend the rules which can see them facing hefty penalties. Employees are entitled to superannuation if they are paid $450 or more before tax in a calendar month, this is known as the super guarantee (SG). To remain complaint, employers must pay SG quarterly using SuperStream. Not paying on time or not paying the right amount may mean you need to pay the super guarantee charge (SGC) and you cannot claim a tax […]

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