logo
84 Waterman Street Old Bar NSW 2430
02 6553 3235

First Home Super Saver Scheme

Posted on May 30, 2018 by admin

The First Home Super Saver (FHSS) is a scheme that enables Australians to save for their first home inside their superannuation fund. The plan allows for faster saving with the before tax (concessional) treatment within super. The 2017-18 Budget allowed individuals to make voluntary concessional and non-concessional payments into their super to save for their first home as of 1 July 2017. From 1 July 2018, individuals can apply to release their voluntary payments and associated earnings, to buy their first home. To apply for the release of these funds, individuals must be at least 18 years old and: – […]

Keep Reading...

Targeted amendments to Division 7A

Posted on May 30, 2018 by admin

The Government is widening the scope of Division 7A to include unpaid present entitlements from 1 July 2019. This will apply where a related private company is entitled to a share of trust income as a beneficiary but has not been paid that amount (unpaid present entitlement). Division 7A is an integrity rule that requires benefits provided by private companies to taxpayers to be taxed as dividends unless they are structured as Division 7A complying loans or where another exception applies. The Government aims to clarify the operation of the Division 7A integrity rule to ensure the unpaid present entitlement […]

Keep Reading...

Claiming personal super contributions deductions

Posted on May 25, 2018 by admin

More taxpayers can now claim a personal super contributions deductions this tax time due to the removal of the 10 per cent maximum earnings condition that came into effect from 1 July 2017. Eligible individuals include those who earn their income from: Salary and wages A personal business (self-employment) Investments such as interest, dividends, rent and capital gains Government pensions or allowances Super Partnership or trust distributions A foreign source Those who wish to claim a deduction need to: Make personal after-tax super contributions directly to their super fund before 30 June 2018, if they have not already contributed this […]

Keep Reading...

GST at settlement

Posted on May 25, 2018 by admin

As of 1 July 2018, purchasers of new residential premises or potential land are required to withhold an amount from the contract price and pay the amount to the ATO before settlement. A supplier (vendor, seller) of residential premises or potential residential land must notify the purchaser in writing whether they will need to withhold an amount. If the purchaser is required to withhold, the supplier will need to inform them of the amount and when it needs to be paid to the Tax Office. Generally, if the property contract sale specifies an amount that is the price of the […]

Keep Reading...

How the new super measures will apply to SMSFs

Posted on May 17, 2018 by admin

The Government has introduced new measures to allow SMSF members to access their super for their first home or make contributions to their super from the sale of downsizing their home. SMSFs should be aware of the following: Downsizing From 1 July 2018, SMSF members who are 65 or over and exchange a contract of sale of their main residence may be eligible to make a downsizer contribution of up to $300,000 into their super without affecting their total super balance or contributions cap for the year. This contribution will count towards the transfer balance cap and be taken into […]

Keep Reading...