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Making your super last in retirement

Making your super last in retirement Superannuation is often a key source of income when you retire so it’s important to ensure your investment strategy makes your retirement savings last for as long as possible. Shifting investment strategy objectives As you approach retirement, your investment strategy objectives may start to shift. In your younger years,

What’s not considered “income” by the ATO?

What’s not considered “income” by the ATO? It is possible to receive amounts that are not expected by the ATO to be included as income in your tax return. However some of these amounts may be used in other calculations and may therefore need to be included elsewhere in your tax return. The ATO classifies

Take care with contribution timing this financial year

Take care with contribution timing this financial year Are you are planning to maximise your superannuation contribution caps this financial year? If so, it’s crucial to get the timing right so your contribution is received by your superannuation fund in the current financial year. Lessons from a recent court case A recent court case 1

How myGov can help you track your super

How myGov can help you track your super Keeping track of your superannuation balance is key as it impacts how much you can contribute to superannuation and whether you are entitled to other superannuation concessions and measures. Your total superannuation balance (TSB) is an important concept as it impacts your eligibility for up to six

Succession planning for family businesses

Succession planning for family businesses   For most family businesses as well as private groups, succession planning (sometimes known as transition planning) involves considerations around the eventual sale of your business, or the passing of control of it to other family members when you retire. Depending on your circumstances, this may include realising assets and

Rental properties: Traps and pitfalls

Rental properties: Traps and pitfalls   Following the ATO’s claims that nine out of ten residential rental property investors who have been audited have been getting their returns wrong, it might be worth touching on some of the tax traps and pitfalls to be wary of. In no particular order, these include: Apportionment of rental

Selling your home? Beware of a partial capital gains tax liability!

Selling your home? Beware of a partial capital gains tax liability! With the temptation for homeowners to cash in on spiralling house prices around Australia, it is important to turn your mind to whether you may only have a partial capital gains tax (CGT) main residence exemption available to you, and not a full CGT

Federal Budget 2024-25

Federal Budget 2024-25 The Federal Budget for 2024-25 was handed down on Tuesday 14 May 2024. It contains a range of proposed measures across the areas of income tax, superannuation, tax administration and related cost of living measures. Some of these may affect you directly or indirectly. We have provided a summary of these measures

New work from home record keeping requirements

New work from home record keeping requirements Are you one of the five million Australians who claim work from home deductions? If so, stricter record-keeping rules may now apply. For this financial year and moving forward, there are now only two methods to calculate your work from home claim: Revised fixed rate method (with new