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Superannuation

How to Claim a Tax Deduction for Personal Super Contributions

This financial year, the ATO have been cracking down on personal super contribution claims because they are wanting to ensure that everyone is following the rules. For some, submitting a Notice of Intent before lodging your tax return seems to be a new process, however, it has been around for a while. The reason you may only…

Changes to Personal Super Contributions & Deductions

Note: This information is for people who: Make personal super contributions from their income after tax (this does not include contributions made under a salary sacrifice arrangement and compulsory super paid by your employer), and Want to claim a deduction for these contributions. Since the 1st July 2017, the eligibility rules for claiming a…

SMSF AUDITS – Advice from Knox Taxation and Business Advisory

Superannuation Charges – When is cheap really cheap? And no… it has nothing to do with chickens. It’s all about the fact that SMSF Auditors have come under scrutiny from the ATO. There’s always news a-plenty at Knox Taxation and Business Advisory, in Boronia. We scour the universe to ensure you know what’s going on,…

Superannuation

Superannuation Contributions Tax to Double From 1 July 2012, individuals with ‘income’ greater than $300,000 will have the tax concession on their concessional contributions reduced from 30% to 15% (excluding the Medicare levy). This means that the tax rate on concessional contributions will effectively double from 15% to 30% for very high income earners from…