First Home Super Saver Scheme – increasing the maximum releasable amount to $50,000 On 11 May 2021, as part of the 2021–22 Federal Budget, the Australian Government announced it will make changes to the First Home Super Saver (FHSS) scheme to increase the contributions that can be counted towards the maximum releasable amount to $50,000 and… Continue reading First Home Super Saver Scheme $50k
Category: Individual
Super for contractors
Super for contractors If you pay contractors mainly for their labour, they are employees for superannuation guarantee (SG) purposes and you may need to pay super to a fund for them. It doesn’t matter if the contractor has an Australian business number (ABN). Super contributions for contractors Make super contributions for contractors if you pay… Continue reading Super for contractors
Super Contribution Caps
How much is the Super Concessional Contribution Cap from 1 July 2021? Contribution caps The contribution caps limit the amount that can be contributed for a member each financial year. The caps are indexed annually. Concessional contributions The most common types of concessional contributions are employer contributions, such as super guarantee and salary sacrifice contributions.… Continue reading Super Contribution Caps
Director ID
Do You know New director ID requirement? Do you know the director identification number (director ID) requirement that is now available on the new Australian Business registry Services (ABRS) website. ABRS is a new service, managed by the Australian Taxation Office, that will streamline how you register, view and maintain your business information with the… Continue reading Director ID
Are these government grants, payments and stimulus during COVID-19 tax assessable?
Government grants or payments you receive if you or your business have been impacted by COVID-19 may have tax implications. COVID-19 Disaster Payments Pandemic Leave Disaster payment JobKeeper Cash flow boost Payments to support businesses State government voucher subsidy scheme Payroll tax relief Land tax relief Electricity rebates Rent relief Payments to support the creative… Continue reading Are these government grants, payments and stimulus during COVID-19 tax assessable?
APRA increases banks’ loan serviceability expectations to counter rising risks in home lending
APRA increases banks’ loan serviceability expectations to counter rising risks in home lending The Australian Prudential Regulation Authority (APRA) has today increased the minimum interest rate buffer it expects banks to use when assessing the serviceability of home loan applications. In a letter to authorised deposit-taking institutions (ADIs), APRA has told lenders it expects they… Continue reading APRA increases banks’ loan serviceability expectations to counter rising risks in home lending
Winding back of COVID-19 Disaster Payments
Winding back of COVID-19 Disaster Payments The Federal Government has announced that the COVID-19 Disaster Payment will begin to “transition” once a State or Territory reaches 70% full vaccination of its population (16 years and older) in line with the movement into Phase B of the National Plan. Once a State or Territory reaches 70% full vaccination,… Continue reading Winding back of COVID-19 Disaster Payments
Tax return 2021
Tax return for individuals 2021 Why use us to prepare your tax return? This is because we are Certified Practicing Accountant and Registered Tax Agent with the Tax Practitioners Board. We can help you prepare and lodge your tax return. We invest heavily in technology. Our services are conducted on a secured Web and mobile… Continue reading Tax return 2021
How to grow your super faster?
Did you know you can grow your super faster? There are a number of ways you can grow your super to make a positive difference to your lifestyle in retirement. A salary sacrifice arrangement with your employer Making your own personal contributions Checking if you ‘re eligible for government contributions Salary sacrificing super Salary sacrifice… Continue reading How to grow your super faster?
How to early access to your super?
How to early access to your super? You can only have early access to your super in very limited circumstances! Take note some promoters claim to offer early access to your super by transferring your super into a self-managed super fund. These schemes are illegal and heavy penalties apply if you get involved!! Access on… Continue reading How to early access to your super?