Downsizer contributions
ATO guidance regarding ‘downsizer contributions’ The ability to make ‘downsizer contributions’ effectively commenced on 1 July 2018, prompting the ATO to release further guidance with respect to this new superannuation contribution classification. This new measure will be of most assistance for individuals approaching retirement, where they dispose of their family home in an effort to […]
Super housing measures
What the super housing measures mean for SMSFs The ATO has reminded members of SMSFs that they will be able to use their voluntary super contributions to assist with buying their first home, or to make a contribution into their super from the proceeds of the sale of their main residence (under changes passed by […]
Retirement planning case study
Projected benefits of putting extra savings into super Age 40 Starting balance $100,000 Income of $100,000 per year As shown in the above case study, putting an extra 6 per cent of your pre-tax income into your super each year could leave you significantly better […]
Key points from Budget 2018
How will the Budget affect you? This year’s Federal Budget is an ‘election budget’ with tax cuts for all Australians that will be funded by the Government’s higher than expected revenue. All-in-all, changes to super were fairly limited in the Budget, with the Government focused on preventing the erosion of super funds with small balances. […]
Personal super contributions
Claiming personal super contributions deductions The removal of the 10% maximum earnings condition means more people may be eligible to claim a personal super contributions deduction this tax time. Omnis Group can help you to understand if you are eligible and let you know if you need to: make personal (after tax) super contributions directly to your […]
Downsizer contributions
No need to actually ‘downsize’ for ‘downsizer contributions’ Measure announced in 2017/18 Federal Budget aims to provide incentive for older Australians to ‘downsize’ their home. From 1 July 2018, individuals aged 65 or over may use the proceeds from the sale of an eligible dwelling that was their main residence to make superannuation contributions (referred to […]
Super rates and thresholds
New superannuation rates and thresholds released The ATO has published key super rates and thresholds for the 2018/19 income year. The Non-Concessional Contributions cap will remain at $100,000 (although transitional arrangements may apply), and the Concessional Contributions cap will remain at $25,000. The CGT cap amount will be $1,480,000. The Division 293 tax threshold will be […]
