Deductions for financial advice fees
Understanding Tax Deductions for Financial Advice Fees When individuals can claim deductions on financial advice fees linked to income generation and tax management. The ATO has provided guidance about when an individual not carrying on an investment business may be entitled to a deduction for fees paid for financial advice. An individual is entitled to […]
Super contribution caps to rise
Prepare for Changes as Concessional and Non-Concessional Caps Rise What You Need to Know for 2025 The big news story for those contributing to super is that the contribution caps are set to increase from the 2025 income year. The concessional contribution cap will increase from $27,500 to $30,000. This ‘CC’ cap is broadly applicable […]
Superannuation caps indexation for 2022
Reminder of superannuation caps indexation for 2022 From 1 July 2021, the superannuation contributions caps have been indexed for the 2022 income year. The new concessional contributions cap for the 2022 financial year is now $27,500 (increased from $25,000). The new non-concessional (i.e., non-deductible) contributions cap for the 2022 financial year is now $110,000 or […]
A super tax opportunity
Super is one of the most tax-effective ways to save You could be thousands of dollars better off by making ‘concessional contributions’ to your super. And, putting more money into your super now could make a big difference to your retirement later on. So, this tax time, ensure you make the most of your concessional […]
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 […]
Self-service super contributions
Easier to claim a tax deduction on personal super contributions than ever before The 1 July 2017 super reforms have opened up a fantastic new opportunity to build wealth in super and reduce your tax bill at the same time. Before 1 July 2017, the only way most people could take advantage of the concessional […]
