Change to concessional (pre-tax) contributions cap
02 Mar 2017
Concessional (pre-tax) contributions to your super include employer contributions and any amount you salary sacrifice into super. Personal contributions you claim as a personal super contribution deduction also count as concessional contributions. As these contributions are paid before tax is applied, it means that your super fund pays 15% tax on the contribution when it […]
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New transfer balance cap for pension phase accounts
28 Feb 2017
From 1 July 2017, there is a limit on how much of your super you can transfer from your accumulation super account to a tax-free ‘retirement phase’ account to receive an account-based pension income. This is known as the super ‘transfer balance cap’. If you have more than one super account, the cap applies to the […]
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Working holiday maker employers
02 Feb 2017
The tax rates for working holiday makers on a 417 or 462 visa changed on 1 January 2017. They now pay 15% tax on all income up to $37,000 after which foreign resident tax rates apply. If you employ these working holiday makers: • You must register to use the new tax rate by 31 […]
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Increase the unincorporated small business tax discount
01 Feb 2017
In the 2016-17 Budget, the Government announced an increase to the tax discount for unincorporated small businesses incrementally over 10 years from 5 per cent to 16 per cent. From 1 July 2016, the tax discount will increase to 8 per cent, remain constant at 8 per cent for eight years, then increase to 10 per cent in 2024-25, 13 per cent in 2025-26 and reach […]
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