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Superannuation

Changes to Superannuation from 1 July 2017

Changes to Superannuation from 1 July 2017

In the Federal budget handed down in May 2016, the government heralded significant changes to superannuation that will come into effect from 1 July 2017.

Although the government is still to finalise the exact details, it is a good idea to plan ahead, and to be aware of the major changes that will apply from next year.

Extension to SuperStream Deadline

Extension to SuperStream Deadline

The Australian Tax Office (ATO) has given small businesses some breathing space by extending the deadline for compliance with the new SuperSteam to October 28 this year.

Super Stream – will your business be compliant by 1 July?

Super Stream – will your business be compliant by 1 July?

SuperStream is a new initiative introduced by the Australian Taxation Office (ATO) designed to standardise processing of superannuation data and payments electronically, allowing the process of employers paying superannuation entitlements to employees more streamlined.

Should you really buy a rental property?

Should you really buy a rental property?

So…you are thinking about getting into the property investment market, but you haven’t quite worked out what the strategy is. Everyone else is doing it so maybe I should.  There are a lot of people that spruik rental property purchases but they focus heavily on the tax benefits.  Is that a good reason to buy or is there something else?  What does negative gearing mean and why has there been so much talk in the media about it.

Self-Managed Super Funds: Should you make the switch?

Self-Managed Super Funds: Should you make the switch?

Given recent ups and downs in the share market, Self Managed Super Funds (SMSF's) have become a hot topic once again. SMSFs allow you to control your Super input and investments more than an Industry Super Fund would. However, it's important to know a little bit more about them before you decide to take the leap.

Bad Deeds: Is your SMSF at risk?

Bad Deeds: Is your SMSF at risk?

Your SMSF’s trust deed is its rulebook. If the deed does not allow or recognise something then the trustees can’t do it. Despite this, a lot of trustees are unaware of what their trust deed says – it was just something that was required when the fund was established. The problem with any document is that unless you amend it, it is only current for the circumstances that existed at that time. However, the law changes regularly and so do individual circumstances. 

This month, we shortcut the review process and highlight the key SMSF trust deed problem areas.

Should your SMSF buy property in the United States?

Should your SMSF buy property in the United States?

One of the most common questions from clients with a Self Managed Superannuation Fund (SMSF) is, can I buy property? Followed by the second question, can I buy property in the United States? 

SMSFs provide investment flexibility for those that understand the rules. They can also be a significant liability if you get it wrong. 

What will change on 1 July 2015

What will change on 1 July 2015

For Business

  • Small business tax cut - 1.5% for companies and 5% tax discount for unincorporated small businesses under $2m (capped at $1,000)*
  • Employee share scheme rule changes to make the schemes more attractive particularly to start-ups (covered in our April update)*
  • 'Fly in fly out' and 'drive in drive out' (FIFO) workers will be excluded from the Zone Tax Offset (ZTO) where their normal residence is not within a 'zone'*
  • Start-ups able to immediately deduct a range of professional expenses required to start up a business – such as professional, legal and accounting advice.*
  • The way work related deductions for car expenses are calculated will change. The '12% of original value method' and the 'one‑third of actual expenses method' will be removed. The 'cents per kilometre method' will be modernised, replacing the three current engine size rates with one rate set at 66 cents per kilometre to apply for all cars.

Superannuation

  • The terminally ill will be able to access super earlier*
  • Employers with 20 employees or more must use SuperStream for employee contributions.

Individuals

  • Changes to family tax benefits – income test changes, add on child payment removed, and changes to large family supplement.
* announced change not yet law. 

“This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs”.