The commencement of the new financial year highlights the importance of preparing for upcoming lodgement deadlines. To assist you, we have outlined key dates for various obligations to your employees and the ATO for the next year. *This list is not comprehensive, and additional lodgements may be necessary depending on your specific circumstances or industry. [...]
The Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Bill, introduced in March, has unexpectedly modified provisions regarding advice fee deductions from superannuation funds. As currently drafted, the bill may inadvertently reduce access to quality financial advice and increase its cost due to additional administrative burdens. We urge parliament to revise the bill, [...]
Super contribution caps to rise A key update for those contributing to super: The contribution caps for super contributions will increase starting the 2025 income year. The concessional contribution cap will increase from $27,500 to $30,000. This 'CC' cap is broadly applicable to employer super guarantee contributions, personal deductible contributions and salary sacrificed contributions. The [...]
ATO's lodgment penalty amnesty is about to end The ATO is remitting failure to lodge penalties for eligible small businesses. Businesses that have not yet taken advantage of the ATO's lodgment penalty amnesty only have until 31 December 2023 to do so. Businesses must meet the following criteria to be eligible for the amnesty: had [...]
SMSF trustees need to truly understand diversification and better diversify their portfolios. The benefits of a well-diversified portfolio are numerous but the key ones that SMSF trustees should focus on are the benefits of mitigating volatility and short-term downside investment risks, preserving capital and the long-run benefits of higher overall returns. By spreading an SMSF’s [...]
