Are you declaring personal use of business trading stock?

(15/03/2019) Have you ever taken home an item of your business’ trading stock for your own personal use, or use by your family members? This is common in many businesses such as bakeries, butchers and cafés, but it does have some tax consequences. “Trading stock” means anything that you hold in the business for the […]

Catching up on superannuation contributions

(15/02/2019) Individuals with a total superannuation balance below $500,000 are now able to “carry forward” their unused concessional contributions (CC) cap space over five years to catch up on contributions when they have the capacity to do so. Usually, an individual’s CCs, eg superannuation guarantee contributions, are capped at $25,000 per financial year, and exceeding […]

Downsizer superannuation contributions

(08/02/2019) In an effort to reduce pressure on housing affordability, the government wants to encourage older Australians to sell their home in order to improve housing stock. To achieve this, the government has introduced a new opportunity for older Australians to contribute some of the proceeds from the sale of their home into superannuation. Under […]

Extra 44,000 taxpayers hit with Div 293 super tax

(01/02/2019) Individuals with income and super contributions above $250,000 are subject to an additional 15% Div 293 tax on their “low tax contributions” (ie concessional contributions). Concessional contributions include all employer contributions, such as the 9.5% super guarantee and salary sacrifice contributions, and personal contributions for which a deduction has been claimed. As a result […]