May 17, 2023

As part of the Federal budget, the Government re-proposed the planned additional tax of 15% on earnings to apply to individuals with a total superannuation balance over $3 million at the end of a financial year from 1 July 2025. The definition of Total Superannuation Balance (TSB) for the new tax, includes the current definition PLUS amounts in retirement phase pensions. The calculation for the tax aims to capture growth… Read More »30% tax on super earnings above $3 million

From 1 July 2026, employers will be required to pay their employees’ super guarantee entitlements on the same day that they pay their salary and wages. Currently, at a minimum SG is paid quarterly. The Government will undertake a consultation process with the aim of providing details of the final design of the measure in the 2024-25 Federal Budget. Media Release: Introducing payday super The proposed change is a continuation… Read More »‘Payday’ Super – Increasing Payment Frequency of Employee Super

Small businesses, with an aggregated turnover of less than $10 million, will be able to immediately deduct the full cost of eligible depreciating assets costing less than $20,000 that are first used or installed ready for use between 1 July 2023 and 30 June 2024. “Immediately deductible” means a tax deduction for the asset can be claimed in the same income year that the asset was purchased and used (or… Read More »$20,000 Small Business Instant Asset Write-off

From 1 June 2023, there will be a significant increase in the Higher Education Loan Program (HELP) repayment indexation rate from 3.9% to 7.1% (See: Indexation rate table). The Australian Government adjusts the outstanding HELP debt in accordance with the inflation rate. This adjustment is known as indexation and, with inflation steadily rising, so too will your debt. For example, if you have a $20,000 HELP debt, this will increase… Read More »HELP Debt Indexation Increase to 7.1% | Can you clear your loan before 1 June 2023?