Focus areas
With $458,451 million tied up in Self Managed Superannuation Funds (SMSFs), it is not surprising that the Tax Office takes an active interest in this area. 2013 will see an even greater focus on ensuring that the assets of superannuation funds are kept separate from their members until they retire. Ther... |
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No age limit for super contributions
From 1 July 2013, the upper age limit for superannuation contributions will be abolished. Employers will be required to contribute to the complying super funds of eligible mature age employees aged 70 and older.
Payslip reporting of super payments
From 1 July 2013, employers will ne... |
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Super guarantee increases
On 1 July 2013, the first of the proposed incremental increases to superannuation will come into effect. The change will lift the superannuation guarantee rate to 9.25% for the 2013/2014 financial year. So, for an individual on a base salary of $60,000, the change will represent $150 extra compulsoril... |
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From 1st July, 2012 the private health insurance rebate and Medicare levy surcharge will be income tested against the income thresholds in the table below.
Unchanged
Tier 1
Tier 2
Tier 3
Singles
$84,000 or less
$84,00... |
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Hasta la vista: when you should exit your business
Knowing the right time to exit your business is more important than the decision to start one up.
When you start a business it’s often with an idea, a limited amount of capital, and a load of enthusiasm. By the time the business has grown and developed, it is likely to be wor... |
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