Transition to retirement pensions will not qualify for any earnings tax exemption from 1 July 2017. All earnings on transition to retirement pension assets will be taxed at the standard super fund tax rate of 15%. A transition to retirement pension is generally a pension received by someone between the ages of 55 to 65…
CGT relief The new rules include CGT relief for those who will be required to unwind existing pension arrangements. The CGT provisions effectively deem a disposal and reacquisition as at 30 June 2017, meaning any unrealised gains on existing pension assets will generally not be taxed on a disposal following commencement of the new rules.…
New non-concessional annual contribution cap rules The new non-concessional annual contribution cap rules broadly sees the current system of non-concessional contributions continuing however with lower caps provided your superannuation account balance is less than $1.6m as follows: Up to 30 June 2017: $180,000 (for individuals <65 – eligible for 3 year bring forward rule) From…
The concessional annual contribution caps have been reduced The new rules are as follows: Up to 30 June 2017 : <49 at 30/06/2016 = $30,000 and >49 at 30/06/2016 = $35,0000 From 1 July 2017: $25,000 for all individuals regardless of age Individuals with balances of $500,000 or less will be able to accrue any…
There will be a $1.6m cap on the amount of capital that a person can transfer into retirement products such as superannuation, pensions and annuities. The transfer balance cap applies from 1 July 2017 and applies to both existing and new pensions. The cap is an individual cap and applies on an individual-by-individual basis taking…
Government’s new super tax changes announced in May 2016 Budget now law. The new superannuation rules are effective from 1 July 2017 and as a result those funds with pension balances greater than $1.6m will pay a 15% tax on the investment earnings on the amount in excess of $1.6m. In addition there will be…
The Fair Work Commission (FWC) has moved to cut Sunday and public holiday penalty rates. The changes to penalty rates are not yet in force – see When will the changes take effect? Flagged back in 2014, the review into penalty rates was part of the FWC’s four yearly review of all Modern Awards. Hearings,…
The sharing economy is often held up as a big, bad threat to small business. But more are feeling positively about it than negatively. According to MYOB’s latest Business Monitor release, 75 per cent of businesses felt neither positively about the likes of Uber and Airbnb or negatively about them. However, more said it was…
Take a good hard look at your business today Is it exactly what you want it to be? If you are motivated you can make changes. But you have to be motivated. We would suggest that you focus on four key areas of business design. As you go through the list here are some quotes…
Franchising your business seems to be the way to the big bucks In Australia alone there are over 1,160 franchise systems. But ask any successful franchisor and they will tell you there is a heck of a lot of work to do before you make any money. In the early stages, it’s worth considering whether…