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…
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…
Money you earn from renting out a room in your house is rental income, according to the Australian Tax Office (ATO). This applies to rooms rented by traditional means or through a sharing economy website or app. You can only claim expenses related to the part of the house you rent out and you need…
Estimate the likely depreciation deductions for your investment property Mitchell Partners’ new Tax Depreciation Calculator helps you to estimate the likely depreciation deductions claimable for all types of property including residential, commercial and manufacturing buildings. Click here to start using our Tax Depreciation Calculator now. Talk to us Want to order or find out more about…
There’s potentially a lot of work to do… One of the questions we often ask our clients is, “When do you plan to sell your business?” We get all sorts of responses, ranging from, “I’ve no intention of selling it” to “We think the kids will take it over, but we’re not sure” to “I’d…