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Most Common Self Managed Super Fund Set Up for 2024

Structure your SMSF with the Most Common Self Management Super Fund Set Up Self-managed super funds (SMSFs) are a crucial aspect of Australia’s retirement planning landscape and it’s important to become familiar with two of the most common self managed super fund set up. With the flexibility they offer, many Australians opt for this personalised

Superannuation Scams on the Rise: Don’t be a Victim.

You may have asked yourself these Crucial Questions When Setting Up a SMSF or any other types of investment, but have you thought about what to do once you successfully set up one? While you’ve been busy securing your home and family, there have been major developments in the world of finance that could victimise

The Age for the Downsizer Super Scheme to Drop to 55 Starting January 2023.

Australian citizens aged 55 and over can now take advantage of downsizer contributions with the passage of the Treasury Laws Amendment (2022 Measures No. 2) Bill 2022. This means that from January 1st, 2023, eligible submissions will be accepted from those meeting criteria along with any other established eligibility qualifications. What is the downsizer super

Maximise Deductions for Self-Education Expenses in 2023

Cutting self-education expenses off your taxable income is one of the best tax-saving strategies available to you. It’s tax season, and as we all know, it can be a stressful time. But this year, taxpayers with self-education expenses have something to look forward to! Starting with the 2023 tax return, the $250 minimum threshold for

Sharing Economy Reporting Regime (SERR) Passes New Requirements for EDPs in 2023

If you use online sharing economy platforms such as Airbnb, Uber, Menulog, Airtasker, Freelancer, and Car Next Door, it’s important to be aware of the changes to the Taxable Payments Reporting System (TPRS). Soon, these platform operators will be required to report transaction information directly to the Australian Taxation Office (ATO). As a freelancer or

2023 Insights on Early Access to Super

Early access to super savings, for some individuals, is the way to go. This may be necessary before retirement due to financial hardship or other unforeseen circumstances. Superannuation is a vital component of retirement planning in Australia, with millions relying on their superannuation savings to support them in their golden years. As we move into

2023 Guide to Updated Super Registration

An updated super registration process will remove the ability to add the Self-Managed Super Funds (SMSFs) bank account details to online and paper applications for an ABN registration for SMSF to protect the savings of SMSF members. New SMSFs are now required to provide the Australian Taxation Office (ATO) with bank details after registration through:

How to Claim Fuel Tax Credits and Reduce Your Business Expenses in 2023

Claim Fuel Tax Credits and Reduce Your Business Expenses in 2023 If you own a heavy vehicle, you can apply for fuel tax credits to help with the cost of eligible fuels used. We understand that running a business takes hard work, and savings do matter. With the periodic lodgement of fuel tax credits to

COVID-19 Re-contribution Early Release Super Amounts

Re-contributing COVID-19 Early Release Super Amounts   Re-contributing COVID-19 Early Release Super Amounts is a complex process but a great way to grow your super funds. Many individuals have been impacted financially by the COVID-19 pandemic, leading to changes in money management. To provide relief during this crisis, the government opened access to superannuation funds under

Work Test Removal to Empower Older Australians in 2023 

An update on work test removal has provided new opportunities for those approaching retirement. Starting from 1 July 2022, individuals aged between 67 and 74 won’t have to satisfy the work test to make or receive non-concessional or salary-sacrificed contributions to their superannuation.  The announcement made in the Federal Budget on 11 May 2021, regarding

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