1. What happened to the 30% 'Super Tax'?
In February 2023, the Federal Government announced a new tax for individual superannuation balances over $3 million. It was described as a 30% tax, but in fact was a second 15% tax on balances over $3 … Read more
Tax Trap
1. Tax Trap ... whoops.
When a taxpayer borrows money for the purposes of acquiring an investment, such as a rental property, a business, a share portfolio or an income generating capital asset, the interest expense associated with the investment … Read more
2024 Tax Planning Checklist
Just a few smart things can save you a lot of tax. Legitimately!
1. Instant Asset Write Off
Yes, it is still available, and the amount has increased from $20,000 to $30,000, plus it is now available for businesses with turnover up to $50 million … Read more
Tax Unplugged – March 2024
a. Tax Cuts.
Yes please! As from 1 July 2024, the new tax rates commence as follows:
2023 Income Range
Old 2023 Rate
2024 Income Range
New 2024 Rate
From
To
From
To
0
$18,200
nil
0
$18,200
nil
$18,201
$45,000
19 … Read more
