Ideas & Stories

Tax Update Feb 2025 – from Andrea McNamara

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 …
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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 …
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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 …
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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 …
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