Family Tax Benefit A and B both include a supplement payment. This typically gets paid after you (and your partner, if you have one) have lodged your tax return for the year and actual income is reconciled against the family assistance you have received. If it turns out that you have been overpaid, the supplement will [...]
The government has announced its intended reforms to the superannuation system, prefacing its announcement with a re-commitment on its decision to gradually increase the Superannuation Guarantee rate from 9% to 12%. The nub of the long statement however seems to be that income from certain pension streams are to be taxed at 15%. According to [...]
With a vast number of superannuation funds out there spread across an array of sectors, it can be hard to decide which fund to join. Luckily, superannuation information provider SelectingSuper has compiled a list of the best fee deals for superannuation funds calculated for a member earning around $50,000 per annum with $50,000 in their [...]
With the end of the year approaching fast, it’s time to take a look a some of the changes you can expect in the New Year with regard to certain Government benefits and services. January 1, 2013 SchoolKids Bonus The SchoolKids Bonus replaces the Education Tax Refund. Around a million families will receive a cash [...]
The Commonwealth Seniors Health Care Card can give self-funded retirees who do not qualify for a government Age Pension the entitlements that others receive from the Pensioner Concession Card (like pharmaceutical benefits, help with utilities bills and transport discounts). Many self-funded retirees can maintain their assets and continue to make quality investments rather than work [...]
As of August 7, SMSF trustees have to adhere to a raft of new measures which are intended to address potential risks and strengthen the SMSF regulatory framework. These measures mean SMSF trustees are: required to conduct a review of the fund’s investment strategy on a regular basis required to consider insurance for fund members [...]
Compassionate reasons can serve as grounds for withdrawing pre-retirement or preserved super to cover medical and related emergencies – but strict rules apply. Overseen by the Department of Human Services, the compassionate grounds benefit allows super to be withdrawn in one or more of five specific circumstances, after taking into account a member’s financial capacity. [...]
A) Previous Announcements In March 2012, changes to super were announced. These changes include: • The superannuation concessional contributions cap will remain at $25,000 for individuals under 50 years of age up to and including the 2013-14 financial year, commencing 1 July 2013; • From 1 July 2011, eligible individuals will be able to have [...]
Increasing concessional contributions caps – the measure to increase the concessional contribution caps (also known as pre-tax contributions) for individuals over 50 with low superannuation balances announced in the 2010-11 Budget has been deferred and will now start on 1 July 2014 instead of 1 July 2012. Under this higher concessional contributions cap, individuals aged [...]
Is debt ruling your life? Student debts, credit cards and personal loans can be a source of unnecessary stress and prevent you from enjoying other things in life. Clearing your debts doesn’t have to be hard work. With the right professional advice, it’s possible to get your finances on track sooner than you think. Which [...]
This blog is maintained by the team from Alan Lewis Accountants. The blog began back in 2007 and continues to this day with the goal of keeping taxpayers and small business educated and informed.
Family Tax Benefit Supplements 2013
Changes to Government Payments in 2013
Family Tax Benefit Supplements 2011
Self Education Expenses Cap on Deductions
Anstis Case follow-up
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