This edition features pieces on:
- Personal Deductible Superannuation Contributions:
Overview: This article delves into the complexities surrounding the age-based rules and the work test for making deductible contributions to your superannuation fund.
Key Points: It covers the age brackets that are eligible for making contributions, the “work test” that individuals aged 67 to 74 must pass, and the annual caps on contributions.
Relevance: Understanding these rules is crucial for maximising your retirement savings while also taking advantage of tax benefits.
- Capital Gains Tax (CGT) Roll-over Concessions:
Overview: This piece provides an in-depth look at CGT roll-over concessions, which allow the deferral of capital gains tax.
Key Points: It explains the types of assets that qualify, the conditions under which the concessions can be applied, and the documentation required.
Relevance: Small business owners will find this particularly beneficial for tax planning and asset management.
- Small Business Skills and Training Boost:
Overview: This article focuses on the government’s skills and training boost aimed at small businesses.
Key Points: It outlines the eligibility criteria, the types of training that qualify, and how businesses can claim tax deductions on these expenses.
Relevance: Investing in employee training not only enhances skills but also offers financial incentives through tax deductions.
- Retirement Concession and Capital Gains:
Overview: This section offers insights into capital gains concessions available to those aged 55 or over.
Key Points: It discusses how a capital gain of up to $500,000 can be taken tax-free or channelled into a super fund, along with the conditions that must be met.
Relevance: For those nearing retirement or considering asset liquidation, this information is invaluable for financial planning.
- Property Development and Taxation:
Overview: This article explores a Federal Court decision that has implications for property developers.
Key Points: It examines how the original purchase price of land can influence the costs that can be claimed as a tax deduction.
Relevance: Property developers and investors will find this information crucial for understanding the tax implications of their projects.
Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.
Disclaimer: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information.