Uncategorized
July 26, 2023
The 120% technology and skills ‘boost’ deduction
The 120% skills and training, and technology costs deduction for small and medium business have passed Parliament. We’ll show you how to take maximise your deductions. Almost a year after the 2022-23 Federal Budget announcement, the 120% tax deduction for expenditure by small and medium businesses (SME) on technology, or skills and training for their…
May 10, 2023
‘Ace in the Hole’ Budget 2023-24
The ‘ace in the hole’ of the 2023-24 Federal Budget was the $4.2bn surplus; the first in 15 years. The surplus was driven by a surge in the corporate and individual tax take. High commodity prices, inflation, and high employment have all pushed up corporate and individual tax receipts. But the gains can’t be relied…
April 28, 2023
Budget 2023-24
The 2023-24 Federal Budget will be released on Tuesday, 9 May 2023. Look out for our update the next day on the important issues to you, your superannuation and your business. Little has been released to date on the impending Budget beyond the tax on super balances above $3m and the decision not to extend…
April 16, 2023
Update: Tax on super balances above $3m
In a very quick turnaround from announcement to draft legislation, Treasury has released the exposure draft legislation for consultation to enact the Government’s intention to impose a 30% tax on future superannuation fund earnings where the member’s total superannuation balance is above $3m. The draft legislation confirms the Government’s intention to: Impose the tax on…
April 14, 2023
How Does Tax Apply to Electric Cars?
Just in time for the Fringe Benefits Tax (FBT) year that started on 1 April, the Australian Taxation Office (ATO) has released new details on electric vehicles. The FBT exemption for electric cars If your employer provides you with the use of a car that is classified as a zero or low emissions vehicle there…
March 23, 2023
Appointment of new DAA Principals
It is with great pleasure we announce the promotion of Egidija Popovic and Lee Just as Principals of DAA. DAA is very fortunate to have a core group of leaders who have been providing outstanding and consistent service to our clients for many years. Both Egidija and Lee are clearly part of this group. They…
March 3, 2023
1 July 2023 Super Balance Increase but no Change for Contributions
The general transfer balance cap (TBC) – the amount of money you can potentially hold in a tax-free retirement account, will increase by $200,000 on 1 July 2023 to $1.9 million. The TBC is indexed to the consumer price index each December. The TBC applies individually. If your transfer balance account reached $1.7m or more…
March 3, 2023
The ‘Super’ Wars
A consultation paper released by Treasury has sparked a national debate about the role, purpose and access to superannuation ahead of the 2023-24 Federal Budget. At first glance, the consultation paper released by Treasury in February titled “Legislating the objective of Superannuation” sounds innocuous enough. The consultation seeks to anchor future policies relating to superannuation…
March 3, 2023
Future earnings for super balances above $3m taxed at 30% from 2025-26
The Government has announced that from 2025‑26 it is reducing the tax concessions available to individuals whose total superannuation balances exceed $3 million. Individuals with balances over this threshold would be subject to an additional tax of 15% on the earnings on any balance that exceeds the $3 million threshold. The tax only applies to…
February 28, 2023
Is ‘downsizing’ worth it?
From 1 January 2023, those 55 and over can make a ‘downsizer’ contribution to superannuation. Downsizer contributions are an excellent way to get money into superannuation quickly. And now that the age limit has reduced to 55 from 60, more people have an opportunity to use this strategy if it suits. What’s a ‘downsizer’ contribution?…
