Latest news

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?…

November 16, 2022

30 November director ID deadline

The deadline for existing directors of Australian companies to obtain a Director Identification Number is 30 November 2022. All directors of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation (ATSI) will need a director ID. This includes directors of a corporate trustee of a self-managed super fund (SMSF)….

October 26, 2022

Shuffling the decks: 2022-23 Budget 2.0

There is nothing in this Budget that would create a UK style crisis. The stage 3 tax cuts legislated to commence on 1 July 2024 are not mentioned, and most funding initiatives appear to be a reallocation of previous Government initiatives. And, the commodity driven $54.4 billion improvement in tax receipts has largely been banked,…

August 25, 2022

FBT-free Electric Cars

New legislation before Parliament, if enacted, will make zero or low emission vehicles FBT-free. Who can access the concession and how? Electric vehicles (EV) represent just under 2% of the new car market in Australia but it is a rapidly growing sector with a 62.3% jump in new EV registrations between 2020 and 2021. Making…

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