Government scraps anti-detriment payments SMSF practitioners may need to reassess any anti-detriment payment strategies in place for clients with the government looking to remove the tax refund as part of its tax reform plans, says the SMSF Association. Speaking to SMSF Adviser, federal member for Deakin Michael Sukkar said he was calling for the anti-detriment […]
Superannuation Co Contributions
Superannuation Co Contributions In recent years, the government has been decreasing the superannuation co contributions for low income earners. Based on the individuals taxable income, each financial year, the co contribution that the government will contribute to a complying superannuaiton fund will decrease. There is a maximum of $500 per financial year. Interested in […]
Increase in the Medicare Levy
Increase in the Medicare Levy By now, most of you will be aware of the government’s decision to increase the Medicare levy by 0.5% to fund Australia’s DisabilityCare program. From July 1, 2014, the Medicare levy will increase from 1.5% to 2% of taxable income. What many people may not realise however is that […]
