As 30 June approaches, all businesses should be looking at their figures for the last 9 months to determine what planning needs to be done. This should ideally be an ongoing process within the most successful businesses but there are some key matters that should be considered. My top tax planning tips are:
Federal Treasurer Wayne Swan has handed down his fifth Budget promising to deliver a surplus of $1.5 billion in 2012-13. This will be the first surplus since Labour came to power in 2007.
The budget only contained a few surprises, as many of the measures had already been legislated or pre-announced. The main winners were lower income earner, families and the elderly.
The fiscally conservative Budget will save $33.6 billion by reducing spending across almost every Government department and portfolio. Read more…
With only weeks until the end of the 2011/2012 Financial Year we would like to provide you with an economic update.
We also wish to advise that the Concessional Contribution Cap will halve from $50,000.000 to $25,000.00 from 1 July 2012 for people over age 50 years with superannuation balance greater than $500,000.00. It is important that you are aware of this change to avoid exceeding your Concessional Contribution cap in the next Financial Year and being liable for excess tax charges.
If you would like to take advantage of your last opportunity to investment up to $50,000.00 before the end of this Financial Year please contact us immediately to make an appointment. Read more…
From the 1st July 2012, the deductible amount that members over the age of 50, with a superannuation balance of greater than $500,000, can contribute to superannuation will half from $50,000 to $25,000. Read more…
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