Post-Budget 2023 Analysis – Superannuation – Frankly, not creditable
Following on from its previous announcement, the Australian Federal Government has confirmed that from 1 July 2025, individuals with a total superannuation balance (TSB) exceeding $3 million will be personally subject to an additional tax on increases in their TSB at a rate of up to 15%. TSB includes all superannuation held by an individual. […]
ReadmorePretending that the Surplus is Real – Gadens’ take on the Federal Budget
Buttressed by the record tax windfall from commodity exports, the second Chalmers Budget shirks the responsibility to pursue substantive tax reform and defaults to a series of measures which, whilst preserving a sense of political “Chalm”, appear lacking in coherent policy direction or strategy. On a night when a tax avoidance scandal cost the Government […]
ReadmoreThe good, the bad and the ugly of pandemic budgeting
Gadens’ view of the Federal Budget 2021/22 The Government’s second pandemic era Budget continues the theme of massive deficits being used in part to accelerate investment in productive assets and fund other targeted relief. Amongst the ‘good’ news however lurk several ‘bad’ and ‘ugly’ measures which will result in varied impacts across our client base. […]
ReadmoreA Federal Budget with Paradox befitting a Pandemic
Gadens’ view of the Federal Budget 2020/21 The Government’s historic pandemic-era Budget is the most unashamedly pro-business budget in memory which also seeks to buttress employment from the headwinds of recession and technological change. In a seemingly counterintuitive outcome for a ‘pro-jobs’ strategy, the Budget’s tax depreciation policy change is poised to accelerate the inexorable […]
ReadmoreCOVID-19 | The tax benefits of working from home
Overview What are the methods for calculating your home office tax deduction? Prior to 1 March 2020, there were two methods a taxpayer could use to calculate their home office tax deduction: the Fixed Rate Method; or the Actual Cost Method. As a result of the COVID-19 pandemic, the Australian Taxation Office (ATO) has introduced […]
ReadmoreBlended families and the 1 November 2017 changes to succession legislation
On 1 November 2017, the Administration and Probate and Other Acts Amendment (Succession and Related Matters) Act 2017 (the Amending Act) came into operation. 1. Intestacy In Victoria, if a person dies without a valid Will (intestate), or with a valid Will but such Will does not deal with all of their assets (partially […]
ReadmoreAre you ready for the new Superannuation laws to take effect on 1 July 2017?
The proposed changes are very complex as is evidenced by the colossal amount of explanatory material, compliance guidelines and legislation which the government has issued since the changes were announced. How do the changes affect me? The most significant change is the imposition of a transfer balance cap (TBC), which will impose a $1.6 […]
Readmore
