Personal (2)

This is my first category.

Tuesday, 03 April 2018 09:05

Temporary Budget Repair levy will expire

The Temporary Budget Repair levy of 2 percent of taxable income in excess of $180,000 will expire on 30 June 2017. There has been no indication that the government seeks to extend the Levy in this years Budget. Therefore the highest marginal tax rate will be 45% + Medicare Levy from 1 July 2017.

Friday, 01 September 2017 11:17

Can I make tax-deductible super contributions?

From 1 July 2017, you can now be an employee and make personal tax-deductible super contributions. If you’re self-employed, or substantially self-employed, or not employed, you have always been able to claim a tax deduction for your super contributions.

If you claim a tax deduction for your super contributions, this means these super contributions are treated as concessional contributions and count towards the concessional contributions cap.

Note: Anyone under the age of 18 can only make a tax deduction for super contributions when his or her income is from gainful employment, such as carrying on a business.

Prior to July 2017, individuals who were both employed and self-employed had to meet a 10% income test rule, while full-time employees were not permitted to make tax-deductible super contributions. Since 1 July 2017, the 10% income test rule will no longer apply when making tax-deductible super contributions, and full-time employees can also make tax-deductible super contributions.