by Team Garnet | Feb 24, 2021 | Superannuation, Tax News
From 1 July 2021, the general pension transfer balance cap will increase from $1.6m to $1.7m due to indexation. “Indexation is a technique to adjust income payments by means of a price index, in order to maintain the purchasing power of the public after...
by Team Garnet | Feb 17, 2021 | Superannuation, Tax News
The data-matching programs just keep coming from the ATO this year, this time it will be focusing on data pertaining to the temporary early access to super due to COVID-19 and the JobMaker Hiring Credit. In relation to the early access of super, the ATO will be...
by Team Garnet | Jul 16, 2018 | Superannuation, Tax News
If you are the trustee of one of the approximately 577,000 SMSFs in Australia at the moment, there are some areas the ATO wants you to pay particular attention to including the sole-purpose test, the in-house asset rules, unlawful schemes and arrangements, and...
by Team Garnet | Jul 4, 2018 | Superannuation, Tax News
From 1 July 2018, people aged 65 or over will be able to make additional non-concessional contributions of up to $300,000 from downsizing their home subject to certain conditions. This is in addition to the concessional and non-concessional contribution caps. However,...
by Team Garnet | May 15, 2018 | Small Business, Superannuation, Tax News
The 2018-19 Budget was handed down on 8 May by Treasurer Scott Morrison who delivered what was widely perceived to be an election Budget with lots of sweeteners for everyone. So what’s in it for you? Businesses: While there were no specific tax cuts for businesses,...
by Team Garnet | May 7, 2018 | Superannuation
It is said there are only two things certain in life. Death and Taxes! What happens when they occur at the same time? Death of a loved one is not only a tumultuous time for the deceased family and friends but when the deceased is a member of a self-managed...
