On 1 July 2017, the transfer balance cap was introduced for Australians in retirement. Find out how it works and whether it impacts you.
Saving a deposit to buy your first home is a tough task, and purchasing an affordable first home can be an even greater challenge. The First Home Super Saver (FHSS) Scheme developed by the Australian Government is one solution, but it’s not for everyone. To help you get your head around whether the FHSS Scheme is for you, check out our 10-point guide.
For some retirees, selling the family home can also be a great way to release built-up equity and make an extra contribution to their super account.
The Low and Middle Income Tax Offset (LMITO) helps low and middle income earners lower the amount of tax they need to pay. Because it is a tax offset, it can only be used to lower the amount of tax that you owe and not to generate a tax refund or pay your Medicare Levy.
Learn the Australian income tax rates for 2019/2020 and previous years, as well as details on how income tax is calculated, deductions, offsets and levies.
The Personal Income Tax Plan which provides targeted tax relief over seven years for low and middle income earners and protects middle income Australians from bracket creep consists of three steps.
If you are wondering how recent rule changes have affected your super and retirement plans, here’s a quick guide to the key changes and when they commenced.
From 1 July 2017 the Federal government introduced the transfer balance cap, which currently sits at $1.6 million and which will be indexed periodically in $100,000 increments.
On Thursday April 4th Labor leader Bill Shorten delivered his reply to this week’s Federal Budget. In this article we’ll look at Labor’s reply in relation to tax and superannuation measures, as well as announcements that affect older Australians.
With all the announcements on tax over the past few days it’s hard to keep track. So here goes. A year ago the then treasurer Scott Morrison unveiled a “seven year personal tax”.
In his budget speech tonight Treasurer Josh Frydenberg announced that under a Coalition government we will see a decade of surpluses that will “continue to build toward 1% of GDP within a decade”.
The Morrison government has delivered an election-launch budget with big personal income tax handouts to attract voters and a A$7.1 billion 2019-20 surplus to display its economic credibility.
For the government this “election budget” is an exercise in juggling. On the one hand, it is throwing out voter bait. On the other, it is running hard on the theme of economic responsibility.
Today Josh Frydenberg announced incentives for older Australians to contribute more to super, but these are a little disingenuous of the Liberals.
This year’s budget includes $448.5 to modernise Australia’s Medicare system, by encouraging people with diabetes to sign up to a GP clinic for their care. The clinic will receive a lump sum payment to care for the person over time, rather than a fee each time they see their GP.