Changes to Work from Home Deductions
1 March 2023 marked a significant change to the record keeping requirement for those working from home in claiming working from home deductions in your income tax returns moving forward. The ATO has recently announced changes to working from home deductions and the shortcut claim method (80 cents per work hour) is no longer available. […]
Superannuation – The Government’s Proposed Changes
For a number of months now there has been speculation with respect to changes to Superannuation – and in particular members who have significant funds in Superannuation. The present regimes taxes income as follows: Super zero to 15% – (Penalty tax rate of 47% which is not being discussed as funds presumed to be complying.) […]
Paid Family and Domestic Violence Leave Regulations 2023
The recent changes to Family and Domestic Violence (FDVL) leave came into effect for non-small business employers, who employ 15 or more staff, from the 4th of February 2023. The following is a summary of the changes: Further to our article posted last month, we have summarised some further points and linked some helpful information: […]
HQB’s Weekly SMSF News – Week 17: “TRIS” – What are they?
HQB’s Weekly SMSF News – Week 17 Transition to Retirement Income Stream (TRIS) in Self-Managed Super Funds – What are they? Essentially a TRIS is an account-based pension from where lump sum payments can only be made in limited circumstances Transition to retirement allows people to access their superannuation benefits without having to retire or […]
Payroll News: Domestic Violence Leave, Aged Care Award Rate Increase, STP Phase 2
There have been some recent changes in legislation that could affect the payroll procedures within your business, or yourself as an employee. We have summarised some recent changes below. 1. New paid family and domestic violence leave All employees, whether full time, part time, or casual, will soon be able to access 10 days of […]
HQB’s Weekly SMSF News – Week 16: Key Lodgement Due Dates for your SMSF
HQB’s Weekly SMSF News – Week 16 There are many key dates to be aware of regarding your Self-Managed Superfund. The dates of lodgement may differ depending on whether you are lodging through a registered tax agent or if you are self-preparing. Below is a list of the main key dates for trustees to be […]
HQB’s Weekly SMSF News – Week 15: Binding Death Benefit Nominations (BDBNs)
HQB’s Weekly SMSF News – Week 15 Binding Death Benefit Nominations (BDBNs) – what is a BDBN and do I need one? A BDBN is a legal document that can be established for a member while they are alive It legally binds the trustee of the SMSF to direct the deceased member’s benefits to a […]
HQB’s Weekly SMSF News – Week 14: Transfer Balance Account Reporting (TBAR)
HQB’s Weekly SMSF News – Week 14 Transfer Balance Account Reporting (TBAR) – what is this and how does this affect my SMSF? TBAR refers to legislation that was introduced from 1 July 2018 that put a limit on how much an individual can transfer to pension phase ($1.6 million at the time). This meant […]
HQB’s Weekly SMSF News – Week 13: Pension Phase
HQB’s Weekly SMSF News – Week 13 Pension phase – at what age are my superannuation benefits eligible to be transferred to pension phase? Super benefits start off in accumulation phase during a person’s working life. Super benefits can be “transferred” to pension phase (or retirement phase) by commencing a pension account (account-based pension). This can […]
HQB’s Weekly SMSF News – Week 12 – Work Test
HQB’s Weekly SMSF News – Week 12 Work test – do I need to be working to contribute extra funds to superannuation? Under current rules, if you are aged 67 or older (up to age 74) you need to meet a “work test” to make personal (concessional) contributions for which you claim a tax deduction. […]