For many millennials, the reality of the economy is catching up with those aged between 24 and 40. Although they may just be buying – or saving to buy – their first home, their retirement not too far in the future, maybe somewhere in the early years of 2050. And as we always say, the …
MILLENNIALS: Are you planning your roadmap to retirement? Read More »
In simple terms, inflation signifies a rise in the price of goods and services, meaning you pay more for every purchase you make. Rising inflation has a range of impacts, particularly on cost of living – as we are all feeling at the supermarket for example. Here we look at the particular effect it has …
1. Future earnings for super balances above $3m taxed at 30% from 2025-26 The Government has announced that from 2025‑26, the 15% concessional tax rate applied to future earnings for superannuation balances above $3 million will increase to 30%. The concessional tax rate on earnings from superannuation in the accumulation phase will remain at 15% up …
Superannuation: updates, announcements & changes Read More »
CLICK HERE to read the Acumon Autumn Newsletter 2023 In this issue:WelcomeKey Dates April 2023 Working from home & what you can claim from the ATO from 1 July 2022 onwards End of the FBT year fast approaching Congratulations Phill Hall Recipe of the season Superannuation wars
The Australian Taxation Office (ATO) has updated its approach to how you claim expenses for working from home. The ATO has ‘refreshed’ the way you can claim deductions for the costs you incur when you work from home. From 1 July 2022 onwards, you can choose either to use a new ‘fixed rate’ method (67 …
Refreshed ‘Working from Home’ deduction calculations Read More »
Taxpayers claiming deductions on holiday homes are in the ATO’s sights. The ATO is more than a little concerned that people with holiday homes are claiming more deductions than they should and have published the starting questions they will be asking to scrutinise claims: The problem is blanket claims for the holiday home regardless of …
What will the ATO be asking about your Holiday Home? Read More »
CLICK HERE to read the Acumon Connect Summer 2022 Newsletter In this issue:WelcomeMerry Christmas + 2022 / 2023 Office ClosureKey dates for January 2023Interest RatesCongratulations Callan & AshleighChristmas Budgeting + a delicious Christmas recipe
The value of cryptocurrency assets inside Australian self-managed superannuation funds (SMSFs) increased by 589.9% ($1.17bn) between June 2019 and June 2022, according to the latest ATO statistics. While cryptocurrency is a relatively small asset class at only 0.16% of the $837bn held in SMSFs, it is a growing asset class, larger than collectibles and personal …
The Optus data breach is top of mind for a lot of Australians, particularly those who have had their data breached. For business, the breach is a timely warning on the importance of understanding what data is held on your customers (and should you hold it?), how it is secured, how your systems work and …
CLICK HERE to read the Acumon Connect Spring 2022 Newsletter In this issue:WelcomeOur new websiteLatest articlesMeet the teamSteps to Spring cleaning your finances
