News & Events

Tax and Super October 2023 Newsletter

In this month's edition of the Client Newsletter, we are pleased to present a curated selection of articles that address some of the most pressing financial concerns and opportunities facing individuals and businesses today. From the intricacies of superannuation contributions to the nuances of capital gains tax, this issue aims to provide you with a comprehensive understanding of topics that are often considered complex but are essential for financial well-being and strategic planning. For individuals, especially those nearing retirement or contemplating significant life changes, understanding the rules surrounding deductible contributions to superannuation funds is of paramount importance. The age-based rules and the work test are not just statutory requirements but pivotal elements that could substantially affect your retirement savings and tax liabilities. Small business owners will find the section on Capital Gains Tax (CGT) Roll-over Concessions particularly enlightening. In an economic landscape where asset management and tax planning are integral to business sustainability, knowing how to strategically defer capital gains tax can offer a competitive edge. Additionally, the Small Business Skills and Training Boost article is timely, given the ever-changing market dynamics and the increasing importance of employee development. With a focus on tax deductions, this article aims to guide businesses on how to make the most of government incentives aimed at skills enhancement. The issue also delves into retirement concessions related to capital gains, offering insights into how strategic financial planning can lead to significant tax benefits. If you are over 55 and considering liquidating assets or looking to channel gains into your super fund, this section provides valuable guidance. Lastly, for those involved in property development, a recent Federal Court decision has set a precedent that could influence your tax deductions. Understanding these legal nuances is crucial for effective financial planning and compliance.

This edition features pieces on:

Personal Deductible Superannuation Contributions: 
Overview: This article delves into the complexities surrounding the age-based rules and the work test for making deductible contributions to your superannuation fund. 
Key Points: It covers the age brackets that are eligible for making contributions, the "work test" that individuals aged 67 to 74 must pass, and the annual caps on contributions. 
Relevance: Understanding these rules is crucial for maximising your retirement savings while also taking advantage of tax benefits. 

Capital Gains Tax (CGT) Roll-over Concessions:
Overview: This piece provides an in-depth look at CGT roll-over concessions, which allow the deferral of capital gains tax. 
Key Points: It explains the types of assets that qualify, the conditions under which the concessions can be applied, and the documentation required. 
Relevance: Small business owners will find this particularly beneficial for tax planning and asset management. 

Small Business Skills and Training Boost: 
Overview: This article focuses on the government's skills and training boost aimed at small businesses. 
Key Points: It outlines the eligibility criteria, the types of training that qualify, and how businesses can claim tax deductions on these expenses. 
Relevance: Investing in employee training not only enhances skills but also offers financial incentives through tax deductions. 

Retirement Concession and Capital Gains:
Overview: This section offers insights into capital gains concessions available to those aged 55 or over. 
Key Points: It discusses how a capital gain of up to $500,000 can be taken tax-free or channelled into a super fund, along with the conditions that must be met. 
Relevance: For those nearing retirement or considering asset liquidation, this information is invaluable for financial planning. 


Property Development and Taxation: 
Overview: This article explores a Federal Court decision that has implications for property developers. 
Key Points: It examines how the original purchase price of land can influence the costs that can be claimed as a tax deduction. 
Relevance: Property developers and investors will find this information crucial for understanding the tax implications of their projects. 

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