An additional 15% Contributions Tax is payable on Concessional Super Contributions where the Division 293 Threshold has been exceeded.  This means instead of paying 15% Contributions Tax on your Concessional Super Contributions, you will pay 30%.

The current Division 293 Threshold is $250,000.

Included as "assessable income" in the Division 293 Threshold includes various types of income but the primary income types are your gross wages and the Concessional Super Contribution....

The ATO is recently published superannuation rates and thresholds for the 2023 FY.

Some of the key points are as follows: Superannuation co-contribution entitlement remains at $500 but the lower income threshold increases to $42,016 and a higher income threshold increases to $57,016 Concessional Super Contribution Cap limit will remain at $27,500 Non-Concessional Super Contributions Cap limit will also remain at $110,000 As with most things to do with superannuation, there are ma...

It usually take some time for the law to catch up with general practices in society.  This has been true for digital signing of documents as with anything else but on 10 February, 2022 the Corporations Amendment (Meetings and Document) Act 2021 was passed by Parliament.

This legislation allows directors to sign company documents digitally rather than using "wet" signatures (i.e., using a pen to sign on a paper document).

This will save a considerable amount of time to complet...

Cryptocurrency, and dealing in cryptocurrency (i.e., buying and selling), as become very popular with many investors over the last several years.  However, a considerable number of those investors are unaware that there may be tax payable on the profits generated from their cryptocurrency dealings.

The ATO considers any profit made from dealing in cryptocurrency, whether you are a sophisticated investor or just an ordinary citizen trying to make a buck, the profits are subject to tax. &...

At the beginning of the pandemic, many of us were unsure if we were going to need the early release super amounts that were being offered by the government, but after the dust settled it became apparent for a large number of 'early-releasers' that the money would not be needed and now find themselves in a position of trying to get the money back into super.  However, super contribution rules are complex and need to be considered before transferring the early release amounts back ...