From 1 July 2024 until 30 June 2025 the maximum claimable depreciation for motor vehicles has increased to $69,674 The limit for the 2024 FY was $68,108 If your vehicle purchase price is higher than the limit, the initial depreciation calculation is based on the purchase price or the limit, whichever is lower If the buyer of a vehicle is registered for GST then the limit excludes GST - if not, then the limit includes GST The personal use portion of the asset cannot be included in the de...

The federal 2024 budget confirmed superannuation will be paid on government-funded Paid Parental Leave (PPL) payments: The contribution will be 12% of the payment The contribution will be paid on payments after 1 July 2025 From 1 July 2026, the maximum PPL will be 130 days (26 weeks) Recipients must satisfy eligibility criteria If you need help with understanding the PPL, please don't hesitate to get in touch with us and arrange your free initial consultation ...

Recent research conducted by ASIC estimates more than 5 million Australians struggled to make loan repayments in the last 12 months, but many don’t ask for help. Asking for help with financial hardship is the first step ASIC MoneySmart has some tips for how to ask for help if you're experiencing financial difficulty  Step one is to contact your lender and let them know that you’re experiencing financial hardship Your lender must consider your request for assist...

A “comfortable retirement” has a different meaning depending on your lifestyle but as a guide the Association of Superannuation Funds of Australia (“ASFA”) provides some benchmarks which may be helpful. Each Financial Year Quarter ASFA produce a report including expenses likely to be incurred in retirement The March 2024 Quarter costs for a “comfortable retirement” increased 0.70% to $72,663 for couples and $51,630 for singles The ASFA website has some...