After lodging an activity statement you may find that you have missed something or neglected to include a particular item. While the ATO will generally take your word for self assessed activity statements they will review information via means such as data matching which may highlight any errors you have made. If an inadvertent error…
Are you clear on what non‑concessional contributions you can contribute in a year? With the Government abandoning its policy to introduce a $500,000 lifetime cap for non-concessional contributions are you clear on what non-concessional contributions you can make to superannuation now? Non-concessional contributions are contributions that are made to super from after-tax income or…
Non-concessional contribution cap The original proposal was to replace the existing non-concessional contribution cap with a lifetime limit of $500,000, including all non concessional contributions made since 1 July 2007. This measure is replaced with an annual non-concessional contribution (NCC) cap of $100,000 (currently $180,000). Individuals under the age of 65 are also able to…
Salary packaging is a way in which an organization can increase the take home pay of its employees. If done correctly there is no additional cost to the business and the employee will gain a tax advantage. What is Salary Packaging? Salary packaging is where an employee agrees with their employer to forego part of…
