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Monthly Archives: December 2021

Up and coming changes to super

Up and coming changes to super

A number of significant super changes has been introduced into Parliament as a part of the government’s plan to enhance super outcomes for Australians. If passed, the changes will allow individuals aged between 67 and 75 to make non-concessional contributions and salary sacrifice super contributions without meeting the work test. Other changes introduced in conjunction include lowering the age for downsizer contributions, increase in the maximum releasable amount under the First Home Super Saver Scheme, and removing the minimum threshold for super guarantee.

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Building delays may cost you in more ways than one

Building delays may cost you in more ways than one

If you’re building or substantially renovating your home, any delays you may experience may end up costing you more than just money now. Individual Australian tax residents are able to access a building concession which in essence means that they can treat either the land or dwelling on the land as their main residence even though they are not living there during building or renovations. However, this concession only applies for a maximum of 4 years subject to certain conditions. Absence of the concession, you may be slugged with CGT on sale of that residence.

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Overview of small business CGT concessions

Overview of small business CGT concessions

Recently, the ATO has noticed that some larger and wealthier businesses have mistakenly claimed small business CGT concessions when they weren’t entitled. By incorrectly applying the concessions these businesses were able to either reduce or completely eliminate their capital gain. The ATO has urged all taxpayers that have applied the small business CGT concessions to check that they were eligible, this firstly means that the business should meet the definition of a CGT small business entity or the maximum net asset value test.

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