The government has released details on proposed changes to super announced as a part of the 2020-21 Federal Budget. The changes are aimed at reducing unnecessary fees.
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ATO has recently outlined its expectations for businesses post-COVID. It largely warned companies against using loopholes to obtain benefits from the various government stimulus packages.
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Due to COVID-19 impacts on the 2020 and 2021 financial years, the ATO has provided a concession for trustees of SMSFs in relation to valuation evidence.
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The 2020-21 Victorian Budget has been handed down. In difficult economic conditions, the State government is focusing on providing businesses with maximum support to ensure a quicker recovery.
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As part of the Government’s aim at supporting economic recovery and creating jobs, some of the proposed measures announced in the recent 2020-21 Federal Budget, centred on changes to individual taxation.
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If your business is thinking of hiring new staff, now is the time, the Government will pay employers a subsidy of sorts for each eligible young worker employed over the next 12 months.
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According to the latest data from the Australian Bureau of Statistics, when it comes to household wealth owner-occupied dwellings are the largest asset held by households.
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The tax-free super component generally consists of non-concessional contributions. Whereas, the taxable (taxed element) component is usually the remaining balance, consisting of concessional contributions and investment earnings.
Read MoreAustralian shares bucked the global trend to post a 1.9% return in October as easing restrictions, low case numbers, and a highly supportive federal budget bolstered confidence. Information Technology (+9.0%) was the top performing sector, followed by Financials (+6.3%). Even the beaten-down banks enjoyed a reprieve having been impacted by provisions, a rise in customer deposits, and contracting net interest margin.
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