As at July 1st, 2019 the Australian Government changed the laws regarding superannuation funds.If you have any superannuation funds that meet the following criteria, the balance will have been sent to the Australian Taxation Office (ATO):no contributions have been...
The tax brackets have changed for the 2020-2021 financial year.Changes include an increase to the upper income threshold:19% income tax bracket: From $37,000 to $45,0005% income tax bracket: From $90,000 to $120,000These changes became effective from July 1 2020.So,...
Over the last couple of years individuals have been able to claim super contributions as a tax deduction. In order to be able to do this, a number of factors are involved:Your super contributions must be made with your after-tax income.This is because you have already...
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