Latest News

Hot Issues
spacer
Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
spacer
ATO zeroes in on work expenses, crypto investments
spacer
Forget the Tim Tams in your WFH claim, say ‘fun police’
spacer
Inflation will force a third of businesses to raise prices
spacer
State and Federal Disaster support --- June 2022
spacer
Year-end tax planning
spacer
World GDP Ranking (1960~2025)
spacer
100A ruling ‘turns tax avoidance logic on its head’
spacer
Be alert for phoenix activity, businesses told
spacer
Equifax signs data agreement with ATO
spacer
E-invoicing will reduce emissions, says PwC
spacer
Largest cities in the world 1500 to 2100
spacer
Last chance to claim the loss carry-back
spacer
Changes to recovery loan scheme for small and medium enterprises
spacer
About the cash flow forecasting template
spacer
Federal budget 2022: Winners and Losers
spacer
ATO puts 50,000 directors on notice.
spacer
FBT Reminder – Odometer Reading
spacer
Data matching program: government payments
spacer
Budget: Big wins for SMEs
spacer
Small businesses show sign of omicron rebound
spacer
Federal Budget 2022 - Overview
spacer
Federal Budget 2022 and YOU - Part 1
spacer
Federal Budget 2022 and YOU - Part 2
spacer
Budget at a Glance - Video
Article archive
spacer
Quarter 1 January - March 2022
spacer
Quarter 4 October - December 2021
spacer
Quarter 3 July - September 2021
spacer
Quarter 2 April - June 2021
spacer
Quarter 1 January - March 2021
spacer
Quarter 4 October - December 2020
spacer
Quarter 3 July - September 2020
spacer
Quarter 2 April - June 2020
spacer
Quarter 1 January - March 2020
spacer
Quarter 4 October - December 2019
spacer
Quarter 3 July - September 2019
spacer
Quarter 2 April - June 2019
spacer
Quarter 1 January - March 2019
spacer
Quarter 4 October - December 2018
spacer
Quarter 3 July - September 2018
spacer
Quarter 2 April - June 2018
spacer
Quarter 1 January - March 2018
spacer
Quarter 4 October - December 2017
spacer
Quarter 3 July - September 2017
spacer
Quarter 2 April - June 2017
spacer
Quarter 1 January - March 2017
spacer
Quarter 4 October - December 2016
spacer
Quarter 3 July - September 2016
spacer
Quarter 2 April - June 2016
spacer
Quarter 1 January - March 2016
spacer
Quarter 4 October - December 2015
spacer
Quarter 3 July - September 2015
spacer
Quarter 2 April - June 2015
spacer
Quarter 1 January - March 2015
spacer
Quarter 4 October - December 2014
Quarter 4 of, 2017 archive
spacer
SMSFs warned on ‘ticking time bomb’ with outdated deeds
spacer
Taxation ruling on commercial website deductibility
spacer
68% of SMEs ‘significantly stressed,’ 85% rely on accountants
spacer
Statutory wills are underutilised in estate planning
spacer
Small business slips on lodgement deadlines
spacer
300,000 SMEs utilising $20K write-off, says ATO
spacer
‘A bad thing times 10’: ATO set for new SMSF blitz
spacer
Capital Gains and Renounceable Rights
spacer
Paperwork bungles lead to $38k in payments
spacer
Australian Dietary Guidelines and healthy eating chart (PDF)
spacer
Former director liable for company’s unpaid tax liabilities
spacer
Super for housing measures enter Senate
spacer
No Special Circumstances to allow Excess Super Contributions
spacer
Housing tax measures progress to Parliament
spacer
AirBnb – wrong tax outcome?
spacer
Are young investors wasting their youth?
spacer
ATO sending 'more letters than ever' on income tax errors
spacer
Powerful Budgeting, cash flow and Super Tools available on our site.
spacer
Property, unit trusts in ATO's sights
spacer
Australian Dietary Guidelines and healthy eating chart (PDF)
spacer
Major Bank Levy Passed
spacer
NSW tops list as ATO reveals billions in lost super
Super for housing measures enter Senate

The bills for the First Home Super Saver Scheme and the downsizing measures for Australians over the age of 65 have now passed the House of Representatives.

       

 

The bills for the First Home Super Saver Scheme and the downsizing measures for Australians over the age of 65 have now passed the House of Representatives.

The First Home Super Saver Tax Bill 2017 and Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Bill 2017 were introduced into Parliament last month, and are now before the Senate.

The First Home Super Saver Tax Scheme, first announced in the federal budget in May this year, will enable prospective first home buyers to save for a deposit inside their superannuation account, if passed.

Individuals will be able to contribute up to a total of $30,000 or up to $15,000 annually to superannuation, and later withdraw these contributions from 1 July 2018, said Treasurer Scott Morrison.

“These contributions, along with deemed earnings, can be withdrawn for a deposit with withdrawals taxed at a marginal tax rate less a 30 per cent offset,” he said.

Dixon Advisory managing director — head of advice Nerida Cole previously urged both sides of governments to pass the legislation so that first home buyers have certainty that the proposal will be available for use in 2017.

“The proposed First Home Super Saver Scheme offers tax concessions for first home buyers, to help them get to their savings target more quickly,” said Ms Cole.

The downsizing measures will enable older Australians to contribute proceeds from the sale of their family home into their superannuation accounts.

“From 1 July 2018, people aged over 65 will be able to make an additional non-concessional contribution of up to $300,000 into superannuation when they sell their home which they’ve held for at least 10 years,” said Mr Morrison.

“Both members of a couple can take advantage of this measure, meaning up to $600,000 of contributions may be made by a couple from the proceeds of selling their home.”

 

 
By: Staff Reporter
19 OCTOBER 2017
smsfadviser.com

 

Liability limited by a Scheme approved under Professional Standards Legislation.
© O'Brien and Partners 2022 - All Rights Reserved | 91 Station Street, Malvern VIC 3144 | Tel: 03 9509 3911 | Fax: 03 9509 3922. Site by Acctweb