2020-2021 Federal Budget: Taxation and Accounting Overview
2020-2021 Federal Budget: Taxation and Accounting Overview
The Federal Treasurer, Mr Josh Frydenberg, handed down the 2020-21 Federal Budget at 7:30 pm (AEDT) on 6 October 2020. Below we have provided a taxation and accounting overview of the changes outlined in the Budget. “Australia’s economic response to the COVID-19 pandemic in the form of the original and extended JobKeeper scheme, the cashflow […]
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Maximise Your Superannuation Contributions for Year Ending 30 June 2020
Maximise Your Superannuation Contributions for Year Ending 30 June 2020
If you are seeking to maximise your superannuation contributions in 2019/20, please carefully review the limits and information below.   Your contributions must be received in your Fund on or before 30th June 2020.  The reason is two fold to ensure that: 1. You are eligible to claim a deduction in 2019/20 for any personal […]
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REMINDER: Withdraw Your Minimum Pension Payment Before 30 June 2020
REMINDER: Withdraw Your Minimum Pension Payment Before 30 June 2020
We would like to remind our SMSF retirees to check your super fund records to ensure you have drawn your 2019/20 minimum pension payment by 30 June 2020. If you forget to withdraw or do not draw enough, your super fund will be subject to 15% tax on its pension asset investment earnings, rather than being […]
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Pension Requirements Halved by Australian Government
Pension Requirements Halved by Australian Government
Important superannuation measures have now been put in place in response to the current challenges we are facing due to the Coronavirus (COVID-19).  The key measures include: Temporarily Reduce Superannuation Minimum Drawdown Rates The Government is temporarily reducing superannuation minimum drawdown requirements for account based pensions and similar products by 50 per cent for 2019-20 and 2020-21. […]
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Have you paid your Superannuation Guarantee Contributions for the December 2019 Quarter?
Have you paid your Superannuation Guarantee Contributions for the December 2019 Quarter?
Staff superannuation guarantee contributions for the December 2019 quarter are due before the 28th of January 2020. We would like to remind all employers that Superannuation Guarantee (SG) Contributions for December 2019 are now DUE and must be received before the 28th of January. If you are an employer or are responsible for managing employee […]
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EoFY Super Contributions
EoFY Super Contributions
Don’t leave your contributions to the last minute This is particularly important if you plan to claim a tax deduction for any of your contributions. Contributions are included in a financial year if they are received in your fund’s bank account by 30 June. With 30 June falling on a Sunday this year, it would […]
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Changes to Insurance inside Superannuation
Changes to Insurance inside Superannuation
The Federal Government recently passed the “Protecting Your Super” (PYS) legislation package. This is designed to provide better outcomes for superannuation members by preventing inactive superannuation accounts being eroded by insurance premiums. From 1 July 2019, Super Funds are required to cancel insurance cover for any members whose accounts are deemed “inactive” for a continuous […]
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What the Coalition win means to your Superannuation
What the Coalition win means to your Superannuation
After taking a policy of stability for superannuation to the election, the Coalition Government has been re-elected in the 2019 Federal Election, with a small majority of seats in the House of Representatives. After the introduction of the significant legislative changes which came into effect on 1 July 2017, you may be relieved to hear […]
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Allan Hall named finalist in 6 categories in the Australian Accounting Awards 2019
Allan Hall named finalist in 6 categories in the Australian Accounting Awards 2019
We are very excited to announce that Allan Hall Business Advisors has been named a finalist in the Australian Accounting Awards 2019 in the following 6 categories: Firm-wide Awards: Multi-service Firm of the Year SMSF Firm of the Year Employee Wellness Program of the Year Network of the Year (Alliott Group, the international association of […]
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