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Lower taxes for businesses and individuals

Lower taxes for businesses and individuals

The Budget seeks to promote tax reform and simplification in an effort to support business investment and help reduce the personal income tax burden.  Business Businesses are encouraged to invest with the introduction of temporary full expensing. Businesses with turnover up to $5 billion will be able to deduct the…

Changes to the super system

Changes to the super system

The Budget seeks to address various shortcomings in the superannuation system Unintended multiple accounts One of the consequences of changing employers is the creation of multiple accounts. These result in unnecessary fees, and reduce retirement savings. Under the Budget, the proposal is that individual’s super is ‘stapled’ to them. Stapling…

Long term tax effective Investments

Long term tax-effective Investments

Determining where to invest requires multiple factors to be taken into consideration. One such factor may be tax efficiency. The tax charged on income from a tax-effective investment is less than the individual’s marginal tax rate.  Superannuation The government provides incentives to save through Super, which make it one of…

Salary Sacrificing for your Super

Salary Sacrificing for your Super

One of the most effective ways to add to your super balance is through salary sacrifice. Salary sacrifice involves the employee agreeing to exchange a portion of their salary (before tax) for an increase in superannuation contribution by their employer.  Contributions made through salary sacrifice are classified as employer contributions,…