by epoch | Jun 2, 2021 | eNews
Super guarantee rate increases to 10% On 1 July 2021, the Superannuation Guarantee (SG) rate will rise from 9.5% to 10% – the first rise since 2014. It will then steadily increase each year until it reaches 12% on 1 July 2025. The 0.5% increase does not mean...
by epoch | May 12, 2021 | eNews
Work test repealed for voluntary superannuation contributions Date of effectThe first financial year after Royal Assent of the enabling legislationExpected to be 1 July 2022 Individuals aged 67 to 74 years will be able to make or receive non-concessional or salary...
by epoch | May 12, 2021 | eNews
Low and middle income tax offset extended Date of effectFrom 1 July 2021 to 30 June 2022 As widely predicted, the Low and Middle Income Tax Offset (LMITO) will be extended for another year. The LMITO provides a reduction in tax of up to $1,080 for individuals with a...
by epoch | May 12, 2021 | eNews
For business, the most significant announcements in this years budgets are extensions to the instant asset write off and loss carry back schemes. Temporary full expensing extension Date of effectAssets acquired from 7:30pm AEDT on 6 October 2020 and first used or...
by epoch | May 12, 2021 | eNews
The 2021-22 Federal Budget is a balancing act between a better than anticipated deficit ($106 bn), an impending election, and the need to invest in the long term. Key initiatives include: Extension of temporary full expensing and loss-carry back providing immediate...
