Super...super…..where are you....?
Do you want a share of $16 Billion of lost super available in Australia?
As at 30 June 2017 the following regions had unclaimed and lost super to the value of:
• Australians had over 16 Billion Queenslanders had $3,127,500,773 lost super – NSW had the most of any state with over $5 Billion
• 4730 postcode (Longreach) has 653 accounts to the value of $2,431,556
• 4725 postcode (Barcaldine) has 219 account to the value of $1,075,332
• 4472 postcode (Blackall) has 267 accounts to the value of $1,054,004
• 4735 postcode (Winton) has 218 accounts to the value of $528,787
• 4724 postcode (Alpha) has 78 accounts to the value of $458,314
• 4726 postcode (Aramac) has 75 accounts to the value of $274,471
• 4727 postcode (Ilfracombe) has 52 accounts to the value of $272,187
• 4732 postcode (Muttaburra) has 35 accounts to the value of $90,653
• Find out how much lost and unclaimed super is in your postcode
"Honey, lets go visit the rental property....quickly"
Are you a rental property investor who previously claimed expenses for your rental property? Well there are changes afoot following recent 2017/18 budget announcements.
Deductions for travel-
Deductions for travelling to a residential rental property will no longer be allowable for investors after 1 July 2017. This change relates to individuals travelling to collect rent, maintain the property or complete an inspection, leaving investors only a short period before 30 June to claim a final deduction. An example of the types of deductions previously able to be claimed are: plane fares, hotel fees, motor vehicle expenses.
Investors will still be able to engage third parties such as real estate agents for property management services. This expense will remain deductible.
Deductions for depreciation of plant and equipment-
The recent Federal Budget has removed the ability to claim a tax deduction for depreciation on the fixtures purchased with a residential rental property. The new restriction applies for properties settled after 9 May 2017. Plant and equipment depreciation deductions will be limited from 1 July 2017 to amounts actually outlaid by a rental property investor. This limitation relates only to residential property investors.
Are you aware of Superannuation changes 1 July 2017
The Government superannuation changes have been subject to ongoing negotiation for over a year – often quoted as the most significant reforms to superannuation in a decade. The reforms have now been passed which means many changes to the super system will take place from 1 July 2017. Most commonly talked about are:
- The annual non-concessional contributions cap will reduce from the current level of $180,000 to $100,000 (and will then increase in line with the indexation of the concessional contributions cap).
o However, anyone fortunate enough to be able to make a significant contribution before 30 June 2017, can still contribute up to $540,000 under the 3 year bring-forward rules, provided they meet the existing conditions.
- The new annual concessional contributions cap will be limited to $25,000 for all individuals regardless of age.
o It is not all bad news though, as from 1 July 2019 you may increase your concessional contribution cap by carrying forward your unused concessional caps amounts if you have a total superannuation balance of less than $500,000.
We offer a wide range of services to help you set up, run and grow your business as effectively and as stress free as possible.
FIND OUT MORE
You and your family
Need help getting your family finances in order? Our specialist services include Taxation, SMSF services, estate planning plus many more.
FIND OUT MORE
Our team can assist your community organisation with their financial reporting and auditing needs.
FIND OUT MORE