September 12, 2016
12Sep

Changes to Super are coming…

From 1 July 2017 Individuals with an adjusted taxable income above $250,000 will pay an additional 15% tax on contributions that aren’t in excess of their annual superannuation contribution cap. Additionally, the mandatory super contributions cap will be lowered to $25,000 for all individuals. (They are currently $30,000 for those under age 50; $35,000 for those aged 50 and over.) Legislation is currently being developed for this measure. As we hear more we will update you…
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June 10, 2016
10Jun

Canberra raises the Bar

ANDREW Barr says the 2016/17 ACT Budget will provide further support for Canberra businesses by lifting the payroll tax threshold to $2 million. “This latest change means that any Canberra business that generates less than $2 million per year will be exempt from payroll tax,” Andrew said. “This means about 40 local businesses will no longer have to pay payroll tax. (These are businesses with payrolls of between the current threshold of $1.85m and the new threshold of $2.0m, who are currently paying the tax). “In addition, lifting the payroll tax threshold will give a $10,000 a year tax cut to every business with a payroll of over $2m. Since 2012, the total amount of tax the ACT Government has removed for a firm with a payroll over $2m is $34,250.”
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February 5, 2016
05Feb

Super concessional contributions for financial year 15 – 16

Super concessional contributions for financial year 15 – 16 As the end of another financial year is fast approaching, it’s a good time to check your superannuation contributions. The concessional or pre-tax contributions capped amounts are: * $30,000 cap for anyone aged 48 or under as at 30 June 2015. * $35,000 cap for anyone aged 49 year or over as at 30 June 2015. It is important to note the 9.5% Superannuation Guarantee is also included in the cap. For all PayMe clients please check your superannuation contribution total provided on your payslip and also check your current balance with your superfund as they will be different due to timing of payments. Once you have your current balance and want to reach you full cap amount PayMe’s salary experts can then assist you to reach this amount.
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