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The rising cost of living is grabbing all the attention right now as people struggle to pay the increasing prices. But in the meantime, our collective wealth has been growing steadily and is being transferred to the next generation at increasing rates. In fact, the value of inheritances as well as gifts to family and friends has doubled over the past two decades. Read more
The start of a new financial year is the perfect time to get your financial affairs in order. Whether it's tidying up your paperwork, assessing your portfolio or dealing with outstanding issues, there are plenty of practical actions you can take. Here are some strategies for starting the new financial year on the right foot. Read more
Nexia Edwards Marshall has prepared a tax return checklist to assist Individuals with the compilation of information for the preparation of their income tax return. Read more
Although not part of the Budget, it is worth noting a recent case on the extended definition of “employee” in the super guarantee legislation. Read more
The Budget included a disappointing announcement in relation to the long-running debate over the treatment of non-arm’s length expenses in super funds. Read more
Currently, compulsory superannuation contributions must be paid by employers by the 28th day after the end of the quarter in which an employee is paid salary or wages. In a statement released on 2 May, the Federal Treasurer Dr Jim Chalmers announced that from 1 July 2026, compulsory superannuation contributions will have to be paid at the same time as the related salary and wages. The delay to 1 July 2026 is to allow employers, superannuation funds, payroll providers and other parts of the superannuation system with sufficient time to prepare for the change. Read more
The Budget confirms the Federal Government’s intention to introduce an additional 15% tax on a proportion of the super “earnings” of a member where the member’s total super balance is greater than $3m at the end of a financial year. Read more
The Federal Treasurer, Dr Jim Chalmers, brought down the 2023-24 Federal Budget on 9 May. In this issue we look at three announcements which directly affect our superannuation clients. Read more
Temporary full expensing (“TFE”) ceases to apply on 30 June 2023. The incentives, which were introduced as an economic stimulus during the COVID-19 pandemic, provided for the immediate tax deduction of eligible assets for businesses with an aggregated turnover of less than $5 billion. Read more
Welcome to Beyond The Numbers, our monthly newsletter which brings you a summary of the latest developments from local and international standard setters and regulators. Read more