February 2019 Newsletter

Please click on the following link to view our monthly accounting/tax newsletter for February 2019:

February 2019

We would like to highlight the following articles in this month’s newsletter:-

New “work test” exemption for recent retirees – The Federal Government has created a new opportunity for some recent retirees to make additional superannuation contributions. From 1 July 2019, a 12-month exemption from the “work test” will apply for newly retired individuals aged between 65 and 74 years with a total superannuation balance below $300,000. If you think you are eligible to take advantage of this measure, please contact us.

Excess super contributions – The ATO has begun issuing determinations to people who exceeded their concessional superannuation contributions cap ($25,000) for the 2017–2018 financial year. These determinations will trigger amended income tax assessments and additional tax liabilities. If you think you may have exceeded your concessional contribution cap, please contact us.

Genuine redundancy payments – The Federal Government has announced that it will amend the law to extend the concessional tax treatment for genuine redundancy payments and early retirement scheme payments to align with the Age Pension qualifying age. Currently, an individual must be aged below 65 at the time their employment is terminated to qualify for a tax-free component on a genuine redundancy payment or an early retirement scheme payment.

If you have any queries in regards to your tax and accounting matters, please do not hesitate to contact us to discuss further.