Brealey Quill Kenny Blogs

Changes to Superannuation Contribution Caps

Changes to Concessional (Deductible) and Non-Concessional (Non-Deductible) Contribution Caps from 1 July 2024 From 1 July 2024, changes to concessional and non-concessional contribution caps will take effect, allowing individuals to contribute more to their superannuation. The changes are as follows: Concessional Contributions Cap: The annual concessional contributions cap will increase from $27,500 to $30,000. Concessional...
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Business Name Renewal – Scammers are impersonating ASIC

A reminder to our clients to be aware of emails from scammers claiming to be from the Australian Securities and Investments Commission (ASIC) asking you to pay fees, click on a link or give personal information for your business name renewal. You may also receive emails from other companies e.g. ‘Registry Australia’ that provide renewal services...
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Severe penalties for late payment of Employee Superannuation

We are seeing increasing instances of ATO action in relation to late payment of Employee Superannuation. The below explains the importance of  quarterly superannuation guarantee (SG) obligations being paid on time, and the punitive costs imposed by the Australian Taxation Office (ATO), even if the payment is just one day late.   By way of...
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2023 Working from Home Tax Deductions

A reminder to our clients that the ATO has updated the way you claim deductions for your home running expenses when you are working from home. There are now two methods to claim your working from home expenses: The recently revised fixed rate method, or The actual expense method. key change is that you do...
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Advantages & Disadvantages of a SMSF

Running a Self-Managed Superannuation Fund (SMSF) allows you to manage and invest your superannuation to achieve your retirement goal. SMSF’s can offer both advantages and disadvantages. While it provides you with greater control and flexibility over your investments, it also requires additional responsibilities and can impose potential investment risks. We have listed out some advantages...
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2023 Individual Tax Return Checklist

To assist in collating the information for your personal Income Tax Return for the 2023 financial year, the following link provides a checklist of items to consider prior to attending your appointment or forwarding your taxation information to our office. Tax return Checklist 2023  
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SMSF Services at Brealey Quill Kenny

At Brealey Quill Kenny, our experienced SMSF team can help ensure that your annual SMSF requirements are handled seamlessly. Our firm is committed to make the process a smooth and hassle-free experience for our clients, as we understand the complexities and obligations involved in managing your own SMSF. Our range of services includes: Annual Compliance:...
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Pre June 2023 Tax Planning

With the end of the 2023 Financial Year approaching fast, the following link provides a list of items to consider pre 30 June 2023 for tax planning purposes. Please call our office if you would like to discuss any of these items further. Pre June 2023 Tax Planning
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1 July 2023 Super Guarantee Rate Increase

A reminder to our business clients, with employees, that from 1 July 2023 the super guarantee (SG) rate increases from 10.5% to 11.0%. This rate applies for all wages paid after 1 July 2023, even if some or all of the pay period is for work done before 1 July. Clients will need to remember...
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Family and Domestic Violence Leave (FDVL)

From 1 February 2023, employers with 15 or more employees are required to provide all employees with 10 days of paid family and domestic violence leave (FDVL) per year. This leave is separate from and in addition to annual, sick and other forms of leave. Employees of small business’s (employers with less than 15 employees) can...
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Changes to Superannuation Contribution CapsChanges to Concessional (Deductible) and Non-Concessional (Non-Deductible) Contribution Caps from 1 July 2024 From 1 July 2024, changes to concessional and non-concessional contribution caps will take effect, allowing individuals to contribute more to their superannuation....
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