Whitehills, Business Advisers & Chartered Accountants, Brisbane

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A reminder to employers of changes to SGC Superannuation from 1st July 2013.

From 1 July 2013, employers must:

• increase the minimum rate for super guarantee payments on behalf of their employees from 9% to 9.25%, and

• start making super guarantee contributions for employees aged 70 years and over with the removal of the existing upper age limit.

Source: Tax Office media release, 1 May 2013.

The Australian government has announced that it proposes to increase the Medicare levy from 1.5% to 2% from 1st July 2014.
The proposal is on the basis that it is re-elected into government.

The increase is aimed at funding the creation of DisabilityCare Australia, the national disability insurance scheme.

Source: Prime Minister, Treasurer and Minister for Disability Reform joint media release, 1 May 2013.

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Looks like more complexity to me!!

Key changes affecting our clients:

-          Tax on pension earnings (I assume this would include capital gains) above $100K (per member) – from 1 July 2014

-          It appears that their will be an exemption until 1 July 2024 for capital gains on sale of pension assets.

-          Increase in the concessional cap to $35,000 if over age 60 – from 1 July 13 and from age 50 from 1 July 14

-          Members can withdraw excess concessional contributions from 1 July 13 and pay tax at marginal rate

Joint media release - Reforms to make the superannuation system fairer.

What didn't happen:

-          No surcharge on contributions for members with over $1mil in super

-          No tax on withdrawals

-          Still effective 92% tax on excess non-concessional contributions

If you wish to discuss how these proposed changes will affect your circumstances please call me. Philip Keir 07 3231-9120.

 

The Australian government is looking into a proposal that will see large companies disclose their aggregate collection of each Commonwealth tax to the public arena.
Source: Assistant Treasurer's media release, "Improving the transparency of Australia's business tax system", 3 April 2013.

This concept exists in places such as Japan where it is seen as a source of open honourable corporate governance.
Not sure how it would go over in the land down under but I personally think it would be a good initiative.

Issue two of our newsletters for 2013 is now on-line. Click here.

In the market for a tax effetive property investment? Read more…

Issue one of our 2013 newsletters is now available. Click here.

Now that 2013 is well on the way and a fresh start is upon our business, we all tend to look back over our business's performance Read more…