2024-25 Federal Budget On Tuesday, 14th may 2024, treasurer Jim Chalmers delivered his third budget which looks to help ease cost of living pressures whilst attempting not to add fuel to the inflation fire. Delivering their second consecutive budget surplus the Labor government aims to strike a delicate balance through the reannouncement of tax cuts, […]
Addressing the Services Australia Backlog
Services Australia has been grappling with a significant backlog of claims, with more than one million claims remaining outstanding as of December 2023. Despite efforts to alleviate the backlog, including the hiring of thousands of new staff, the issue persists. Age Pension backlog averages Age Pension Average Days to process FY 2020-21 14 FY 2021-22 […]
Self Managed Super Fund Property
Australia is undeniably grappling with a rental crisis as the demand for rental properties surpasses the available supply. Various stakeholders, including governments, the property industry, charities, and others, are advocating for solutions to address this shortfall. One proposed remedy involves increasing rental properties, necessitating more investors to enter the market. Data from the Australian Taxation […]
Federal Budget 2023-24
Following on from October’s budget, the Treasurer announced measures they hope will achieve targeted cost-of-living relief and investment in Government services without adding to the current inflationary environment. With stronger than anticipated revenues, the Federal Government aims to deliver the first budget surplus in 15 years, however commentators see this to be a budget to […]
Proposed Additional 15% Tax On Super
Proposed additional 15% tax for earnings on super balances over $3 million from 1 July 2025 The Government recently announced proposed changes to impose an additional tax of 15% (the additional tax), increasing the original concessional tax rate from 15% to an effective new 30% rate, on earnings on total superannuation balances (TSB) over $3 million. […]
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