The Australian Tax Office (ATO) confirmed this month that the superannuation thresholds for 2024 will increase. These adjustments equate to nearly a 10% rise in the allowable super contributions. The raised thresholds also benefit low-income earners by increasing the earnings limit for qualifying for the $500 co-contribution payment.
For many retirees and people approaching retirement, their home makes up a significant portion of their wealth. Many people are under the assumption that the only way to access the equity in their home is to sell and downsize. However, there is another option. A reverse mortgage is a tool homeowners aged 60 and older can utilise to convert a portion of their home equity into cash.
The federal government detailed new legislation in July 2023 for small businesses seeking energy efficiency upgrades. The Small Business Energy Incentive offers a 20% tax deduction on these upgrades, valued at up to $100,000.
With the End of Financial Year only days away, it is crucial to understand what is eligible for deduction and what isn’t as this can help to avoid complications later on. Some business owners mistakenly believe that registering a business will grant them the ability to deduct any or all expenses. However, this is not the case.
The federal government announced two significant measures regarding superannuation as part of the 2023-24 Federal Budget. Whilst these measures will not come into effect for several years, it is important to be aware to avoid any penalties once the measures commence.
Now that borders have fully re-opened, we are seeing a significant increase in business travel. With increased travel, comes increased expenses people may be looking to claim.