We are pleased to supply you with the latest edition of Client Alert, which contains information on a number of important developments up to and including 23 September 2024.
- Tax consequences of sharing your home – Rental and some sharing situations will affect your assessable income and what expenses you can claim at tax time.
- Unlocking value: subdividing your family home’s land – For retirees living on larger properties, subdividing and selling unused land can be a potential retirement funding strategy.
- Employee overpayments: what to do – Unintended overpayments to employees sometimes come to light. If this happens for your business, it’s important to consider all parties’ rights and obligations when deciding what to do next.
- Payday super: policy design released – A newly released fact sheet sets out some key elements of the government’s “payday super” policy.
- “Super saver” scheme now more flexible for first home buyers – Changes taking effect from 15 September 2024 will improve the process of accessing certain voluntary super contributions to assist with purchasing or constructing a first home.
- Accessing super from age 60 to 65 – From 1 July 2024, the rules for accessing superannuation became somewhat simplified: the preservation age to begin accessing benefits is now effectively 60 years.
Explanatory Memorandum_October 2024
Please contact us if you wish to discuss how the points raised in Client Alert specifically affect you.