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 October 2024.
- Do you rent out your holiday home? – If your holiday home is rented out, the rental income you receive is taxable, and you can claim expenses for the property to the extent they’re incurred in earning that rental income.
- Is your business BAS-ready? – Now is a great time to make sure your business is ready to meet upcoming business activity statement due dates.
- ATO data-matching: “lifestyle” assets and your business – The ATO has announced or extended a number of data-matching programs recently, including the lifestyle asset data-matching program.
- Superannuation on paid parental leave from 1 July 2025 – Super payment on paid parental leave aims to reduce the impact that career breaks to care for young children have on super balances, and to improve equity in the super system. The relevant legislation has now been passed.
- Salary sacrifice and your super – Salary sacrificing to make additional contributions to your super fund can help grow your super balance for a better financial position at retirement.
- Exploring compassionate early release of super – Superannuation is designed to provide for your retirement, but there are limited circumstances where you can access your super early on compassionate grounds.
Explanatory Memorandum_November 2024
Please contact us if you wish to discuss how the points raised in Client Alert specifically affect you.