Next week marks the start of winter and also the last month of what has surely been the most bizarre financial year in history. June 30 is a deadline for a whole range of things, so in this article we want to remind you of some of them. As the weather has gotten colder, why not make yourself a nice warm drink and read on.
Last week, we discussed the stimulus package that had been announced but not yet passed through Parliament. As we forecast, the Commonwealth Government then announced a second round of stimulus measures. Both packages were passed by Federal Parliament earlier this week.
Next week, the Commonwealth Parliament is expected to pass an emergency $17.6 billion stimulus package. The package is designed to boost the Australian economy – a boost that is needed due to the current and expected future impact of the Coronavirus. This article discusses the stimulus package.
Disabled children are treated as adults for tax purposes even if under age 18. This means that they can receive distributions of net income from family trusts and hybrid trusts. This income is taxed normally, rather than under the penalty tax arrangements that usually apply to the unearned income of minors. It can mean that the family pays much less tax.
'Super splitting' is not just a term for managing super when a couple separates. Couples who remain together can also split super between themselves. This opens up a raft of planning opportunities, which we explore in this week's article.
As of 2017, almost all working Australians can make a personal superannuation contribution for which they claim a tax deduction. For most people, this provides an immediate positive return on their investment. This article explains how to make the most of personal superannuation contributions.