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Downsizer contributions: Age limit change

Downsizer contributions: Age limit change

By Thomson Reuters Tax & Accounting  More people will soon be able to make up to $300,000 in downsizer contributions into super with the lowering of the age limit to include those 60 years and over from 1 July 2022. Before this date, only those aged 65...

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Record-keeping education instead of financial penalties

Record-keeping education instead of financial penalties

By Thomson Reuters Tax & Accounting  If you run a small business and are found by the ATO to have made unintentional record-keeping mistakes, you could be liable to an administrative penalty. However, this could soon change under new proposed laws to...

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FHSS maximum releasable amount increased

FHSS maximum releasable amount increased

By Thomson Reuters Tax & Accounting  The maximum amount individuals can take out of their super under the First Home Super Saver Scheme will be increased from $30,000 to $50,000 for any release requests made on or after 1 July 2022. Initially, the scheme was...

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Work test scrapped for super contributions: under 75s.

Work test scrapped for super contributions: under 75s.

By Thomson Reuters Tax & Accounting  Individuals aged between 67 and 75 will be able to make non-concessional, and salary sacrificed contributions without the need to pass the work test or satisfy the work test exemption criteria from 1 July 2022. The...

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Michael McQueen Event Wrap-Up

Michael McQueen Event Wrap-Up

We had the absolute pleasure of hosting key note speaker Michael McQueen Wednesday 23 February in Brisbane as we celebrated the launch of our Brisbane office and achieving 70 years in business! This is the second time we have invited Michael to present at one of our...

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Introducing our Brisbane Team!

Introducing our Brisbane Team!

It’s a big year for R&M, and we’re celebrating 70 years in business and the opening of our newest office in Brisbane! We want to introduce our Brisbane team! From left: Jake Curran, Steven Tanner (Manager), Sam Williams, Elisabeth Lang, Jason Simmonds (Partner),...

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COVID-19 tests may be deductible?

COVID-19 tests may be deductible?

The government has proposed to make COVID-19 tests, both rapid antigen and polymerase chain reaction tests, tax deductible for individuals where they are purchased for a work-related purpose. It has also proposed to make the costs of these tests exempt from FBT for...

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The 2022 Small Business Support Program

The 2022 Small Business Support Program

The 2022 Small Business Support Program is designed to help businesses survive the immediate impact of the Omicron COVID-19 strain. It is for the month of February 2022 only. Eligible employing businesses and not-for-profit organisations will receive 20% of their...

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Improvements to the superannuation system

Improvements to the superannuation system

Federal Parliament has recently passed legislation that will implement a number of measures which will improve the flexibility and equity of the superannuation system, assist first home buyers, and also reduce costs and complexity for self-managed superannuation...

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Need more money in retirement?

Need more money in retirement?

If you’re a retiree and the current rise in cost of living and inflationary pressures are starting to bite, don’t turn to high interest loans, if you meet certain eligibility criteria, you may be able to access the Home Equity Access Scheme (previously known as the...

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