MLC TechKnow
In this month's edition:
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What’s in the news – super, social security and housing
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Indexation - what’s changing, what’s not: considerations and opportunities, and
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Parental Leave Pay - What are the proposed improvements?
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Government proposes higher taxes for super balances exceeding $3m
The Government has announced their intention to cap tax concessions on certain higher balance super accounts from 1 July 2025. If legislated, this measure could have estate and superannuation planning implications for higher super balance clients.
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Super contribution caps and NCC opportunities in 2023/24
While recent AWOTE figures indicate the concessional contribution (CC) and non-concessional contribution (NCC) caps won’t change in 2023/24, indexation of the transfer balance cap may still create NCC opportunities for clients with higher super balances.
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Legislating the objective of super – consultation paper released
The Government has released a paper for industry consultation which proposes an objective for super.
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Changes to working from home deductions
The ATO has released PCG 2023/1, which provides guidance on the revised fixed rate method for calculating work from home tax deductions.
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NCC bring forward rules and indexation opportunities |
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Indexation of the transfer balance cap from 1 July 2023 may create new non-concessional contribution (NCC) opportunities in 2023/24 using the bring-forward rules. Our adviser technical article outlines the key eligibility requirements and includes flow-charts that show how much can be contributed in 2022/23 and 2023/24.
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Unused leave at retirement: take leave vs lump sum |
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When clients are approaching retirement, there are many things to consider when assessing whether they should use their leave before retiring or take a lump sum on termination of employment.
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Compensation and disability support pension |
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My client was recently involved in a workplace accident and will receive a personal injury compensation payment of approximately $500,000. What impact may the compensation payment have on any entitlement to a disability support pension?
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