July 2024 Newsletter

July 2024 Newsletter

This month’s edition of our client newsletter includes an article on the extra 15% “Division 293 tax” which applies to high income earners who have income and concessional superannuation contributions exceeding $250,000 in 2023/24. The article explains how the extra tax works and how you can pay for it if you’re liable. 

This is followed by an item which discusses the fine line between carrying on a business of property development and merely realising an asset. This article may be of interest to you if you are contemplating carrying out such an activity as there are different tax implications depending on the nature of the activity and property involved.

There is also an article about how useful the CGT main residence exemption concessions are, particularly for individuals who are considering buying or selling a home. Depending on your particular circumstances, these concessions can be used to allow you to access a full (or at least partial) CGT main residence exemption in a way that was probably never originally envisaged.

Our next article covers tax file numbers (TFN) and provides some insights on how TFNs are verified in tax return software.  

Finally, we provide an article which explains why you cannot add further money to a superannuation pension once it has commenced, and the alternative options to consider if you find yourself in this situation.  

Contents

This edition features pieces on:

• Division 293 tax – will you be caught?

• The fine line between property development and “merely realising an asset”

• The CGT main residence exemption concessions are very useful 

• The secret life of TFNs

• Can I add to my super pension?