November 2024 Newsletter

November 2024 Newsletter

This month’s edition of our client newsletter includes an article on whether income from ‘side hustle’ activities are subject to tax. This article provides a brief summary of the types of side hustles that exist, whether such activities are considered a business or a hobby and the tax issues to consider if you’re looking at ways to create additional cash flow to make ends meet. 

This is followed by an item about the interaction of the capital gains tax (CGT) laws and trusts. We highlight instances when the interaction of CGT and trusts may need closer scrutiny.

Our next article addresses what we know so far about the government’s proposed payday super plan. With a start date of 1 July 2026, the government has shared more details about its proposed new payday super plan which will require employers to pay super contributions to their employees at the same time they pay their salary and wages. 

There is also an article which explains what tax receipts you need to keep in order to claim a tax deduction when you lodge your tax return.  

Finally, we provide an item on paying super on the government-funded paid parental leave (PPL) scheme. This measure was recently legislated and will allow eligible parents with babies born or adopted from 1 July 2025 to receive an extra 12% of their PPL payment as a super contribution to their nominated super fund.

Happy reading.

Contents

This edition features pieces on: 

• How taxable is that side hustle?

• The black hole of CGT and trusts

• What we know so far about payday super

• What tax receipts do I need to keep?

• Super on parental leave pay is now law