If you were thinking of putting more money into your super contributions before the June 30 cut-off this year, you might want to think carefully about your decision. The cut off for the 2010 financial year has been reduced to just $25,000.
The cut-off limit has effectively been cut in half from last financial year, so if you’re under 50 and had planned to put a little extra into your super as a way to help reduce your tax liability, it’s important you’re aware of the limits and caps that have been put in place.
However, if you’re over 50, you’re able to only contribute $50,000 this financial year, instead of the $100,000 that was allowed last financial year – once again a cut of 50%.
Keep in mind that concessional superannuation contributions include the amount paid into your super fund by your employer, which include any amounts paid under salary sacrifice, as well as personal contributions claimed by self-employed people.
While most people might think that this sounds like a lot of money to put into super each year, the truth is the amount paid into your super fund by your employer is counted towards this total figure, as is the amount paid via salary sacrificing.
If you’ve had a pay rise throughout the last financial year, you may be closer to the threshold limit than you think.
For those people who go over the cap or limit amount for their age group, instead of paying 15% tax on your contributions, you’ll be penalised with a tax rate on the excess amount of 31.5%.
These new limits and caps on the superannuation contributions you make mean that as an individual you have the option of working out how much you wish to contribute into your super fun to reap the maximum benefits available for you. Read more
“Choosing the right car insurance is subjective to so many factors. The insurance premium you pay can be managed with the right knowledge around it. The premium amount can be checked right at the time of applying of applying for car insurance in a financial institute. One must go through the insurance paper with much interest as it defines the insurance policy itself.
The Two General Types Of Car Insurance Policy One Can Opt For Are:-
Third Party Liability Insurance under this insurance plan damage to property, accidental death and injury to a third party is covered. Read more
Most people are surprised to learn they have a tax bill after having their taxes prepared. There’s nothing worse than paying taxes all year, only to find out you still have more to pay.
However, if you’re careful about your tax planning, it is possible to reduce an impending tax liability and make sure you’re more likely to receive a return rather than a bill.
The most effective tax planning measures are based on timing. Read more
Account reconciliation involves looking at an account statement and determining whether the balance shown in your records matches the balance shown by the bank’s records. For some, this leads to a headache, especially if accurate records have not been kept. However, this accounting activity is essential for knowing:
Whether the bank has made an error in computation Whether transactions were not completed Whether a client’s or customer’s payment was not received Whether a check you received bounced Your correct current financial situation Whether payments you made cleared or not
What Accounts Need Attention?
When running a business, reconciliation is not as simple as simply ensuring your business’s checking account is accurate. Read more