Category: Woottons News

Downsizer Contributions

The ‘downsizer’ contribution came into effect on 1 July 2018 and allows an eligible person to contribute and additional amount to superannuation of up to $300,000 per member, without the need to satisfy normal tests relating to superannuation contribution eligibility (including the work and total super balance tests). These contributions will not count towards the…
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July 2018 – Update

Personal Income Tax Cuts passed! Parliament has passed the Government’s Personal Income Tax plan, meaning that the first stage of the proposed income tax cuts will start to take effect from 1 July 2018. To recap the first stage of the plan was to legislate the $530 low and middle-income tax offset and raise the…
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2018/19 Federal Budget – Notable Announcements

Now that the 2018/19 budget has been unveiled it is plainly obvious that there will be an election soon. We have taken a little bit of extra time to let the dust settle around some of the most relevant measures and this article we will explore their impact. It is important to note that just…
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April 2018 – Superannuation Update

Superannuation thresholds and caps Just a brief update on some recently confirmed Superannuation thresholds and caps relating to the 2018/19 income year. Non-Concessional Contributions cap will remain at $100,000*. Concessional Contributions cap will remain at $25,000*. Division 293 tax threshold will be $250,000. The maximum superannuation co-contribution entitlement for the 2018/19 income year will remain at…
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Our New Website

Ladies and Gentlemen… It has been a long time in the making however our redesigned website is now ready to be unveiled. Over the last 2 years our firm has changed dramatically due to the impact technology is having on our industry. Cloud (internet) based services have taken our profession by storm and are changing…
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