Making contributions later in life

This month’s edition of our client newsletter includes an article on making contributions later in life. Changes to superannuation laws have been simplified over recent years to allow older Australians more flexibility to top up their superannuation. This article provides a brief summary of what you need to know about making contributions to benefit you in retirement and beyond. 
 
This is followed by an item about what may be the right structure for your business. There are four major ways in which you can carry on a business, each with their own advantages and disadvantages. The key point we seek to make is that you can change the structure of your business at any time in its operation – and in regards tax, you can do so usually without any adverse tax consequences because of the various concessions and roll-overs that allow you to do so.
 
Our next article covers the scenario where you may be selling a property that may have been used for mixed rental and residential purposes. There are capital gains tax (CGT) issues to consider, so its important to exercise good judgement as to how best use the relevant CGT concessions to reduce any potential liability.  
 
There is also an article which highlights the differences between self-managed superannuation funds (SMSF) with other superannuation funds. So if you’re thinking about setting up an SMSF, we compare the main differences which may help you make your decision. 
 
Finally, we provide an item on the dangers of failing to declare income or lodge returns. With the ATO’s sophisticated technology to track such matters and ability to catch people out, we highlight why it’s important not to omit assessable income or fail to lodge a return.  

Download newsletter:

2024 – 10 – MBS Monthly Update