Monthly update, April 2024

Six super strategies to consider before 30 June

This month’s edition of our client newsletter sets out six different strategies for boosting your superannuation nest egg while potentially saving on tax. This is followed by an item that explains what happens to your tax status on leaving Australia to live or work somewhere else in the world. You might be surprised to learn how long after heading off some people have to continue to call Australia home for tax purposes.

For those who run their business through a corporate structure there is a must read article on the pitfalls of treating the company’s bank account and other assets as your own – the ATO has its eye on this area. There is also an item on the tax issues that can potentially arise when deciding to sell the family home.

We have included a piece on the receipt of compensation for various events, including damage to property, wrongful dismissal or work injuries. In some cases, it may pay to obtain tax advice before settling on an amount with the insurer.

Finally, we offer a perspective on the question of where to put your spare cash (assuming you have any) – on the mortgage or into superannuation?

This issue reflects the law when it was published. Tax and super rules change often, so please call us before acting on anything in it.