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Tax Law

How an audit begins

Every year, thousands of individuals and small businesses are audited by the ATO, and many find themselves in a dispute over the amount of taxes owed. The beginning an audit is an important stage that sets the tone for the rest of the process. During this stage, you will be introduced to the auditor who…

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Utilising the Carry-Forward Cap Rule

The measure to allow individuals to carry forward their unused concessional contributions (‘CC’) cap from previous financial years to a later year (‘the carry forward rule’) was announced on 3 May 2016 as part of the Government’s Superannuation Reform Package in the 2016–17 Federal Budget. Broadly, the carry forward rule allows individuals to make additional…

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What Are Concessional Contributions?

Concessional Contributions is the term applied to taxable superannuation payments that are contributed into someone’s superfund and which are taxed, at 15%, by that superfund. The use of the term “concessional” indicates that superannuation payments are tax deductible to the payer of those contributions. They cover superannuation payments in the following guises:   The standard 9.5%…

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