Archives for December 2015

Tax on Super Contributions

The tax you pay on your super contributions generally depends on whether the contributions were made before or after you paid income tax, you exceed the super contributions cap or you are a very high-income earner. Before-tax super contributions The super contributions you make before tax (concessional) are taxed at 15%. Types of before-tax contributions [Read more…]

Record Keeping

The Australian tax system relies on taxpayers self-assessing. This means that you are responsible for your own record keeping and working out how much you can declare and claim as a deduction on your tax return. You also need to be able to show how you arrived at these figures, in some cases you may [Read more…]

Key Employee Share Scheme Changes

Changes to the tax treatment of employee share schemes (ESS) took effect on 1 July 2015. These apply to ESS interests (shares, stapled securities and rights to acquire them) issued on or after that date. There are changes to some existing rules as well as new concessions for employees of start-up companies. The main changes [Read more…]