Archives for March 2016

Division 293 Tax

What is Division 293 tax? Division 293 tax is being introduced from the 2012-13 year to reduce the tax concession on superannuation contributions for individuals with income greater than $300,000 a year. Division 293 tax will be charged at 15% of an individual’s taxable concessional contributions above the $300,000 threshold (which is capped at $30,000). [Read more…]

Hiring Employees and What You Need to Know

You may have tax and superannuation obligations if you employ or contract workers into your business, either full-time or part-time. This includes your family members and you, if you are a director. Your obligations may include:  Pay as you go (PAYG) withholding Superannuation guarante Fringe benefits tax (FBT) You have responsibilities from the day your [Read more…]