FirstTech Podcast

Clients who are considering retiring often have outstanding accrued periods of annual leave and/or long service leave.In many cases, clients have a choice between receiving outstanding leave as a lump sum upon terminating employment and taking any accrued leave prior to terminating employment.Craig Day and Richard Chen compare the superannuation, tax and social security differences between these two options.

Craig Day, Tim Sanderson, Linda Bruce and Kim Guest discuss the latest technical news:Upcoming Federal BudgetProposed $1,000 tax deduction for work related expensesHome based businesses and small business CGT concessionsUpcoming changes to Total Super Balance and defined benefit pensionsMinor change to who can be a trustee of a SMSFAnnounced changes to Support at Home fees

From 1 July this year, the new Payday Super reforms come into effect which generally require employers to make SG contributions at the same time as they pay salary and wages.This change could have implications for advisers and their clients where it results in an increase in concessional contributions, as it could cause them to inadvertently exceed their concessional contribution cap in future years.

As we approach the end of the financial year, it's a great time to review year-end super strategies and get ready for the new financial year.

Craig Day, Tim Sanderson, Linda Bruce and Richard Chen discuss the latest news:Upcoming Federal BudgetDivision 296 tax - latest developmentsPersonal Services Income and trusts - ATO updatePayday Super - contribution cap implications

Craig Day and Tim Sanderson discuss the recently introduced Division 296 tax bill which proposes to levy additional taxes on the superannuation earnings of members with total super balances in excess of $3m.While some aspects of the new Bill are similar to the original proposals, the proposed new rules also include some significant changes, which will have important implications for clients and their advisers.