FirstTech Podcast

It's that time of year when clients may receive an excess non-concessional contribution determination from the ATO. Craig Day and Tim Sanderson discuss the 3 options that are available for dealing with the excess.

Craig Day, Tim Sanderson, Kim Guest, Alex Denham, Richard Chen & Sina Heng discuss the latest technical news: - What happened in the last days of Parliament - New Aged Care Act awaits Royal Assent - Reforms to the retirement phase of super - Payday super update - Will the transfer balance cap increase to $2M from 1 July 2025?

Craig Day and special guest Tony Negline discuss Tax Determination TD 2024/7, which updates the ATO's view on what part of the cost of advice provided by a financial adviser to an individual client, can be claimed as a tax deduction. It is important to note this Tax Determination discusses the deductibility of advice fees paid directly by individuals who are not carrying on a business, it does not cover the tax treatment of advice fees deducted from a client’s superannuation account.

Craig Day and Tim Sanderson discuss draft regulations that will allow the commutation of certain non-commutable legacy income streams plus amendments to allow the allocation of any resulting reserve amounts without them counting against a member’s contribution caps.

Craig Day and Kim Guest discuss the new Support at Home program which is proposed to commence 1 July 2025.

Craig Day, Tim Sanderson, Linda Bruce & Richard Chen discuss the latest technical news: - Upcoming Federal Budget - Accessing super under compassionate grounds - AAT case: application to disregard or reallocate non-concessional contributions - Federal court case: Tax impact of receiving a lump sum payout of income protection insurance - Update on proposed legislation - Aged care & Division 296

Craig Day and Tim Sanderson discuss the effectiveness of TTR strategies, taking into account recent changes in concessional caps, SG rates and marginal tax rates.

Tim Sanderson and Kim Guest discuss aged care reforms proposed to commence 1 July 2025 

Craig Day, Tim Sanderson, Peter Wheatland and Kim Guest discuss the latest technical news.