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

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.