FirstTech Podcast

Tim Sanderson, Alex Denham and Richard Chen discuss an adviser question regarding unused carry forward concessional contribution amounts displaying on myGov and situations where amounts may not be displaying correctly.

Craig Day and Tim Sanderson answer many of the questions we have received from advisers regarding the proposed CGT, negative gearing and discretionary trust tax changes.The answers are based on both the Federal Budget papers as well as newly introduced legislation which includes the proposed amendments to implement the CGT and negative gearing changes.

Craig Day, Tim Sanderson and Kim Guest discuss the latest technical news.Federal Budget - draft legislation released on CGT and negative gearing changesNew legislation allowing victims of child abuse to access offenders superRecent announcement regarding the Support at Home programReminder about Payday Super commencing 1 July

Craig Day and Kim Guest discuss this month's question of the month, which discusses how the Centrelink granny flat rules apply when a client wants to create multiple granny flat arrangements.

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