NCS Group Newsletter - June 2024
Welcome to the NCS Group client information newsletter, your monthly tax and super update keeping you on top of the issues, news and changes you need to know.
Making your super last in retirement
Superannuation is often a key source of income when you retire so it’s important to ensure your investment strategy makes your retirement savings last for as long as possible.
Personal services income explained
The personal services income (PSI) rules apply to income that is earned mainly from the personal efforts or skills of a person. It does not matter whether the income is earned by the individual in their own name or through an entity such as a business. The rules do not apply to income earned from being an employee.
What's not considered "income" by the ATO
It is possible to receive amounts that are not expected by the ATO to be included as income in your tax return. However some of these amounts may be used in other calculations and may therefore need to be included elsewhere in your tax return.
Don't lose your super to scammers
Don’t be another victim – be on the lookout for scammers who call you about your superannuation!
On-boarding new employees
When hiring new staff, there are certain steps you should follow to cover off onyour tax, workplace, and superannuation obligations.
Follow the link to find out more!