NCS Newsletter - July 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.
Division 293 Tax - will you be caught?
If you're a high income earner, you may soon be asked to pay an extra 15% tax on the amount of concessional contributions that exceed $250,000 threshold.
The fine line between property development and "merely realising an asset"
There can often be a fine line between whether a person is carrying on property development activities or is "merely realising an asset".
The CGT main residence exemption concessions are very useful
Probably the most overlooked reason for the housing affordability crisis in Australia at the moment is the capital gains tax (CGT) exemption for a person's home itself.
The secret life of TFNs
Tax File Numbers (TFNs) are so much an everyday element when dealing with tax and the ATO that many taxpayers won't give it a second thought when the tax return software responds with an "invalid" message when a TFN is entered.
Can I add super to my pensions?
A common question that is often asked is whether the amounts can be added to a superannuation pension account once it has commenced.
Follow the link to find out more!