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MGH Advisory

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16.01.2022 The ATO small business portal is a great way to view ATO related activity regarding your business, complete business activity statements and instalment activity statements, update your contact details, and more. We can help set you up on the portal or head to https://www.ato.gov.au/Business/ to register.

12.01.2022 As the New Year approaches, our thoughts turn gratefully, to all our clients. And in this spirit we say simply, but sincerely, thank you. We wish you all a Merry Xmas & a Happy New Year.

06.01.2022 Changes to the Assets Test for Centrelink Aged Pensions from 1 January 2017 As the end of the calendar year is drawing rapidly to a close it may feel like the changes to the Asset Test for the Aged Pension have just been drawn up, however, these were announced in the 2015 Federal Budget. As a Senior, you may be asking yourself, what does this really mean for me and what are my options? Check out more detail on our Financial Planning website blog - http://mghfp.com.au//news-blog/292-changes-assets-tests-ag

02.01.2022 First Home Superannuation Saver Scheme The Government will encourage home ownership by allowing first homebuyers to ‘build a deposit’ inside their superannuation fund, as follows: Voluntary superannuation contributions of up to $15,000 per year, and $30,000 in total, can be contributed by first homebuyers from 1 July 2017. The contribution must be within existing concessional and non-concessional caps. Concessional contributions are taxed at 15% in the fund and earnings on... contributions are taxed at 15% in the fund. These contributions can then be withdrawn, along with associated deemed earnings, for a first home deposit, from 1 July 2018 onwards. Concessional contributions and earnings that are withdrawn will be taxed at the taxpayer’s marginal rate less a 30% offset. When non-concessional contributions (‘NCCs’) are withdrawn, they will not be taxed. Combined with the existing concessional tax treatment of contributions and earnings, this will provide an incentive that will enable first homebuyers to build savings more quickly for a home deposit. Note that, both members of a couple can take advantage of this measure to buy their first home together. Savers will not have to set up a new account, they can just use their existing super account while contributions will be limited to $30,000 per person in total and $15,000 a year. The contributions made will be counted under the relevant contributions caps. See more