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Tax for Doctors

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24.01.2022 Latest development for Tax for Doctors with a few selected clients

21.01.2022 Tax offset for super contributions on behalf of your spouse If you make contributions to a complying superannuation fund or a retirement savings account (RSA) on behalf of your spouse (married or de facto) who is earning a low income or not working, you may be able to claim a tax offset. You will be entitled to a tax offset of up to $540 per year if you meet all of the following conditions:... For income years prior to 2017-18 the sum of your spouse's assessable income, total reportable fringe benefits amounts and reportable employer super contributions was less than $13,800 For 2017-18 and later income years the sum of your spouse's assessable income, total reportable fringe benefits amounts and reportable employer super contributions was less than $40,000 and the contributions were not deductible to you the contributions were made to a super fund that was a complying super fund for the income year in which you made the contribution both you and your spouse were Australian residents when the contributions were made when making the contributions you and your spouse were not living separately and apart on a permanent basis. For 2017-18 and later income years your spouse had not exceeded their non-concessional contributions cap for the relevant year or had a total superannuation balance equal to or exceeding the transfer balance cap immediately before the start of the financial year in which the contribution was made. The tax offset for eligible spouse contributions can't be claimed for super contributions that you made to your own fund, then split to your spouse. That is called a rollover or transfer, not a contribution. See more

19.01.2022 Change to non-concessional (after-tax) contributions cap Non-concessional (after-tax) contributions include personal contributions for which you do not claim an income tax deduction. If you have more than one super fund, all non-concessional contributions made to all of your funds are added together and counted towards the non-concessional contributions cap. From 1 July 2017, the annual non-concessional contribution cap will be reduced from $180,000 to $100,000 per year. This...Continue reading

19.01.2022 The Tax man gets more than his fair share

18.01.2022 From 1 July 2017 the requirement that you derive less than 10% of your income from employment sources has been abolished and regardless of your employment arrangement you may be able to claim a tax deduction. Those aged 65 to 74 will still need to meet the work test in order to be eligible to make a contribution and claim a tax deduction.

17.01.2022 These deductions may not be available in 2017 so act now. You have 3 days.

12.01.2022 Change to Division 293 income threshold Currently, individuals with income and concessional super contributions greater than $300,000 will trigger a Division 293 assessment. From 1 July 2017, the government will lower the Division 293 income threshold to $250,000. An individual with income, and concessional super contributions, exceeding the $250,000 threshold will have an additional 15% tax imposed on the lesser of:... the excess, or the concessional contributions (except excess contributions). Examples Main points Example Income is $260,000 Concessional contributions are $5,000 The sum of Tara's income and concessional contributions for the income year is $265,000. Tara will be assessed for Division 293 tax on the lesser of the amount over $250,000 ($15,000) and her concessional contributions ($5,000). Tara will receive a Division 293 assessment for 15% tax on $5,000.

08.01.2022 This property at Fox Hollow Drive Port Richey located near shops and Gulf of Mexico was purchased in Florida USA for $A145,000 returning 11% pa initially. Properties are increasing in the Port Richey area by 12% annually. Your super fund could purchase a similar property with our help. It is important that transparent and honest realtors manage the property. Contact Tax for Doctors for more information

06.01.2022 Contact Michael for explanation of all the changes. There is no better time to set up your own super fund. BUY PROPERTY BY USING YOUR SUPER LEGALLY. We can help at Tax for Doctors. Phone Michael on 0408 149 250

04.01.2022 New transfer balance cap for pension phase accounts From 1 July 2017, there is a limit on how much of your super you can transfer from your accumulation super account to a tax-free ‘retirement phase’ account to receive an account-based pension income. This is known as the super ‘transfer balance cap’. If you have more than one super account, the cap applies to the combined amount in all of your pension phase accounts. You will be able to make multiple transfers into the retir...Continue reading