Tax Accounting Adelaide’s Post

Our superannuation system works, but it's one of the most complex in the world. Today, along with my fellow actuaries Michael Rice AO FIAA, Jennifer Shaw and Alun Stevens, I'm proud to share our new Discussion Paper for the Actuaries Institute on superannuation tax reform.    We propose three key changes to make super simpler and fairer:  (1) Apply a uniform tax of around 10% on fund earnings in the accumulation and retirement phases. (2) Allow retirement benefits to remain tax exempt except for large withdrawals and make all smaller super bequests tax exempt. (3) Once in the fund, treat all contributions in the same way.     Tax reform is contentious, difficult, and we acknowledge there are many different approaches that could be taken to improve our (already strong) system. We believe these reforms would simplify how Australians manage their super, improve equity in the system and encourage the use of superannuation assets for its purpose - providing income in retirement.  We look forward to the discussion at the launch later today. Read the full paper here: https://lnkd.in/gbnEr2x3   #actuaries #superannuation #retirement #taxreform #tax  

𝗕𝗼𝗼𝘀𝘁 𝗬𝗼𝘂𝗿 𝗥𝗲𝘁𝗶𝗿𝗲𝗺𝗲𝗻𝘁 𝗦𝗮𝘃𝗶𝗻𝗴𝘀 𝗮𝗻𝗱 𝗥𝗲𝗱𝘂𝗰𝗲 𝗬𝗼𝘂𝗿 𝗧𝗮𝘅 𝗕𝗶𝗹𝗹! Hello Chasers, If you are looking to boost your retirement savings and reduce your tax bill, the undeducted carry forward strategy might just be the answer you're seeking. 𝗪𝗵𝗮𝘁 𝗶𝘀 𝗮𝗻 𝗨𝗻𝗱𝗲𝗱𝘂𝗰𝘁𝗲𝗱 𝗖𝗮𝗿𝗿𝘆-𝗳𝗼𝗿𝘄𝗮𝗿𝗱 𝗖𝗼𝗻𝗰𝗲𝘀𝘀𝗶𝗼𝗻𝗮𝗹 𝗖𝗼𝗻𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻? It's a clever tax strategy that allows you to carry over unused concessional contributions (superannuation contributions that have not been fully maximised to the cap set by the ATO each year) from previous years to your current financial year. This can be especially beneficial for those who have hit their annual cap in the past or for those who want to make a larger contribution in a single year. 𝗪𝗮𝗻𝘁 𝘁𝗼 𝗦𝘂𝗽𝗲𝗿𝗰𝗵𝗮𝗿𝗴𝗲 𝗬𝗼𝘂𝗿 𝗥𝗲𝘁𝗶𝗿𝗲𝗺𝗲𝗻𝘁 𝗦𝗮𝘃𝗶𝗻𝗴𝘀? 👉 Unlock the full strategy here https://lnkd.in/gNk9SAnW to learn how you can boost your super and reduce your tax bill! #taxtiptuesday #productivepeople #undeductedcarryforwardconcessionalcontributions #2025taxplanning #don’tdonateanyextra #plantosavetax #chasingthedream #www.ceebeks.com

Selling property to fund your retirement? ↳ Don’t miss these two key considerations. Superannuation contributions. ✅ Capital gains tax. ❌ We want to maximise one and minimise the other. But it’s not that simple. There are limits to super. Different tax rules for residents vs. non-residents. And timing matters more than you think. In today’s video, I break it all down. Learn how to plan smart, save more, and retire well. #RetirementPlanning #PropertyInvestment #Superannuation #CapitalGainsTax #WealthBuilding #AustralianExpats #Tax #TaxPlanning

When you're not sure on something (like tax!), seek out those who work in that industry regularly. Some great tax advice here worth sharing. Thanks Kris Chapman #taxadvice #tax2024

𝗕𝗼𝗼𝘀𝘁 𝗬𝗼𝘂𝗿 𝗥𝗲𝘁𝗶𝗿𝗲𝗺𝗲𝗻𝘁 𝗦𝗮𝘃𝗶𝗻𝗴𝘀 𝗮𝗻𝗱 𝗥𝗲𝗱𝘂𝗰𝗲 𝗬𝗼𝘂𝗿 𝗧𝗮𝘅 𝗕𝗶𝗹𝗹! Hello Chasers, If you are looking to boost your retirement savings and reduce your tax bill, the undeducted carry forward strategy might just be the answer you're seeking. 𝗪𝗵𝗮𝘁 𝗶𝘀 𝗮𝗻 𝗨𝗻𝗱𝗲𝗱𝘂𝗰𝘁𝗲𝗱 𝗖𝗮𝗿𝗿𝘆-𝗳𝗼𝗿𝘄𝗮𝗿𝗱 𝗖𝗼𝗻𝗰𝗲𝘀𝘀𝗶𝗼𝗻𝗮𝗹 𝗖𝗼𝗻𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻? It's a clever tax strategy that allows you to carry over unused concessional contributions (superannuation contributions that have not been fully maximised to the cap set by the ATO each year) from previous years to your current financial year. This can be especially beneficial for those who have hit their annual cap in the past or for those who want to make a larger contribution in a single year. 𝗪𝗮𝗻𝘁 𝘁𝗼 𝗦𝘂𝗽𝗲𝗿𝗰𝗵𝗮𝗿𝗴𝗲 𝗬𝗼𝘂𝗿 𝗥𝗲𝘁𝗶𝗿𝗲𝗺𝗲𝗻𝘁 𝗦𝗮𝘃𝗶𝗻𝗴𝘀? 👉 Unlock the full strategy here https://lnkd.in/getqbbKT to learn how you can boost your super and reduce your tax bill! #taxtiptuesday #productivepeople #undeductedcarryforwardconcessionalcontributions #2025taxplanning #don’tdonateanyextra #plantosavetax #chasingthedream #www.ceebeks.com

How to cut your tax bill and build your retirement nest egg with these super tricks. Yahoo Finance 💰

As we approach the end of the financial year, many of us are scrambling to maximize our tax deductions. But amidst the frenzy, there's one strategy that stands out: catch-up contributions for superannuation. This week's #clientstory sheds light on the transformative power of this option, particularly for clients navigating significant capital gains. By leveraging catch-up contributions, individuals can not only optimize tax efficiency but also bolster their retirement savings. Don't miss out on this valuable opportunity to make a meaningful impact on your financial future before June 30. #FinancialStrategy #SuperannuationStrategies #TaxPlanning #CatchUpContributions #Superannuation🌟🎥 (General advice only! Talk to qualified professional before acting on anything outlined to ensure it is appropriate for your circumstances)

Some very good tips about your super contributions and how you can use them.

Some timely advice approaching the EOFY and Super contributions Some great tax advice here worth sharing. Thanks Kris Chapman #taxadvice hashtag #tax2024

Good morning, everyone! Today, I want to shed some light on a topic that could potentially save you thousands in tax refunds: pension income splitting. In a recent client review, I discovered they missed out on significant tax savings by not splitting their pension income with their spouse. It's a common oversight, especially with the complexity of tax laws. But here's the deal: if you have a pension and your spouse doesn't, and your incomes differ, you could be eligible to share that pension income and reap substantial tax benefits. Even if you and your spouse's incomes are similar, splitting pension income can still result in a $300 refund on your tax return, thanks to the pension deduction. And when you reach 65, the opportunities expand further, encompassing additional income sources. Now, the rules can be intricate, but don't worry—I won't dive into the nitty-gritty here. The key takeaway is this: explore pension income splitting with your tax advisor. It's a strategy that shouldn't be overlooked. If you're curious to learn more about optimizing your finances, subscribe to our YouTube channel and follow us on social media for insightful content and business advice. Remember, taking care of your financial well-being today ensures a brighter future tomorrow. #TaxTips #FinancialPlanning #PensionIncome #TaxSavings #IncomeSplitting #FinancialWellness #RetirementPlanning #TaxRefunds #AccountingAdvice