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State and Federal COVID-19 support
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World's largest armies 1816 - 2020
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Extra 'super' step when hiring new employees
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Pitfalls and proposed changes in the use of R&D tax incentives
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Government expands SME loan scheme eligibility
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COVID-19 disaster payments to be tax-free: Prime Minister Scott Morrison
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‘Nowhere to hide’: New gig economy reporting regime set to debut
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Hardship priority processing of tax returns
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ATO Small Business Newsroom - July / August
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‘Mammoth consequences’: ATO’s NALI ruling draws ire from accountants
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Superannuation Guarantee Rates Reminder
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NSW support measures, plus update for payroll tax.
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Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
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Year-end tax planning
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Home Office & end of 2021 tax year
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ATO extends STP finalisation due date
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Super transfer balance cap increase from 1 July 2021
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ATO extends Division 7A COVID-19 relief
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Tax implications - more than one job
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Tax mix to rely more heavily on income tax as the Treasurer ducks austerity
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10% Super Guarantee from 1st July 2021
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Super transfer balance cap increase from 1 July 2021

 

This year will be the first indexation increase of the $1.6 million pension limit.

 

       

If you’re nearing retirement and have a large amount in your transfer balance account, it may be wise to take advantage of this after 1 July 2021 due to the pension transfer cap increase from $1.6 million to $1.7 million.

At the time you first commence a retirement phase superannuation income stream, your “personal transfer balance cap” is set at the general transfer balance cap for that financial year.

When the general transfer balance cap is indexed to $1.7 million from 1 July 2021, there won’t be a single cap that applies to all individuals. Rather, every individual will have their own personal transfer balance cap of between $1.6 million and $1.7 million.

Each calculation will be dependent on member balance in each superannuation account and pension start date.

 

 

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