CFONow’s Post

SMSFs: What happens if you exceed your super caps? The rules around making some types of super contributions have been relaxed in recent years, so it’s worth exploring the different opportunities available to you before making a large contribution.i What are contribution caps? #SMSF #Superannuation #Finance #Money #FinancialPlanning #IndependentFinancialAdvice #Tax #Melbourne #Australia #MaddernFinancialAdvisers

The new year always brings changes to reporting and tax considerations: 📈 Interest rates on overdue taxes 💲 Second additional Canada Pension Plan Contributions 💻 Electronic filing of GST/HST returns 👩⚕️ T4/T4A reporting for Canada Dental Plan 📄 New trust reporting rules 👩💼 US beneficial ownership information reporting ⌨ Electronic payments for remittances and payments over $10,000 Read below to ensure you are informed and compliant. #taxcompliance #businessadvice #reporting MNP

This is the final year!!! Catch up super contributions, use it or lose it. If you are have under $500,000 at 30 June 2023 in your superannuation accounts, you maybe eligible to make up contributions you have missed over the previous 5 financial years starting 2018/19. It's based on a rolling 5 year basis, so this is the last year 2018/19 will be available. Max you can add: $27,500 for this year + any unused amount from the past 5 years. Why it's good: Lower taxes! Contributions get taxed at 15% inside super, potentially saving you money. Unless you earn over $250,000 then you will pay an additional 15% tax on top. In addition, your investments will be in a lower tax environment at a maximum rate of 15%. If you are interested to see if you are eligible to make catch up super contributions, please don't hesitate to reach out.

The High Income Child Benefit Tax Charge Do you or your partner receive child benefit? If one of you earns over £50k in this tax year, you will be hit by the HICBTC. For every £100 you earn over £50k, you will have to repay 1% of the child benefit you have received. And so if you earn over £60k, you should repay all of it. If you find yourself in this position, a personal pension contribution can help. Remember, even a bonus could put you over the threshold without you realising. Don't start me on the issues with this, but the good news is the most recent Budget is starting to address the elephant in the room. These thresholds are going to increase in the new tax year to £60k up to £80k, but they are also going to start looking at a way that it looks at household income and not just one parent's income. The current system is completely unfair if there is one high earning parent, or if you're a single parent. A couple could both earn £50k each and be entitled to it, while a single parent on just £60k is not. It's simply not fair in the current state If you want to read more, I've covered it in the below blog. Try to look past my cynicism while I wrote this blog 😅 https://smpl.is/8tzc4 #childbenefit #taxcharge #incomethresholds #personalpension #taxyear #householdincome #budget2024

The High Income Child Benefit Tax Charge Do you or your partner receive child benefit? If one of you earns over £50k in this tax year, you will be hit by the HICBTC. For every £100 you earn over £50k, you will have to repay 1% of the child benefit you have received. And so if you earn over £60k, you should repay all of it. If you find yourself in this position, a personal pension contribution can help. Remember, even a bonus could put you over the threshold without you realising. Don't start me on the issues with this, but the good news is the most recent Budget is starting to address the elephant in the room. These thresholds are going to increase in the new tax year to £60k up to £80k, but they are also going to start looking at a way that it looks at household income and not just one parent's income. The current system is completely unfair if there is one high earning parent, or if you're a single parent. A couple could both earn £50k each and be entitled to it, while a single parent on just £60k is not. It's simply not fair in the current state If you want to read more, I've covered it in the below blog. Try to look past my cynicism while I wrote this blog 😅 https://smpl.is/8tzc3 #childbenefit #taxcharge #incomethresholds #personalpension #taxyear #householdincome #budget2024

Embrace the new financial year with valuable tips from RSM Australia Financial Services Director, Grace Bacon 高小芬 🙌 Stage 3 tax cuts, superannuation boosts, and subsidies await. Plan ahead for major 2025 changes. Let's secure and grow your wealth together 👇 #FinancialServices #WealthManagement #Superannuation #TaxCuts #Australia

Time seems to fly when life is busy... before you know the beginning of a new financial year will come to a close (only 11 months away). Here are some tips to help you stay abreast of the tax and super changes that applies from 1 July 2025. #financialwellbeing #taxplanning #superannuation #financialadvice

Breaking down yesterday's budget: Key highlights include increased funding for education, a boost to healthcare infrastructure, and significant investments in green energy projects. Exciting steps forward for our community! Direct Tax : *Enhanced Limit of Standard Deduction and Family Pension Deduction Under New Regime *Under the new regime, the standard deduction for salaried individuals has been increased to Rs. 75,000 from Rs. 50,000. *Similarly, a deduction on family pension for persons having pension income has been increased to Rs. 25,000 from Rs. 15,000 if they file taxes under the new regime. *Slab rate changes , As a result of the above changes, a salaried employee in the new tax regime can save up to Rs. 17,500 in taxes. Capital Gain *The holding period for all listed securities is 12 months. All listed securities with a holding period exceeding 12 months are considered Long-Term. The holding period for all other assets is 24 months *The taxation of Short-Term Capital Gain for listed equity shares, a unit of an equity-oriented fund, and a unit of a business trust has been increased to 20% from 15%. Other financial and non-financial assets which are held for short term shall continue to attract the tax at slab rates. *For the benefit of the lower and middle-income classes, the limit on the exemption of Long-Term Capital Gains on the transfer of equity shares or equity-oriented units or units of Business Trust has increased from Rs.1 Lakh to Rs.1.25 lakh per year. However, the rate at which it is taxed has increased from 10% to 12.5%. *The exemption limit to Rs. 1.25 lakhs has been increased for the whole of the year, whereas the tax rate changed on 23rd July 2024.

The High Income Child Benefit Tax Charge Do you or your partner receive child benefit? If one of you earns over £50k in this tax year, you will be hit by the HICBTC. For every £100 you earn over £50k, you will have to repay 1% of the child benefit you have received. And so if you earn over £60k, you should repay all of it. If you find yourself in this position, a personal pension contribution can help. Remember, even a bonus could put you over the threshold without you realising. Don't start me on the issues with this, but the good news is the most recent Budget is starting to address the elephant in the room. These thresholds are going to increase in the new tax year to £60k up to £80k, but they are also going to start looking at a way that it looks at household income and not just one parent's income. The current system is completely unfair if there is one high earning parent, or if you're a single parent. A couple could both earn £50k each and be entitled to it, while a single parent on just £60k is not. It's simply not fair in the current state If you want to read more, I've covered it in the below blog. Try to look past my cynicism while I wrote this blog 😅 https://smpl.is/8tzc5 #childbenefit #taxcharge #incomethresholds #personalpension #taxyear #householdincome #budget2024

💡 Understanding deductions under Section 80C can significantly reduce your taxable income and save you money. Here’s a comprehensive guide to help you make the most of it: 🏦 Investment Options: 👉 Public Provident Fund (PPF): Contributions are eligible for deduction, with a lock-in period of 15 years. 👉 Employees' Provident Fund (EPF): Employer and employee contributions qualify for deduction. 👉 National Savings Certificate (NSC): Investments in NSC are deductible, and interest earned is also eligible for deduction. 👉 Equity-Linked Savings Scheme (ELSS): Investments in ELSS offer both tax benefits and potential market-linked returns, with a 3-year lock-in period. 👉 Tax-Saving Fixed Deposits: Fixed deposits with a 5-year lock-in period in scheduled banks qualify for deduction. 👉 Sukanya Samriddhi Yojana: Investments in this scheme for the girl child offer tax benefits. 👉 Unit Linked Insurance Plan (ULIP): Investments in ULIPs provide tax deductions along with insurance coverage. 🏡 Housing Related Deductions: 👉 Principal Repayment of Home Loan: The principal portion of home loan EMI qualifies for deduction. 👉 Stamp Duty and Registration Charges: These expenses incurred while purchasing property can be claimed. 📚 Educational Expenses: 👉 Tuition Fees: Tuition fees paid for up to two children are eligible for deduction. 💼 Insurance and Pension Schemes: 👉 Life Insurance Premiums: Premiums paid for life insurance policies for self, spouse, and children are deductible. 👉 National Pension System (NPS): Contributions to NPS are deductible up to ₹50,000 under Section 80CCD(1B) in addition to Section 80C limit. 💰 Overall Limit: The total deduction limit under Section 80C is ₹1.5 lakh per financial year. 🔍 Planning Tip: Evaluate your financial goals and choose the right mix of investments to maximize your tax benefits while aligning with your long-term objectives. Make the most of these deductions to reduce your taxable income and save money. Consult with a tax advisor to ensure you're optimizing your tax planning strategy! #TaxPlanning #Section80C #IncomeTax #FinancialPlanning #CharteredAccountant