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Federal Budget – superannuation flexibility

Posted on May 4, 2016 by admin

The Budget has made changes that reflect that the current superannuation system is at a kilter with individuals current lifestyles, with the introduction of more flexibility to address this.

Concessional contributions
Individuals under the age of 75 will now be able to claim tax deductions for personal superannuation contributions. From 1 July 2017, individuals can make concessional super contributions up to the concessional cap. This will benefit partially self-employed individuals and partially wage and salary earners whose employers do not offer salary sacrificing.

The Budget will improve the superannuation balances of low-income spouses as the current spouse tax offset is extended to assist more families in accumulating superannuation. The current income threshold for the receiving spouse (whether married or de facto) will be lifted from $10,800 to $37,000.

A contributing spouse will be eligible for an 18 per cent offset worth up to $540 for contributions made to an eligible spouse’s superannuation account.

Catch-up concessional superannuation contributions will be introduced to allow those with lower contributions and interrupted work patterns to make ‘catch-up’ payments to boost their nest egg. This will apply to those with account balances of $500,000 or less whereby allowing unused concessional contribution caps to be carried forward on a rolling basis for up to five years.

Contribution rules removed for older Australians
Australians aged 65 to 74 will be able to access the bring-forward of non-concessional contributions, minimum work requirements for voluntary superannuation contributions and restrictions on spouse contribution from 1 July 2017. The incentive is to assist older Australians to make superannuation contributions appropriate to their circumstances.

Retirement income products
Barriers are being removed to endorse innovation in the creation of retirement income products. These income products can enhance the flexibility and choice for retirees to better manage risk and improve their standard of living in retirement.

From 1 July 2017, the tax exemption on earnings in the retirement phase will be extended to products such as deferred lifetime annuities and group self-annuitisation products.

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Things to consider before rebranding your business

Posted on February 13, 2020 by admin

Rebranding your business can seem like a daunting task, as it can involve a range of arduous tasks such as changing designs, updating clients, retraining staff and changing your marketing strategies.

However, rebranding can be an option for many businesses if:

To make the task of rebranding seem less daunting, consider these tips before starting to help you in your process.

Evaluate your need for rebranding
Make sure that the reason for your rebranding is valid and don’t act on impulse decisions. Rebranding can take a lot of time and resources and can often decrease your business if not done successfully, so it is important that you evaluate if rebranding is right for your business and outline the reasons why. It can be helpful to talk to staff about it to get ideas from people who are also invested in the success of your business.

Plan a budget
Before you rush into rebranding your business, make sure you have the funds to do so. Research and estimate how many resources will go into different areas of rebranding, e.g. marketing, website design, training staff etc. and outline a budget that can help you manage your finances through the process.

Have a strategy
Before you start rebranding, plan out a strategy that will guide you in the process and can increase the chances of success. This will help the process run more smoothly and prevent unexpected challenges that could detriment your business.

Solidify your mission and values
Having a clear understanding of the mission and values you want your business to have going forward can help you make important branding decisions and help build the foundation for your new brand. Having you and your staff on the same page with the business mission and values can improve efficiency and motivation when working on the rebrand.

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