Currently, there are plans to increase the level of compulsory superannuation contributions, paid by employers, from the current rate of 9.5% of salary to 12%. The increases, as currently planned, would occur in 0.5% increments over the next five years. However, due to pressure on the budget, the government wants to delay the first 0.5%…
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A capital gain is a profit made from the sale of an asset, for example, real estate investments (the family home is exempt), a business or shares. Your capital gain is calculated as the difference between what you paid for the asset and what you eventually sold it for. A capital gain is considered by…
For most Australians, superannuation is one of their most important assets, usually only coming second to the family home. Superannuation is a great way to plan for your retirement, offering you a lot of tax breaks and ensuring that you are putting money aside for the future you want. However, it can be unsettling when…
The ATO has issued its decision on the treatment of bitcoin, and other crypto-currencies, for tax purposes. Bitcoin is a form of virtual digital currency that has been gaining popularity worldwide. Based on the average number of daily transactions, bitcoin has overtaken western transfer and is fast approaching PayPal as the world’s most popular form…
Many Australians have superannuation that they have lost track of over the years. The ATO estimates that the total amount of lost super in Australia adds up to billions of dollars. If you have ever changed your name or address it is possible that you have chunks of super that you’ve completely forgotten about. The…