All of the latest tax news, views and clues for October 2024.
This Alert addresses:
- Tax consequences of sharing your home – Rental and some sharing situations will affect your assessable income and what expenses you can claim at tax time.
- Unlocking value: subdividing your family home’s land – For retirees living on larger properties, subdividing and selling unused land can be a potential retirement funding strategy.
- Employee overpayments: what to do – Unintended overpayments to employees sometimes come to light. If this happens for your business, it’s important to consider all parties’ rights and obligations when deciding what to do next.
- Payday super: policy design released – A newly released fact sheet sets out some key elements of the government’s “payday super” policy.
- “Super saver” scheme now more flexible for first home buyers – Changes taking effect from 15 September 2024 will improve the process of accessing certain voluntary super contributions to assist with purchasing or constructing a first home.
- Accessing super from age 60 to 65 – From 1 July 2024, the rules for accessing superannuation became somewhat simplified: the preservation age to begin accessing benefits is now effectively 60 years.
Important: This is not advice. Clients should not act solely on the basis of the material contained in this Tax Alert. Items herein are general comments only and do not constitute or convey advice per se. Also changes in legislation may occur quickly. We therefore recommend that our formal advice be sought before acting in any of the areas. Articles in Tax Alert are not to be republished or reproduced for further distribution without requesting permission from HLB Mann Judd.