What’s changing on 1 July?

What’s changing on 1 July?

  • Company tax rate reduces to 26% for base rate entities
  • $150k instant asset write-off extended until 31st December 2020
  • Cents per km rate for work-related car expenses increase to 72 cents
  • Expected reforms to allow 66 and 67 years olds to make voluntary superannuation contributions without satisfying the work test. This reform is not yet law.
  • Age limit for making superannuation contributions to your spouse increases from 69-74. This reform is not yet law.
  • For those 67 and under, reforms will enable you to use the ‘bring forward rule’ to make up to three years of non-concessional contributions. That is, you can make non-concessional contributions of up to $300,000 from the 2020-21 financial year.

We are here to help, please feel free to give us a call 02 9415 1511 or email reception@primeadvisory.com.au, and we can discuss in further detail.

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