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Budget 2016: Superannuation

The Government will enshrine in law that the objective for superannuation is “to provide income in retirement to substitute or supplement the Age Pension.” The following is the harshest Budget in regards to Super handed down. Contributions caps – LOSS The concessional contributions (CC) cap will be reduced to $25,000 from 1 July 2017, and […]

Budget 2016: Social Security and Family Assistance

Childcare subsidy delayed – DELAYED WIN The implementation of the proposed child care subsidies (contingent on the passage of family tax benefit reforms) will be delayed by one year to 1 July 2018. It is proposed that the following three payments: • Child care benefit (CCB) • Child care rebate (CCR), and • Jobs, education […]

Budget 2016: Tax – Personal

Change to income tax thresholds – SMALL WIN The current $80,000 threshold above which each $1 earned is taxed at 37 cents will be increased to $87,000 from 1 July 2016. The higher income cut-in means tax payable by middle income earners will be reduced from 37 cents to 32.5 cents for all income earned […]

Budget 2016: Tax – Business

Company tax cut – WIN The corporate tax rate for small businesses (annual turnover under $2 million) is currently 28.5 per cent (since 1 July 2015) and they are entitled to frank dividends at a maximum 30 per cent rate. A reduction in the company tax rate from 30 per cent to 25 per cent […]

Oncore Wealth: Budget Update 2016

The team at Oncore Wealth have all of the 2016 Australian Budget updates here and have explained whether or not they benefit you within each category. Click on the ‘read more’ links below to get more information on that taxation area. TAX – BUSINESS – Click to read more TAX – PERSONAL – Click to […]

Compensation key to retaining top talent

Recruiters are often in a difficult situation. On one hand, they have to work hard for their customer base to ensure that the right candidates are cherry-picked and presented to the client. However, on the other hand, dealing with their own employees and ensuring they are happy with management and knowing everyone is moving in […]

Red tape holding back business growth

While state and federal governments have made attempts to reduce the impact of red tape on small businesses, a recent report has revealed that many are still shackled by regulations.  According to the Australian Chamber of Commerce and Industry’s (ACCI) National Red Tape Survey, close to half of the 700 respondents feel that red tape […]

Oncore Wealth: Tax planning review – salary sacrifice

Any super contributions made under a salary sacrifice arrangement are treated as concessional contributions and need to be counted towards your concessional contributions cap. The concessional contributions cap for the 2014/2015 year is $30,000 for anyone ages 48 years or younger on 30 June 2014, and $35,000 for anyone ages 49 years or older on […]

Oncore Wealth: Insurance

Income Protection: What it is and how it helps you Many might consider a house, a car or even savings as their greatest financial asset. More often than not, however, it’s your ability to earn income that’s greater than the others combined. While we insure our cars, houses and other possessions, surprisingly only 31 per […]

Oncore Wealth: SMSF and Death

The power of binding death nominations in your Super Fund On 25 March 2015, the Queensland Supreme Court in Munro v Munro [2015] QSC 61, handed down a decision in which a document that was expressed to be a ‘binding death benefit nomination’ (BDBN) within a Self Managed Super Fund (SMSF) was found to be invalid, […]

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