The bill to implement the Labor Government's revised tax cuts has now passed both houses of parliament. The revised tax meaures include the following which will apply from 1 July 2024:
- Reduce the 19% tax rate to 16%;
- Reduce the 32.5% tax rate to 30% for incomes between $45,000 and a new $135,000 threshold;
- Increase the threshold at which the 37% tax rate applies from $120,000 to $135,000; and
- Increase the threshold at which the 45% tax rate applies from $180,000 to $190,000.
The Medicare Levy low-income thresholds for the 2024 income year will also be increased.
With over 200 Self-Managed Superannuation Fund (SMSF) clients Roy Spagnolo & Associates have a thorough understanding of the excellent retirement and tax efficient strategies that can be achieved through the use of a SMSF.
Roy Spagnolo & Associates ensures that Self-Managed Superannuation Funds retain their complying fund status and are proactive in keeping trustees informed of potential changes in legislation.
The Self-Managed Superannuation Fund team at Roy Spagnolo & Associates provide the following services:
• Prepare Financial Statements
• Prepare Member Statements
• Prepare and lodge Income Tax Returns
• Attend to Actuarial Certificates (if required)
• Preparation of Trustee Minutes
• Arrange Audit of the Financial Statements
• Completion of various administrative tasks
Roy Spagnolo & Associates works closely with investment advisors, whether it is our recommended advisors or your chosen advisor, to ensure your Self-Managed Superannuation Fund is reaching its full potential.
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