With all the changes occurring in the last year, it’s difficult to keep track. Thankfully we have compiled a list of a few things we can confirm to occur on 1 July 2020.
- Company tax rate reduces to 26% for base rate entities
- 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 may be able to make non-concessional contributions of up to $300,000 from the 2020-21 financial year.
Visit our website to stay up to date with the latest changes, and if you have any questions about the upcoming changes or any other matter, get in touch to claim your free consultation with one of our Tax Champions.