October Newsletter 2024

01 Oct October Newsletter 2024

We are pleased to supply you with the latest edition of Client Alert, which contains information on a number of important developments up to and including 23 September 2024.

• 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.

Please contact us if you wish to discuss how the points raised in Client Alert specifically affect you.

Yours sincerely the Team at Rittwatchman & Associates