The temporary 50% reduction in minimum annual payment amounts for superannuation pensions and annuities has been extended by a further year to 30 June 2023. This temporary measure was first introduced by the government in response to the COVID-19 pandemic causing significant losses in financial markets, which negatively impacted account balances of super and pension/annuity of many retirees.
The whistleblower protection regime was introduced in 2019, and required large proprietary companies, public companies as well as corporate trustees of registrable super entities to have specific policies that outline the legislated protections for whistleblowers under the Corporations Act and how misconduct can be reported.
To help those nearing retirement boost their super balances, those aged 65 and over are able to make downsizer contribution of up to $300,000 from the proceeds of the sale of their home. This measure was originally envisaged as a way to encourage older people get into more suitable homes as well as increase the level of housing stock in a bid to reduce soaring house prices.
Castletons is one of the very first accountancy firms in Australia to launch a free mobile Tax App. The great news is that the APP can be downloaded free onto your iPhone,iPad or Android devices. It's packed full of some really useful Tax Tables, Calculators and important financial dates, all of which you will be able to access for free, anywhere you have an internet connection on your device.