Category: Newsletters
Skilled Nominated Migration (190 Visa) – Live & Work in NSW
Skilled Work on a 190 VisaAustralia’s general skilled migration scheme includes a visa specifically for skilled migrants to permanently live and work in an occupation that is state-/government-sponsored – subclass 190 visa. This does not mean that the government employs an applicant, rather that the skilled migrant’s application receives the support of the state.
Such support means that the state gives an applicant additional points (5 for a subclass 190) towards meeting the migration points-threshold required for this visa.
In order to be eligible for a subclass 190 visa, an applicant must meet certain criteria – be skilled in a suitable occupation on the specific occupation list, be nominated by an Australian state or territory government, meet the points-based system and meet language (English), age, character and health requirements.
Eligible applicants will be aged over 18 and under 45 years, have ‘Competent’ English language skills, pass an occupation skills assessment and accumulate 65 points before an Expression of Interest (EOI) may be approved by a nominating government.
Live and Work in NSW
The NSW Department of Planning, Industry and Environment has stated that “Demand for nomination by NSW is extremely high. The NSW Government will continue to select and invite top-ranking candidates who meet the NSW nomination criteria in occupations on the NSW 190 Priority Skilled Occupation List (NSW 190 List)”.
New South Wales (NSW) has recently – as of 1 July 2019 – adjusted its criteria for some occupations.
First, the NSW Government now uses a system to show the availability of occupations in NSW and this will be regularly updated to reflect the changing needs of skilled labour in NSW.
Second, the NSW Government now requires that for some occupations an applicant must have been living in NSW for at least two years and working in their nominated occupation in NSW for at least one year at the time of applying for a subclass 190 visa.
For occupations with low and limited availability – such as hairdressers, plumbers, accountants and tradespersons, an applicant will need to have a high point measure in order to receive an invitation to work in NSW.
For occupations with high availability – such as cooks/chefs, welfare workers, electricians and vehicle mechanics, an applicant who has already chosen to live and work in NSW will have reduced competition for these positions, albeit still requiring an invitation from government and meeting all application criteria.
To see an occupation’s availability in NSW, head to the NSW 190 Priority Skilled Occupation List at https://www.industry.nsw.gov.au/live-and-work-in-nsw/visas-and-immigration/nsw-skilled-occupations-list/nsw-190-priority-skilled-occupation-list
With the new NSW Skilled Occupation List, introduced in July 2019, containing occupations not previously listed, you may appreciate that there has already been much demand for these positions. At YML Migration, we have advice that:
- Currently, NSW has a total of 3,000 places available for nomination under this programme and a cap of 100 places to be allocated as the maximum amount under any one occupation;
- Occupations listed as “Limited” or “Low” availability only have 1-5 places available for allocation. It is not yet known how many places have been made available under occupations listed under “Medium” and “High”;
- At any point of time, NSW has 40,000-60,000 Expressions of Interest in the queue to be assessed; and
- Priority is being given to those who are able to show a points score of 75 or higher and thereafter to those who have high English scores and finally to those with significant relative work experience.
How can YML help?
Talk to our YML Migration Team today to see how YML Group can assist you with your application to work in NSW. Contact us on (02) 8383 4400 or by visiting the Contact Us page on our website.
Carry forward your unused Concessional Contributions
Since 1 July 2018 a new superannuation contribution rule has been in place: if you have a superannuation total balance of less than $500,000 on 30 June of the previous financial year, you may carry forward your unused concessional contributions from the previous year/s.A concessional contribution is an employer contribution or a personal contribution (claimed as a tax deduction), both possible to carry forward in to the next financial year using the concessional contribution cap rollover rule.
Superannuation contribution caps limit the annual amount that may be contributed to your superannuation account and exceeding a cap may result in the excess contributions being taxed. However, this new rule will enable eligible members to add unused portions of concessional contributions from one year to their super accounts in the next year, for up to five years (after which the unused amounts will expire).
This opportunity not only offers members an opportunity to increase their super balances if they have capacity to do so, it could also open the door to certain tax minimisation strategies, such as reducing capital gains tax that may be anticipated in the future.
The 2019-20 financial year is the first year that you are entitled to carry forward (roll over) unused amounts of concessional contributions.
For example, if you have not used the full concessional contribution cap - $25,000 in 2019 – you may carry forward the unused portion and add it to your next year’s concessional contribution cap - $25,000 in 2020, meaning you bolster your superannuation account by more than the $25,000 cap in 2020.
Any financial year, since 1 July 2018, that your superannuation total balance falls below $500,000 as at 30 June, you may be eligible.
Consider this table showing examples of unused concessional contribution (CC) under the Australian Government’s carry forward rule (assuming basic CC cap of $25,000):
| 2018-19 | 2019-20 | 2020-21 | 2021-22 | 2022-23 | 2023-24 | 2024-25 | |
| Concessional contribution Limit including the Cumulative unused CC for previous year | $0 | $40,000 ($25,000 +$15,000) | $50,000 ($25,000 +$25,000) | $75,000 | $65,000 | $65,000 | $60,000 |
| Actual member Concessional Contributions in the year | $10,000 | $15,000 | $0 | $35,000 | $25,000 | $25,000 | $28,000 |
| Unused General CC cap for year | $15,000 | $10,000 | $25,000 | $0 | $0 | $0 | $0 |
| Unused CC Carry forward amount applied | N/A | $0 | $0 | $10,000 | $0 | $0 | $3,000 |
| Cumulative unused CC cap amount remaining for previous year | $15,000 | $25,000 | $50,000 | $40,000 | $40,000 | $40,000 | $32,000 |
How can YML help?
Talk to our YML Super Solutions Team today to see how YML Group can assist you with your Concessional Contribution CAP Rollover. Contact us on (02) 8383 4400, or by visiting the Contact Us page on our website.
Intelligent Process Automation (IPA) is here to stay
Our future office environment, as near as the year 2025, will consist of humans and robots co-existing more than ever before and business leaders will need to consider how to manage both effectively for best practice.Transitioning to greater workplace productivity by robotics will impact all aspects of the office, particularly morale amongst employees, the general office working culture and productivity levels.
First, let’s consider what intelligent process automation (IPA) can deliver in terms of its capabilities. IPA encompasses artificial intelligence (AI) and all its related technologies, such as robotic process automation (RPA) – a software tool that automatically performs routine data-based tasks; machine learning – a software tool that automates the recognition of patterns in statistical data to perform tasks without instruction; computer vision – a form of automated visual perception of digital images and videos utilised to perform tasks.
IPA is an umbrella term for these computer applications that are engineered to reduce time, mitigate human error and achieve more accurate work task outcomes, all ideally at lower cost than a fully-humanised business can realise.
It is naturally expected that as a company increasingly has as many intelligent robots as people, people will need to learn to adapt to working alongside robots. Company leaders will look to their business management teams to train their employees to collaborate with their robotic counterparts. Collaboration is key here to business success. People will develop complementary skills such as interpreting machine-generated outputs, as well as how to be strategic and creative – empathetic skills which robots cannot execute at this time.
People can teach algorithms to the robotic process and people can conceive of the most appropriate applications for robotic process to fulfil the tasks at hand. Ultimately, it is the ‘human factor’ that makes IPA’s relationship with people a successful formula for businesses. So long as people come to understand the importance of their own role in ensuring robotic automation is utilised congruously, harmony within the workplace may well be reached.
The future office is not one of humans versus robots but rather one of humans and robots cooperating with each other, indeed fraternising, to attain business results not previously thought possible. With scrupulous use of today’s artificial intelligence and technologically-advancing robots, a business’s productivity, time and profits may flourish.
The potential for improved customer relationships and superlative results for customers are enhanced and realistically achieved when humans work collaboratively with robots. The future looks bright when people embrace, not fear, IPA – self-operating machinery – alongside them in the workplace. Where will IPA take your business?
How can YML help?
Talk to our YML Innovation Team today to see how YML Group can assist you with your IPA relationship. Contact us on (02) 8383 4400 or by visiting the Contact Us page on our website.
Australian Immigration Visa Changes from 1st July 2019
Sponsored Parent Temporary Visa (870)As of 1 July 2019, where families have long been separated, this new visa enables parents and grandparents to reunite in Australia and live temporarily for up to 10 years. There is no capacity for permanent Australian residency and a ‘no work’ condition applies to this visa.
Australian citizens and permanent residents may apply to be sponsors. Upon sponsorship being granted and since 1 July 2019, a visa application may be lodged for one or two overseas parents at any one time.
The visa grant cap at this time is 15,000 visas per annum. Visas may be renewed after five years to a maximum of 10 years. Visa application fees are $5000 for up to three years and $10000 for up to five years. Australian sponsors must bear healthcare, living and accommodation costs of their visa-holder parent/s in Australia.
Visa Eligibility
Including but not limited to, a visa applicant must:
- Be sponsored by an approved parent sponsor – be a biological, adoptive or step-parent (approved)
- Be at least 18 years or older
- Be outside of Australia
- Provide evidence of access to funds
- Provide evidence of health insurance
- Satisfy health, character and national security criteria
The Australian Government has lowered its immigration cap to 160,000 per annum, a figure intended to be maintained for the next four years. Within this new cap figure, the number of regional visas has been increased: reserving a total of 23,000 places for new subclass 491 and subclass 494 visa holders.
Skilled Work Regional (Provisional) Visa (491)
In November 2019 a new regional visa, the Skilled Work Regional (Provisional) visa, will replace the existing subclass 489 visa. This new visa provides for five years’ living and working in a regional location via sponsorship from either an eligible family member, or a state government, situated in a designated area. There is an age limit of 45 years and the applicant is points-tested. The government has allocated 14000 places for subclass 491 visa holders.
Skilled Employer Sponsored Regional (Provisional) Visa (494)
Another new regional visa from November 2019 is the Skilled Employer Sponsored visa, replacing the existing 187 subclass visa. This new visa provides for five years’ living and working in a regional location via sponsorship from an eligible regional employer. There is an age limit of 45 years and the applicant and the sponsor employer must meet certain criteria. The government has allocated 9000 places for subclass 494 visa holders.
New Regional Visas – Pathways to Permanent Residency (PR)
From 2022, both subclass 491 and subclass 494 visa holders may be eligible to apply for Permanent Residency (PR) after a minimum of three years’ living and working under their visas, complying with applicable visa conditions and meeting their income tax obligations.
Visa Fee Increases
The Australian Government has increased visa application fees on applications lodged on or after 1 July 2019. Most visa subclasses are affected by the increases and these increases are generally greater than 5 per cent.
As migration agents specialising in advice to visa applicants and individual/employer sponsors, we at YML Migration strongly encourage you to make contact with us to discuss these new visa opportunities and for us to help you make living and/or working in Australia a reality.
How can YML help?
Talk to our YML Migration Team today to see how YML Group can assist you with your visa options. Contact us on (02) 8383 4400 or by visiting the Contact Us page on our website.
New Tax Relief Introduction – Parliamentary Bill 2019
The Australian Government’s new personal income tax cuts were passed in Parliament on 4 July 2019. Moderately reduced tax offsets are benefiting many employees immediately in their 2019 financial year tax returns.Changes for the 30 June 2019, 30 June 2020, 30 June 2021 and 30 June 2022 year
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Low and Middle Income Tax Offsets
Taxpayers may be eligible for the Low and Middle Income Tax Offset if their taxable income is less than $126,000 and if they are an Australian resident for income tax purposes and their taxable income is within the ranges below:
The offset can only reduce the amount of tax payable by taxpayers to zero and will not reduce the Medicare Levy. The current rates for the Low Income Tax Offset is in addition to the Low and Middle Income Tax Offset. |
Changes for the 30 June 2023 and 30 June 2024 years
The following table reflects changes in the tax rates for individuals for the 30 June 2023 and 30 June 2024 years:
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From financial year 2025
A third phase of income tax changes is proposed to benefit those workers earning significantly more than the average wage.
Changes would include the removal of a tax threshold and a tax rate cut for another threshold, resulting in four tax thresholds – instead of the current five – and the 32.5 per cent tax rate being cut to 30 per cent.
The 19 per cent tax rate would apply up to $45,000 per annum income – instead of up to the current $41,000 per annum income – and those workers earning more than $45,000 would be taxed at 30 per cent after $45,000 up to $200,000.
The following table reflects the new tax rates for individuals for the 30 June 2025 year:
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Low income workers and those on Newstart will not benefit from the new Bill.
Employer PAYG Obligations
Keeping up-to-date with your employees’ income tax obligations ensures accurate PAYG withholding tax obligations are met and reported to the ATO.
How can YML help?
Talk to our Accountants today to see how YML Chartered Accountants can assist you with your PAYG obligations. Contact us on (02) 8383 4400 or by visiting the Contact Us page on our website.
New Work Tax Exemption (WTE) granted to SMSF Members
You can make personal contributions to your superannuation fund anytime when you’re under 65 years of age, even if you’re not working. However, once you reach 65 years of age – and you’re yet to reach 75 years of age – you can only make contributions to your superannuation fund if you meet the Work Test criteria.The Work Test requires a person aged between 65 and 75 years of age to work “gainfully” at least 40 hours within 30 consecutive days in a single financial year before making any contributions in to their superannuation fund.
Do you want a year off work, but you still want to contribute to your SMSF?
To help those retirees with a superannuation fund balance of up to $300,000, a new Work Test Exemption (WTE) has commenced from 1 July 2019.
The WTE provides that for an additional year – a 12-month period after retirement – a member aged 65 years and over may make voluntary contributions in to their superannuation fund if the member’s balance is less than $300,000 at the end of the prior financial year. A member must also have satisfied the Work Test in the prior financial year.
This is a once-in-a-lifetime opportunity to help retirees improve their post-retirement wealth, so a person can stop working but still be contributing to their superannuation fund for a 12-month period. Yet, if they return to work, they may not use the WTE again when they finally retire.
How much can you contribute during the WTE period?
Currently, contribution caps apply during the WTE period: up to $25,000 concessional contribution and up to $100,000 non-concessional contribution.
Eligible retirees can maximise their superannuation contributions during the WTE period by carefully considering a mix of voluntary contributions, including a ‘downsizer’ contribution from selling the primary (family) home at this time in their lives. To read our newsletter article “Over 65? Downsize your home to contribute to your super!”, click here: https://ymlgroup.com.au/over-65-downsize-your-home-to-contribute-to-your-super/
It’s important to seek professional SMSF advice and to plan your WTE period of superannuation contributions to ensure you gain the most from this lawful advantage offered to eligible retirees.
How can YML help?
Talk to our YML Super Solutions Team today to see how YML Group can assist you with your WTE superannuation options. Contact us on (02) 8383 4400, or by visiting the Contact Us page on our website.
Business Process Outsourcing (BPO) – Remote / Offshore
Outsourcing some or many of your organisation’s business functions is a modern-day, tech-era business solution to help fulfil your business goals and achieve greater productivity output. Not only domestic remote staffing but also offshore staffing are options for outsourcing your business processes. What steps lead to constructive and fruitful virtual working relationships via Business Process Outsourcing (BPO)?First, you’ll need to investigate which outsourcing service provider can best assist you in creating a successful virtual employee team. There are many such service providers and you’ll want one that is not only reliable but also capable of retaining staff for consistency with your Australian operation. Do take the time over the selection process. Do consider recommendations from others within your industry who already use accomplished and trusted virtual employees.
Once you know the ‘who and where’ of your virtual employee team, you’ll want to develop protocols for delegating business processes and you’ll need to define tasks to be undertaken by the remote staff. It’s important that your Australian employees are able to clearly communicate with the remote staff and vice versa, so protocols could include respecting time zone differences, dictating email etiquette and regulating communication channels. In addition, providing internet capabilities that can relay effectual audio and/or visual conferencing is essential.
Communication software is a key component of BPO, enabling screen sharing between remote staff and equivalent local employees. A major benefit of a screen sharing application is collaboration between users, enabling all users to view the same data and in real time. This technology also allows your organisation to engage in training with ease – instructing and demonstrating business processes to remote staff. Furthermore, a virtual offshore team can coordinate smoothly via instant interconnection and file updates.
With the most suitable and adaptable virtual employee team working remotely to support your business, the benefits will become apparent:
- Targeted execution of business processes, leading to more precise management of productivity
- Lower in-house costs by outsourcing and lower labour costs offshore for similar level performance
- Dedicated remote staff trained to suit just what needs to be done
- Specific skilled-work requirements performed by experts on a needs basis
- Renewed focus on investing in developing your business with savings made on labour costs
- Flexible productivity due to time zoning, enabling growth 24/7 and continuity of customer service/s
- Global expansion through continuity and consistency of customer service/s in line with your Australian operation
Source an experienced outsourcing service provider, lay down the parameters for best business process practices, empower your virtual employee team by equipping them with appropriate technological infrastructure and watch your business productivity take off as your organisation benefits from an effective relationship with your remote staff.
How can YML help?
Talk to our YML Innovation Team today to see how YML Group can assist you with setting up your BPO. Contact us on (02) 8383 4400 or by visiting the Contact Us page on our website.
Does your SMSF have an investment strategy?
You’re responsible for a Self-Managed Superannuation Fund (SMSF) and your members deserve to know how you will undertake investing their funds for best returns. Or you are a member of a SMSF and you want to understand your SMSF’s direction and methods for investing your contributions.Under Australian law (Superannuation Industry (Superannuation) Act 1993) a SMSF is required “to formulate, review regularly and give effect to an investment strategy”.
Formulate an Investment Strategy
Preparing an investment strategy means you will want to consider:
- the purpose of the SMSF;
- the members’ individual circumstances;
- the life phases of members (accumulation vs retirement and so on);
- the risks associated with various and diversified investment approaches;
- the pros and cons of asset classes (shares vs property vs cash and so on);
- the investment period/s for different investments;
- the benefits to members of insurance/s;
- the costs associated with investments; and
- how and when your members will receive payment of their returns and/or pensions
Regularly Review an Investment Strategy
Once an investment strategy is in existence, over time the strategy will need to be reviewed due to changing – legal, management, member and/or investment – circumstances. Some circumstances might be:
- Fund purpose changes direction (for example, retirement goals of members);
- New member/s join;
- Management team employment changes;
- Structure and performance of investments change;
- Liquidity levels require variation;
- Government legislation updates or reforms must be reflected;
- Market fluctuations warrant growth strategy modification
Insurance within an Investment Strategy
Part of reviewing a SMSF’s investment strategy is considering whether insurance is appropriate for its members and the suitability of any insurance – life, total and permanent disability (TPD), income protection - cover taken.
It is not mandatory to provide insurance but it is obligatory under law to consider insurance and show via supporting documentation the reasons for your decision to insure or not to insure a SMSF’s members. Such consideration and documentation are gauged to ideally protect a SMSF should liabilities be incurred.
Execution of an Investment Strategy
How or whether you act upon an investment strategy is important. You will need to put in to action an investment strategy not only to satisfy the existence of a SMSF, but to fulfil the purpose of a SMSF and meet its members’ retirement needs. This can only be achieved with a plan, regular reviews, consideration of insurance and making decisions in line with the methods of investment detailed within the investment strategy.
The ATO will use a SMSF’s investment strategy to ascertain the viability of a SMSF and may suggest specific alterations in its annual audit of a SMSF.
Engaging the services of a financial adviser to execute on a SMSF’s investment and insurance strategies could help reassure its members, enabling them to get on with their lives knowing that their superannuation funds are appropriately invested and that their insurance policies are in place.
As financial advisers specialising in SMSF advice we at YML Group strongly encourage SMSF members to contact us to discuss their retirement financial objectives and how we can assist with achieving them.
How can YML help?
Talk to our YML Super Solutions Team today to see how YML Group can assist you with your SMSF investment strategy. Contact us on (02) 8383 4400, or by visiting the Contact Us page on our website.
Happy NEW Financial Year – ATO Changes Update
TPAR – Taxable Payments Annual ReportThe Australian Government’s effort to garner taxes from people working outside the tax regulation system has meant you’ll need to report payments you’ve made to any and all contractual workers where labour/service costs have been included in their invoices to you during the financial year. The ATO uses the information you provide to ensure those contractors are meeting their tax obligation.
If your business provides building and construction services, then you will already be filing a TPAR, however from 1 July 2018, if your business provides cleaning services and/or courier services, then you will also need to lodge a TPAR this year by 28 August 2019.
From 1 July 2019 if your business provides road freight services, information technology (IT) services or security, investigation or surveillance services, then you will need to lodge a TPAR next year by 28 August 2020.
YML Group can guide you in fulfilling your ATO tax payment reporting obligation and assist you with your TPAR lodgement.
PAYGW – Pay As You Go Withholding
From 1 July 2019 you will no longer be allowed to claim a tax deduction for PAYGW expenses if you do not meet your ATO reporting obligations. If you failed to withhold PAYG tax from a payment OR if you withheld PAYG tax from a payment without informing the ATO, then you may not claim a deduction for those payments.
Voluntarily disclosing these errors to the ATO prior to the ATO commencing an audit will enable you to make a claim.
Remember to consider all PAYGW obligations for salaries, wages, commissions/bonuses, allowances, director fees, labour hire and/or payments made to contractual workers including those without an ABN.
STP – Single Touch Payroll
STP was introduced by the ATO to streamline reporting of salaries, wages, PAYG withholding taxes and superannuation contributions. From 1 July 2019 all small businesses must comply by submitting a single – digital – report after every pay day via a cloud-based payroll system using STP-enabled software from a STP software provider.
You can access STP solutions via the ATO’s website and/or an internet search, but we suggest you might like to call YML Group on 02-8383 4400 – if you do not currently use cloud accounting software, ask for Sarp from our Innovation division – to provide you a quote for our services to assist you with becoming ‘STP-compliant’.
Be aware that STP is a compulsory ATO requirement and non-compliance may result in ATO penalties.
SBE – Small Business Entity Concessions (Instant Asset Write-off)
From 2 April 2019 small- and medium-sized businesses may claim – until 30 June 2020 – an ‘instant asset write-off’ deduction of up to $30,000 for each asset purchased, installed and/or in use as at 2 April 2019.
To be eligible for this SBE concession, your business must have an annual turnover of up to $50 million.
Note that the threshold of $30,000 is the entire asset cost including GST (if you’re not registered for GST), but is the asset cost excluding GST (if you are registered for GST).
Medical Expenses (Tax Offset)
Financial year 2018-2019 was the last year – under special circumstances, namely disability aids, attendant or aged care – to claim the net medical expenses tax offset. This tax offset has now been phased out and is not an option from financial year 2019-2020 onwards.
Proposed CGT Exemption for Foreign Residents with Main Residence
A recent proposed Bill by the Australian Government in relation to the removal of the CGT main residence exemption for foreign residents has lapsed, therefore will no longer take effect.
How can YML help?
Talk to our Accountants today to see how YML Chartered Accountants can assist you with your ATO obligations. Contact us on (02) 8383 4400 or by visiting the Contact Us page on our website.
Superannuation Year End Considerations Continue!
Pension Payments – Have you received your annual minimum?It’s time to check on your annual minimum pension payment and make sure that you are on track to receive the correct amount by financial year end 30 June 2019. If your superannuation fund does not pay you the minimum pension amount, you risk a cessation of your pension from 1 July 2019. Moreover, your usually tax-free pension investments will be taxed at 15 per cent.
Your retirement income stream is calculated from 1 July each year and you can calculate your annual minimum pension payment by using your age. See the table below for the minimum amount you may withdraw in a financial year:
| Age of Beneficiary | Percentage factor* |
| Under 65 | 4% |
| 65 to 74 | 5% |
| 75 to 79 | 6% |
| 80 to 84 | 7% |
| 85 to 89 | 9% |
| 90 to 94 | 11% |
| 95 or more | 14% |
*Applies to every financial year from 2013/14 to 2018/19.
The Australian government has conceived the ‘sole purpose test’ to safeguard your retirement income with its applicable tax concessions from being transferred to the next generation. The ‘sole purpose test’ requires the setting of an annual minimum pension amount, determined by your age and increasing incrementally every five years. These increments are called the ‘percentage factor’, starting at 4 per cent (as seen in the table above).
The percentage factor provides a ‘safe’ pension withdrawal amount that allows for a retiree’s fund balance to continue to support them in retirement. As you age, the percentage factor increases to 14 per cent.
The provision of a minimum pension payment is regulated, however there is no maximum withdrawal (annual) in the pension phase of the fund. A Transition to Retirement Pension (TTR), not in the pension phase, has a maximum withdrawal of 10 per cent.
Return of the Coalition Government – What does it mean?
With the Coalition Government’s win at the recent federal election, the superannuation initiatives that it presented in Parliament prior to the election may now be addressed and eventually legislated for the benefit of retirees.
Some of the changes made by the Coalition Government are:
- Removal of the work test for retirees aged 65 and 66 who want to make voluntary superannuation contributions
- Extension of the ‘bring-forward’ arrangement for retirees aged 65 and 66 to make three years of after-tax contributions in a single year
- Increase in the age limit for receiving spouse contributions from age 69 to age 74
- Making tax deductions easier to claim for earnings on assets that support superannuation pensions
Franking Credit Cash Refunds – What happens now?
If you were wondering whether your ability to claim franking credit cash refunds would end at the federal election, you will be pleased to know that retirees will continue to benefit from franking credit cash refunds – no changes to the current ATO arrangement.
How can YML help?
Talk to our YML Super Solutions Team today to see how YML Group can assist you with your SMSF pension payments. Contact us on (02) 8383 4400, or by visiting the Contact Us page on our website.
