Lost & Found

You have probably heard that there are billions of dollars in superannuation savings sitting as “lost”.

In fact, the Tax Office has recently released some data which quantifies the lost accounts at 1,297,761 worth $12,524,755,888.66. 

A new database of information has been published on the Tax Office website which will hopefully prompt taxpayers to take active steps to recover what could be a very handy injection to their retirement savings. 

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New Year Changes

January 1 was a significant date for many retirees.

Not because it heralded a new year or the opportunity to commence those new year resolutions. It was significant because a number of changes were made to eligibility rules surrounding the Age Pension and the Commonwealth Seniors Health Care Card.

The first change relates to the treatment of income streams for an Age Pension assessment.

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Death and Taxes

deathtaxes

We’ve all heard the saying from US inventor, entrepreneur and politician Benjamin Franklin in 1789, “in this world nothing can be said to be certain, except death and taxes.”

 

Whilst there is not much that can be done to solve the whole dying problem, there are opportunities available to take the sting out of any tax bill associated with death.

 

When a person dies, any beneficiary recipients of their superannuation who are non-financial dependents i.e. adult children aged 18 or over, can be in for a nasty tax surprise as a result of receiving the superannuation benefit.

 

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1 July 2014 Changes

Well 1 July 2014 is now almost a quarter of the year behind us. Which means there is only a quarter of the year left in 2014!!

 

There were a number of tax changes that came into play on 1 July 2014 which appear to be still catching some people off guard.

 

This article looks to summarise and highlight some of the key changes.

  

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