Contributing a lump sum into super

SuperLeave a comment

Australians can make two types of contributions each year; concessional contributions, which are taxed at 15 per cent, and non-concessional contributions, which are not taxed. There is a limit of $35,000 for concessional contributions and $180,000 for non-concessional contributions. However, individuals do have the option of using the three-year bring forward rule that allows taxpayers…

Renting out a room can incur CGT

TaxLeave a comment

A large number of Australians who rent out a room in their home, whether it be via Airbnb or another avenue, are unaware that the practice can incur capital gains tax (CGT). Many assume CGT is not on the cards because profit made from the family home (or ‘primary residence’) is usually tax-free. However, those…