McKinnon & Co Logo

Latest News

The superannuation changes from 1 July

The super changes on the way from the start of the 2024-25 financial year.

.

A number of superannuation changes will come into effect from 1 July 2024 that are designed to help working Australians get more money into the retirement savings system.

If fully utilised, the changes potentially allow all super fund members, including those with a self managed super fund (SMSF), to add tens of thousands of dollars extra into their account from the start of the 2024-25 financial year.


What are the super changes?

Higher superannuation guarantee (SG) rate

The compulsory superannuation guarantee (SG) rate payable by employers to their employees will increase by 0.5% from 11% of ordinary time earnings to 11.5%. The SG rate will increase by a further 0.5% to 12% on 1 July 2025.


Increase to the concessional (before-tax) contributions cap

The concessional contributions cap, which is indexed to average weekly ordinary time earnings (AWOTE), will increase by $2,500 from $27,500 per financial year to $30,000.

Concessional contributions are taxed at a flat 15% rate and include the pre-tax super contributions paid by your employer into your super fund account as well as any personal super contributions you make, such as pre-tax contributions made through a salary sacrifice arrangement.

People with an existing salary sacrifice arrangement through their employer may want to review their current contributions level to factor in the higher contributions limit. Employees generally set their personal salary sacrifice contributions at either a fixed percentage of their salary or at a fixed dollar amount. These contributions are deducted from their pre-tax salary.


Increase to the non-concessional (after-tax) contributions cap

The annual non-concessional contributions cap that limits the amount of after-tax contributions that can be made into your super account will rise by $10,000 from $110,000 per financial year to $120,000. This level is also indexed to AWOTE.

This increase also changes the three-year bring forward limit from the current $330,000 to $360,000. This limit provides people with the opportunity to deposit up to three years of non-concessional contributions in one financial year, but then prohibits them from making any further non-concessional contributions for another three financial years.

However, those with a larger sum of money, such as from a large asset sale or inheritance, could consider depositing the maximum $110,000 annual amount allowable this financial year and a further $360,000 next financial year using the new three-year bring forward limit based on the higher non-concessional contributions cap.


Preservation age

The minimum age individuals must reach to access their super, either through an account-based pension or lump sum payments, will be 60. Amounts accessed from super are not subject to income tax.


Transfer balance cap

The transfer balance cap relates to the amount of superannuation that can be transferred from a super account to start a pension account, where the income payments and the investment returns are both generally tax free.

The transfer balance cap is indexed periodically to the consumer price index (CPI) and increased in $100,000 increments. The cap was lifted to $1.9 million at the start of the 2023 financial year, and will remain at the $1.9 million level in the 2024-25 financial year.

Amounts over $1.9 million must be retained within a superannuation accumulation account, where investment earnings are taxed at 15%.

Keep in mind that the value of assets held within a pension account can increase above the $1.9 million transfer balance cap without any penalty.

 

Important information and general advice warning

Vanguard Super Pty Ltd (ABN 73 643 614 386 / AFS Licence 526270) (the Trustee) is the trustee of Vanguard Super (ABN 27923449966) and the issuer of Vanguard Super products. The Trustee has contracted Vanguard Investments Australia Ltd (ABN 72 072 881 086 / AFS Licence 227263) (VIA) to provide some services to members of Vanguard Super. Any general advice is provided by VIA. The Trustee and VIA are both wholly owned subsidiaries of The Vanguard Group, Inc. (collectively, "Vanguard"). The retirement savings tips provided above are general in nature and don’t take into account your personal financial objectives, situation or needs. You should consider your objectives, financial situation or needs, and the Product Disclosure Statement (PDS) and Target Market Determination (TMD) before making any decision about Vanguard Super. The PDS and TMD can also be accessed free of charge by calling 1300 655 101. Before you make any financial decision regarding Vanguard Super, you may wish to seek professional advice from a suitably qualified adviser. Any past performance information is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future performance. The information above is current as at time of publication and was prepared in good faith and we accept no liability for any errors or omissions.

 

 

 

 

 

Tony Kaye, Senior Personal Finance Writer
May 2024
vanguard.com.au

Hot Issues

Careers

Want to join our team? Various opportunities and positions become available from time to time. Currently we have the following positions available:

Accountant

Key Responsibilities will Include:

  • Preparation of Financial Statements and Tax Returns for Individuals, Companies, Trusts, Partnerships and SMSFs.
  • Preparation of BAS/IAS.
  • Preparation of Budgets & Cashflows.
  • Liaise with clients.
  • Communicate with the ATO and other regulatory bodies.

You’ll Need:

  • Tertiary Qualification (Majoring in Accounting).
  • Ideally a minimum of 2 years industry experience.
  • Excellent communication and interpersonal skills.
  • Ability to plan and coordinate workload.
  • Experience working with a range of software programs.

Bookkeeper

Key Responsibilities will include:

  • Preparations of BAS/IAS.
  • Bank Reconciliations for our small business clients.
  • Liaising with the ATO and other regulatory bodies.
  • Payroll processing.
  • Providing support to clients.
  • Assisting accountants where necessary.

You’ll Need:

  • Demonstrated experience in a similar role, or previous experience working as a bookkeeper for a business.
  • Experience working with software programs including Xero, MYOB, Reckon and QuickBooks is highly desired.
  • High standard of written and verbal communication skills.
  • Meticulous attention to detail.

Graduate/Trainee Accountant

Key Responsibilities will include:

  • Preparation of Financial Statements and Tax Returns for Individuals, Companies, Trusts, Partnerships and SMSFs.
  • Preparation of BAS/IAS.
  • Liaise with clients.
  • Communicate with the ATO and other regulatory bodies.

You’ll Need:

  • Recently finished or currently studying towards your degree.
  • Motivation to undertake further study.
  • Excellent communication skills.
  • Eagerness to learn and high work ethic.

We offer full time, part time and casual employment options. All applications are treated with strict confidentiality.

If you are interested in applying for one of these positions, please email resume cover letter to accountant@mckinnonandco.com.au

Contact Us

Philippa Whitting

Director

Education: Bachelor of Commerce, JCU

Qualifications: CPA, CTA, JP

Philippa commenced work at McKinnon & Co in 1982. In her spare time she enjoys looking after her beef cattle enterprise, equestrian activities, and spending time with family.

Stephen Klaproth

Senior Accountant

Education: Bachelor of Commerce – Major Accounting & Finance, USQ.

Qualifications: CA

Stephen works in our business services areas as well as assisting with Audits. On the weekend he enjoys the Tablelands outdoor lifestyle.

Chloe Bidner

Senior Accountant

Education: Bachelor of Business – Major Accounting, JCU.

Qualifications: CPA, Xero Advisor Certified.

Chloe works part time at McKinnon & Co predominantly in Business Services. When she is not at McKinnons, she works in her family business – FNQ Honey & Bees

Margaret Blakey

Senior Accountant

Education: Diploma of Financial Planning (Financial Services)

Qualifications: JP

Margaret commenced accounting in 1990, and has experience in the accounting, finance, banking and financial services sectors. In her spare time, she competes in dance sport ballroom dancing, as well as spending time with her family.

Leanne Johnston

Accountant. Manager of BAS, Payroll & Bookkeeping Department.

Education: Bachelor of Business – Major Accounting, USQ.

Qualifications: Xero Advisor Certified. Diploma In Accounting.

Leanne has recently completed her accounting degree and is looking to expand her knowledge with further study. In her spare time, she enjoys horse riding and planning travel adventures.

Valerie Orreal

Manager of SMSF Department.

Education: Bachelor of Science, JCU

Qualifications: Diploma of Family History

Valerie looks after all aspects of SMSFs. In her spare time, she enjoys reading, camping and beach trips.

Alison Richardson

Client Service Assistant

Alison started at McKinnon’s back in 1981 and is our longest serving employee, providing integral support to the office and our clients. She loves spending time with her family and spoiling her grandchildren.

Rebecca Setford

Receptionist

Bec helps manage the day-to-day operations of our front office. She enjoys working hard and learning new skills. Outside of work she is a keen gym enthusiast.

Georgia Barbagallo

Receptionist

Our newest team member Georgia is enjoying learning the running of our front office. She is also studying Education and enjoys spending time with her adorable sausage dogs.

Accounting, Tax & Compliance

The right advice can make a significant difference to the bottom line of your business. Our team can take the complexity out of tax.

We can help with compliance work for:

  • Individuals.
  • Sole Traders
  • Partnerships.
  • Companies.
  • Trusts.
  • Self-Managed Super Funds.
  • Clubs & associations.
Contact Us

Business Advisory

We take the time to understand the current situation and future direction of each client. Our experienced staff will develop a range of services tailored to suit your needs.

We can provide advice and support on a range of areas such as:

  • Business structuring.
  • Tax consequences and obligations.
  • Business Recovery & turnaround.
  • Succession Planning.
  • Capital Gains.
  • Business Valuations
Contact Us

Self-Managed Superannuation Funds

We provide a comprehensive service, assisting in all aspects of your fund’s administration including all the paperwork, reporting and support in complying with super and tax laws.

We’ll support you in the administration of your fund by:

  • Processing investment paperwork throughout the year.
  • Consulting with share registries.
  • Corresponding with the ATO.
  • Processing paperwork and calculations in relation to the commencement and maintenance of pensions.
  • Preparing trustees’ minutes.
  • Preparing year-end financial statements.
  • Preparing and lodging the fund’s annual income tax and regulatory return.
  • Preparing and lodging the TBAR reports as required.
  • Preparing the fund minutes
  • Organising annual actuarial certificate and other documents as required.
  • Organising the annual independent audit.
Contact Us

Audit & Assurance

We provide high quality auditing services to help ensure that our clients meet regulatory and business requirements.

We are committed to providing independent, comprehensive, effective and efficient auditing. They have the knowledge and experience necessary to help you with all your financial reporting and accounting issues.

We provide auditing services for the following areas:

  • Clubs & Associations
  • Trust Audits including Real Estate & Solicitors.
  • Special Purpose Audits and Reviews.
  • Financial Statement Audits.
Contact Us

BAS, Payroll & Bookkeeping

We provide a range of options to meet your individual bookkeeping needs and ensure you are complying with all your reporting requirements. We work with a range of software’s and are happy to assist with whichever program you feel most comfortable with. Services we provide include:

  • Payroll Processing and support.
  • Superannuation processing – ensuring all staff super guarantee obligations met on time.
  • Preparation and lodgement of Monthly & Quarterly Business Activity Statements.
  • Bank Reconciliations and transaction coding.
  • Inputting of business records.
  • Assisting with software used to maintain records.
  • Set up of relevant Tax Registrations.
Contact Us

Business Start Up Assistance

We can take the stress out of starting a new business, providing a personalised start up tax service suited to your venture. We can assist with:

  • Advice on Business Structure.
  • Applying for ABN, TFN.
  • Set up of Tax registrations including GST, PAYG Withholding and FTC.
  • Set up of WorkCover and Super clearing house.
  • Taking care of company set up requirements.
  • Advice on ongoing obligations.
Contact Us

Tax Diary

General Calculators

 

Accounting Videos

Tax Deductions by Job

Secure File Transfer

Secure File Transfer is a facility that allows the safe and secure exchange of confidential files or documents between you and us.

Email is very convenient in our business world, there is no doubting that. However email messages and attachments can be intercepted by third parties, putting your privacy and identity at risk if used to send confidential files or documents. Secure File Transfer eliminates this risk.

Login to Secure File Transfer, or contact us if you require a username and password.

Latest Newsletter

June 2024

Archive

General Disclaimer

The material on this website has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained on the website is General Advice and does not take into account any person’s individual investment objectives, financial situation or needs.

Before making an investment decision based on this advice you should consider whether it is appropriate to your particular circumstances, alternatively seek professional advice.

Privacy Policy

McKinnon & Co is committed to providing quality services to you and this policy outlines our ongoing obligations to you in respect of how we manage your Personal Information.

We have adopted the Australian Privacy Principles (APPs) contained in the Privacy Act 1988 (Cth) (the Privacy Act). The NPPs govern the way in which we collect, use, disclose, store, secure and dispose of your Personal Information.

A copy of the Australian Privacy Principles may be obtained from the website of The Office of the Australian Information Commissioner at https://www.oaic.gov.au/.

What is Personal Information and why do we collect it?

Personal Information is information or an opinion that identifies an individual. Examples of Personal Information we collect includes names, addresses, email addresses, phone and facsimile numbers.

This Personal Information is obtained in many ways including correspondence, by telephone and facsimile, by email, via our website www.mckinnonandco.com.au, from your website, from media and publications, from other publicly available sources, from cookies and from third parties. We don't guarantee website links or policy of authorised third parties.

We collect your Personal Information for the primary purpose of providing our services to you, providing information to our clients and marketing. We may also use your Personal Information for secondary purposes closely related to the primary purpose, in circumstances where you would reasonably expect such use or disclosure. You may unsubscribe from our mailing/marketing lists at any time by contacting us in writing.

When we collect Personal Information we will, where appropriate and where possible, explain to you why we are collecting the information and how we plan to use it.

Sensitive Information

Sensitive information is defined in the Privacy Act to include information or opinion about such things as an individual's racial or ethnic origin, political opinions, membership of a political association, religious or philosophical beliefs, membership of a trade union or other professional body, criminal record or health information.

Sensitive information will be used by us only:

Third Parties

Where reasonable and practicable to do so, we will collect your Personal Information only from you. However, in some circumstances we may be provided with information by third parties. In such a case we will take reasonable steps to ensure that you are made aware of the information provided to us by the third party.

Disclosure of Personal Information

Your Personal Information may be disclosed in a number of circumstances including the following:

Security of Personal Information

Your Personal Information is stored in a manner that reasonably protects it from misuse and loss and from unauthorized access, modification or disclosure.

When your Personal Information is no longer needed for the purpose for which it was obtained, we will take reasonable steps to destroy or permanently de-identify your Personal Information. However, most of the Personal Information is or will be stored in client files which will be kept by us for a minimum of 7 years.

Access to your Personal Information

You may access the Personal Information we hold about you and to update and/or correct it, subject to certain exceptions. If you wish to access your Personal Information, please contact us in writing.

McKinnon & Co will not charge any fee for your access request, but may charge an administrative fee for providing a copy of your Personal Information.

In order to protect your Personal Information we may require identification from you before releasing the requested information.

Maintaining the Quality of your Personal Information

It is an important to us that your Personal Information is up to date. We will take reasonable steps to make sure that your Personal Information is accurate, complete and up-to-date. If you find that the information we have is not up to date or is inaccurate, please advise us as soon as practicable so we can update our records and ensure we can continue to provide quality services to you.

Policy Updates

This Policy may change from time to time and is available on our website.

Privacy Policy Complaints and Enquiries

If you have any queries or complaints about our Privacy Policy please contact us at:

admin@mckinnonandco.com.au

07 4091 1244