The Victorian budget was delivered on 20 May 2021 and included a number of significant measures including proposed increases in the rates of stamp duty, land tax and payroll tax as well as the proposed introduction of certain temporary exemptions and concessions.
On 11 May 2021, Treasurer Josh Frydenberg handed down his second “pandemic budget” amidst a backdrop of continuing uncertainty. Acknowledging that the virus is a continuing threat to lives and livelihoods, this budget is again framed to prioritise jobs and investment.
As well as stimulus measures, the focus has been on structural reforms across many of the government portfolios. Skills, infrastructure, deregulation, and digital transformation are all featured, together with a continued emphasis on services.
The CGT exemption rule on the principle place of residence (“PPR”) is still confusing to many people.
In the last 30 years or so we have witnessed exponential growth of the SMSF sector both in terms of the number of funds and size of their super balances. Today, SMSFs make up over a quarter of close to $3 trillion Australian superannuation system. There are over a million people in SMSFs today and this number is likely to keep rising in the years ahead. Also, their balances tend to get larger as the years roll by.
From the 1st July 2018 an individual with a Total Superannuation Balance of less than $500,000 can carry forward any unused concessional contribution cap of up to $25,000 per annum for up to 5 years.
CSCG provides the depth and breadth of services available from any major accounting firm while providing the personal touch only a locally-owned firm can offer.
