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Clients who are considering retiring often have outstanding accrued periods of annual leave and/or long service leave.

In many cases, clients have a choice between receiving outstanding leave as a lump sum upon terminating employment and taking any accrued leave prior to terminating employment.

Craig Day and Richard Chen compare the superannuation, tax and social security differences between these two options.

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• Upcoming Federal Budget
• Proposed $1,000 tax deduction for work related expenses
• Home based businesses and small business CGT concessions
• Upcoming changes to Total Super Balance and defined benefit pensions
• Minor change to who can be a trustee of a SMSF
• Announced changes to Support at Home fees

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From 1 July this year, the new Payday Super reforms come into effect which generally require employers to make SG contributions at the same time as they pay salary and wages.

This change could have implications for advisers and their clients where it results in an increase in concessional contributions, as it could cause them to inadvertently exceed their concessional contribution cap in future years.

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• Upcoming Federal Budget
• Division 296 tax - latest developments
• Personal Services Income and trusts - ATO update
• Payday Super - contribution cap implications

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Craig Day and Tim Sanderson discuss the recently introduced Division 296 tax bill which proposes to levy additional taxes on the superannuation earnings of members with total super balances in excess of $3m.

While some aspects of the new Bill are similar to the original proposals, the proposed new rules also include some significant changes, which will have important implications for clients and their advisers.

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• Indexation of the transfer balance cap from 1 July 2026 - things to watch out for
• Indexation of the contribution caps - potential strategy opportunities
• Brief discussion on Division 296 bill currently before Parliament
• Increase to Centrelink deeming rates on 20 March
• Recent report on Support at Home waiting times

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