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Boost your retirement savings

Pre-retirees can take advantage of a range of strategies to boost their nest egg.

Here are three popular ways to top up your retirement savings:

Maximise contributions
Take advantage of the concessional (pre-tax) and non-concessional (after-tax) contributions by contributing as much as you can afford before reaching the caps. From 1 July 2017, the annual concessional contributions cap will be $25,000 for all age groups.

Consider spouse contributions
Spouse contributions are super contributions made on behalf of your spouse. Generally, you can claim a tax offset of up to $540 per year if your spouse is a low-income earner or is not working. From 1 July 2017, the spouse’s income threshold will be increased to $40,000 to assist more couples to support each other in saving for retirement.

Keep on working
The longer you work means more time to leave your savings untouched and additional time to contribute to super. Delaying retirement leads to a shorter retirement and hence more savings. You may also consider working part-time to enjoy income while waiting until Age pension age.

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What Are The Consequences Of Improperly Lodged Tax Returns?

May 4, 2021

With tax return season approaching quickly this year, you may have already started looking into lodging your income tax return. Ensuring that your details are correct and that any information about your earned income from the year is lodged is the responsibility of the taxpayer and their tax agent. However, if during this income tax return process the tax obligations of the taxpayer fail to be complied with, the Australian Taxation Office has severe penalties that they can enforce.

Australian taxation laws authorise the ATO with the ability to impose administrative penalties for failing to comply with the tax obligations that taxpayers inherently possess.

As an example, taxpayers may be liable to penalties for making false or misleading statements, failing to lodge tax returns or taking a tax position that is not reasonably arguable. False or misleading statements have different consequences if the statement given results in a shortfall amount or not. In both cases, the penalty will not be imposed if the taxpayer took reasonable care in making the statement (though they may still be subject to another penalty provision) or the statement of the taxpayer is in accordance with the ATO’s advice, published statements or general administrative practices in relation to a tax law.

The penalty base rate for statements that resulted in a shortfall amount is calculated as a percentage of the tax shortfall, or in the case of no shortfall amount, as a multiple of a penalty unit. This percentage is determined by the behaviour that led to the shortfall amount or as a multiple of a penalty unit, which are as follows:

If a statement fails to be lodged at the appropriate time, you may be liable for a penalty of 75% of the tax-related liability if:

To ensure that the statements, returns and lodgements are done correctly, and avoid the risk of potential penalties, contact us today. We’re here to help.