- From 1 January 2024 , the temporary enhancements to the Work Bonus that were scheduled to end on 31 December 2023 will be made permanent. Under the permanent enhancements, new pension entrants over Age Pension age and eligible Veterans will have a starting Work Bonus income bank balance of $4,000, and pensioners will retain the current elevated maximum Work Bonus balance limit of $11,800 rather than $7,800.
The Bill also includes provisions to allow eligible Work Bonus recipients on or after 1 July 2024 to receive a ‘top-up’ to their Income Bank to a maximum of $4,000 once every two years in limited circumstances.
- From 1 July 2024, the employment income nil rate period will be doubled from 12 weeks to 24 weeks, to reduce barriers for income support recipients to take up work by allowing them to retain concession cards and other supplementary benefits for a longer period. This change will apply to recipients of JobSeeker, Youth Allowance, Austudy, ABSTUDY, Parenting Payment, Age Pension, Disability Support Pension and Carer Payment.
To combat against rising levels of identity fraud in Australia, the Government has announced new fraud controls aimed at making it safer for Australians to protect and access their myGov information.
The Minister states that from now on, individuals who use their myGovID to login to their ATO account will need to use that myGovID for future logins. It will not be possible to access an ATO account without it (eg via an email/username and password).
These measures are aimed at countering illicit access of ATO accounts by people using stolen personal information obtained from the dark web.
Adviser Q&A - Can you increase the amount claimed in a notice of intent?
30 Oct 2023
10 min read
My client made a personal contribution of $30,000 during the 2022–23 financial year. She submitted a valid notice of intent (NOI) to her fund stating that she would claim $10,000 of the contribution as a tax deduction.
However, after discussions with her accountant, she now wishes to claim $25,000 of the contribution as a tax deduction. Can she vary her previous NOI to increase the amount of contribution to be claimed as a deduction?
Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 (AIL) is the trustee of the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557 and issuer of FirstChoice range of super and pension products. Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFSIL) is the responsible entity and issuer of products made available under FirstChoice Investments and FirstChoice Wholesale Investments.
Information on this webpage is provided by AIL and CFSIL. It may include general advice but does not consider your individual objectives, financial situation, needs or tax circumstances. You can find the target market determinations (TMD) for our financial products at https://www.cfs.com.au/tmd which include a description of who a financial product might suit. You should read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. You can get the PDS and FSG at www.cfs.com.au or by calling us on 13 13 36.