How much should you pay yourself?
Being the boss means you get to make all the big decisions about your business – including how much to pay yourself in wages, salary or drawings. As the owner, you might need to underpay yourself in the early stages of building your business, so you can reinvest the profits. But your time is valuable […]
New Division 296 rules explained: Tax changes for large Superannuation balances
The Federal Government has now passed the Division 296 legislation, introducing an additional tax for individuals with total superannuation balances (TSB) above $3 million. Since the proposal was first announced in February 2023, several important changes have been made to the original design. The key updates include: 1. Removal of tax on unrealised gains Instead […]
