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New Contribution Caps – FY2024-25

Date: March 5, 2024
Categories: Superannuation
Following the release of the latest Average Weekly Ordinary Time Earnings (AWOTE) index, the anticipated increase to the contribution caps from 1 July 2024 has been confirmed. Here are the changes:- The Standard Concessional Contribution cap will increase from $27,500 to $30,000.- The Non-Concession ...
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Determination of PSI

Date: March 5, 2024
Categories: Bookkeeping
PSI:· Personal Services Income (PSI) is income produced, mainly from your personal skills or efforts as an individual. Only individuals can have PSI. It can be earned directly by a sole trader, or indirectly through an entity known as a Personal Services Entity (PSE).· Income which are more ...
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Wealth Management
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The Role of Financial Institutions in Encouraging Responsible Investing

Date: March 1, 2024
Categories: Financial Planning
Financial Institutions play a vital role in promoting responsible investing, impacting both individual investors and the broader market. They achieve this by:1. Providing Products for Responsible Investing:• Creating and promoting investment options: This includes bonding especially to comp ...
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The Future of Outsourcing

Date: February 5, 2024
Categories: Business Service
The competitive landscape of global businesses is constantly changing. In this context, outsourcing has become an important strategy for firms to stay competitive by cutting costs and gaining access to global talent pools. Over time, outsourcing has evolved and expanded, transforming the way compani ...
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carisma solutions
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ATO Update (February 2024)

Date: February 5, 2024
Categories: Monthly Update
Financial Advice Registration Requirement ExtendedASIC has registered the ASIC Corporations (Amendment) Instrument 2023/730 (the "Amending Instrument"). The Amending Instrument puts in place further interim measures to delay the requirement (the "Registration Requirement") for "Relevant Provi ...
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Excess of Non-Concessional Contributions 

Date: February 5, 2024
Categories: Superannuation
Non-Concessional Contributions refer to the after-tax amount, and it should also be brought into the Self-Managed Superannuation Fund (SMSF) within the specified cap limit.  In certain instances, the contributed amount may exceed the available cap limit. We will investigate and determine the appro ...
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PSI: An Outline and the Record Keeping

Date: January 31, 2024
Categories: Bookkeeping
PSI:Personal Services Income (PSI) is income produced, mainly from your personal skills or efforts as an individual. Only individuals can have PSI. It can be earned directly by a sole trader, or indirectly through an entity known as a Personal Services Entity (PSE).Income which are more than ...
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Wealth Management
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Managing Ethical Concerns related to Business Finance

Date: January 31, 2024
Categories: Financial Planning
Ethical Concerns:Ethical Concerns refer to the moral principles and values that guide human behaviour in various contexts. In different situations, ethical considerations arise when determining what is right or wrong, just or unjust, and fair or unfair. These concerns often involve decisions ...
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carisma solutions
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ATO Update (January 2024)

Date: January 8, 2024
Categories: Monthly Update
Quality of Advice Review: Final Government response releasedThe Government has issued its final response to the Quality of Advice review report. The Quality of Advice review report, prepared by Michelle Levy and released on 8 February 2023, included 22 recommendations aimed at making financia ...
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Blockchain Technology and its impact on the SMSF and other Accounting Industry

Date: January 8, 2024
Categories: Superannuation
The term "blockchain" refers to the way data is structured into "blocks" of information, and each new block is linked to the previous one, forming a continuous chain of blocks. Blockchain technology is a decentralized and distributed ledger technology that records transactions across multiple comput ...
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