Superannuation
Payday super is coming from 1 July 2026. What small businesses need to know
From 1 July 2026, the way superannuation is paid in Australia will change.Under the new payday super rules, employers will need to pay super at the same time as wages are paid to employees. For many small businesses, this is a shift away from monthly or quarterly super payments and it will require planning.Here’s what’s…
Fringe Benefits Tax: What Employers Need to Know Before 31 March 2025
Fringe Benefits Tax Exemption for Electric Cars Employers that provide employees with the use of eligible electric vehicles (EVs) can potentially qualify for an Fringe Benefits Tax exemption. This should normally be the case where: Plug-in hybrid vehicles no longer FBT exempt From 1 April 2025, plug-in hybrid electric vehicles will no longer qualify…
Payday Super: What Employers Need to Know
In the latest Federal Budget delivered in May 2023, the government announced the introduction of ‘payday super’, which is proposed to come into effect on 1 July 2026. In this article, we will break down the basics of what payday super is, the impact on employers, and why the government has decided to look at…
How to claim personal Superannuation contributions at tax time
July 3, 2023 | Superannuation Adding funds to your super is a great way to save for retirement and plan for the future. But did you know that you can make extra contributions and also claim them on your tax return to boost your refund? Contributions from your employer aren’t the only way to grow…
Eligibility change to the downsizer superannuation contribution concession
March 10, 2023 | Superannuation Downsizer contributions can be an excellent way to build a member’s superannuation balance. From 1 January 2023, those who are aged 55 and over, may be able to make a ‘downsizer contribution’ to their superannuation fund from the proceeds of the sale of their family home. Prior to this date,…
Proposed changes to high superannuation member balances
March 8, 2023 | Superannuation As Australia and the world starts to move forward from peak COVID-19 times, recouping the significant financial support provided during the start of the pandemic, has become a high priority for the government. The government has announced a proposal to reduce the concessions available on superannuation for certain members, as…
Important changes for employees’ superannuation within XERO!
July 21, 2022 | Superannuation The merger of Queensland’s two largest superannuation funds QSuper and Sunsuper continues and on July 1, 2022 a major change that affects employers who contributed to these funds for their employees. Australian Retirement Trust (as the merged fund is known), has updated its Unique Super Identifier (USI) and ABN for…
Changes in Super Guarantee for 2023 financial year
June 10, 2022 | Superannuation Two essential changes in Super Guarantee will apply from 1 July 2022. As a business owner, it is important that you are on top of these. To help you out, we have created this easy guide to run down what they are, what this means and what you need to…
Important changes to employer obligations for employee superannuation from November 2021
September 22, 2021 | Superannuation From 1 November 2021, if you have new employees start, you may have an extra step to take to comply if they don’t specify a super fund. Luckily it’s only a minor tweak and won’t add substantial effort to your employee onboarding process. What has changed? Where a new…
5 crucial superannuation updates you may have missed
August 12, 2021 | Superannuation ATO alerts Since February 2021, the Australian Taxation Office (ATO) has issued alerts to Self-Managed Superannuation Fund (SMSF) trustees via email and SMS when changes are made to the SMSF’s records held with the ATO, including: Financial institution account details Electronic service address Authorised contacts Members. With this, the ATO…