Superannuation
Paying your super late is costing you thousands of $$. Pay your super on time to avoid missing out on the tax deduction.
Paying your super late is costing you thousands of $$. Pay your super on time to avoid missing out on the tax deduction. September 22, 2020 | Superannuation The ATO is cracking down on late payment of superannuation, so 2021 is the year to get on top of it if you haven’t already. Since…
Read MoreThe Superannuation Guarantee amnesty is now law
The Superannuation Guarantee amnesty is now law July 29, 2020 | Business, Superannuation On 6 March 2020 the Superannuation Guarantee amnesty amendment officially passed into law. This means the superannuation guarantee amnesty for employers has now been officially introduced, allowing employers to begin taking advantage of it. Businesses now have until 11:59pm on 7 September…
Read MoreNew Salary Sacrifice Rules
Written by Dante Garcia Revamping salary sacrifice rules Draft legislation, intended to prevent employers from using employee salary sacrificed amounts to reduce their minimum superannuation guarantee, is currently before Parliament. The Treasury Laws Amendment Bill 2019 was first presented to the house of representatives in July 2019. It proposes changes to how salary sacrifice…
Read MoreATO To Begin Returning Money From Inactive Super Accounts
Across November 2019 cash payouts are about to arrive in the bank accounts of an estimated 2.6 million Australians, and for many it will be a surprise. From Friday the 1st of November you will either receive money in your everyday bank account or your superannuation account from the ATO. This comes with law changes surrounding…
Read MoreThe Super Guarantee Amnesty Is Back
The Government has brought back the Superannuation Guarantee (SG) amnesty. Employers will now be able to self-correct any of their SG obligations they have fallen behind on, only facing reduced penalties. However, employers who do not take advantage of this limited-time amnesty will face harsh penalties. After the announcement of the amnesty, the Government has found that over…
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