Superannuation

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…

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…

What you need to know about the increase in mandatory Superannuation Guarantee Contributions June 24, 2021 | Superannuation Back in 1992, compulsory superannuation contributions introduced. It was a policy implemented to ensure that Australians were looked after in retirement and to reduce the amount of government assistance required for seniors. When introduced, the plan was…

SMSFs: What can you do, and importantly, what can’t you do with one. May 18, 2021 | Superannuation We often get questions from clients about what they can and cannot do in their SMSF. Often the questions relate to related party transactions – that is, interactions between the SMSF, its assets, and its members (or…

Changes to super out of the 2021 federal budget May 12, 2021 | Superannuation While the budget seems a little light on this time around, there were a couple of hidden gems for individuals, specifically around superannuation.   1. Removal of work test for super contributions for people aged 67-74 Last year saw a change…

4 Questions We Hear about Late Superannuation Payments April 22, 2021 | Superannuation You should always pay your superannuation on time as the consequences can be dire if it isn’t. This article reveals 4 common questions we hear about paying superannuation late and the consequences of doing so.   How will the ATO know if…

Changes to Super after 1 July 2021 and what you need to do. April 16, 2021 | Superannuation Superannuation Guarantee up to 10% The Superannuation Guarantee rate is increasing to 10%, effective 1 July 2021 and will then continue to increase in 0.5% increments until it reaches 12% on 1 July 2025. The Superannuation Guarantee…

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…

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…