Superannuation
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 to increase them over time between 1992 to 2002 from 3% to 9%.…
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 relatives of members). We’ve set out some of the common questions and answers.…
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 in the age of people that need to apply…
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 I don’t pay super on time? With the…
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 is the minimum percentage of a salary that an employer must contribute to…
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 1 July 2019, most employers have been required to report each pay run to the ATO electronically. Thankfully XERO (or Keypay) will do…
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 2020 to use this one-off opportunity to…
New 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…
ATO 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…
The 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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