Most people are unaware that temporary residents working in Australia are eligible for super guarantee (SG). It is vital that all businesses who employ temporary residents are aware of the relevant super requirements.
The cash sitting in your superannuation fund can be tempting, particularly if you are short of cash. But, the reality is there are very few ways you can take advantage of your superannuation once it has been contributed to the fund – even if you change your mind.
The sole purpose test underpins access to your superannuation – that is, superannuation is for the sole purpose of providing retirement benefits to fund members, or to their dependants if a member dies before retirement.
The wide ranging superannuation reforms originally announced in the 2016-17 Federal Budget have passed Parliament. As the majority of the reforms start from 1 July 2017, it’s important to consider how these might impact on you and whether you need to take any action before then.