Superannuation Archive
Financial UpdatesTax
Proposed Superannuation Tax Changes: Draft legislation increases tax rate on above $3m super balances. Those impacted should assess their personal impact. Stay tuned for updates.
Tax
On July 1, 2023, notable changes included an increase in the Superannuation guarantee, higher minimum wages, updated work restrictions for visa holders, expanded benefits for small businesses and families, and adjustments to pension and tax reporting requirements.
Small Business
This tax time, the ATO are introducing a super health check – 5 simple checks to help employees manage their super.
SMSF
Having a self-managed super fund (SMSF) can be an attractive alternative for managing your super because you get to make the investment decisions. However, there are other things you need to consider.
Small BusinessUncategorized
When you employ new staff and offer them a choice of super fund, it's possible that they won’t choose one. If this happens, you will need to request the employee’s stapled super fund from the ATO in order to meet your choice of fund obligations.
SMSF
Clients with self managed superannuation funds (SMSF) often ask what assets the SMSF can acquire.
SMSFTax
Superannuation is not like other assets as it is held in trust by the trustee of the superannuation fund. When you die, it does not automatically form part of your estate but instead, is paid to your eligible beneficiaries by the fund trustee according to the rules of fund, superannuation law, and the death nomination you made.
Small BusinessTaxUncategorized
From 1 November 2021, where an employee does not identify a superannuation fund, the employer is required to contact the ATO and request details of the employee’s existing superannuation fund or ‘stapled’ fund (the fund stapled to them).
SMSFTaxUncategorized
Is a financial services compensation payment to your superannuation fund a contribution? Of late, there have been several compensation payments made by financial services providers to customers that were inappropriately charged or overcharged for insurance premiums or services they did not receive.
Strategic Financial Advice
Australians will need to rebuild their superannuation and retirement savings, after withdrawing more than $36 billion in early super release payments in 2020, according to Colonial First State’s Retirement Realities Series.
Tax
Employers that have fallen behind with their superannuation guarantee (SG) obligations will have 12 months to “self-correct” under a new amnesty announced late last month.
Strategic Financial Advice
Changes in the superannuation contribution caps, which kicked-in last year, give an added reason to keep a close eye on your contributions.
