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Employers to pay super at same time as wages
- 1 June 2023
- Posted by: GJ North
- Categories: Government, Superannuation
No CommentsThe government has announced that from 1 July 2026, employers will be required to pay their employees’ super at the same time as their salary and wages (ie payday super). The three-year lead time is to give businesses, super funds, payroll providers and other parts of the superannuation system sufficient time to prepare for the change.
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Superannuation and independent contractors: fresh Full Federal Court guidance
- 9 May 2023
- Posted by: GJ North
- Category: Superannuation
In February 2022, the High Court handed down a landmark decision in ZG Operations v Jamsek, which clarified the test for determining whether a worker is an employee or an independent contractor.
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Super tax concession changes: consultation
- 9 May 2023
- Posted by: GJ North
- Category: Superannuation
As flagged earlier in the year when the announcement was made, the Federal Government recently released a consultation paper on its proposal to reduce super tax concessions for individuals with super balances over $3 million, including those with self managed super funds (SMSFs).
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Superannuation tax break changes
- 13 March 2023
- Posted by: GJ North
- Category: Superannuation
In an attempt to repair the Federal Budget and lower the overall national debt, the government is seeking to introduce changes to the way superannuation in accumulation phase is taxed over the threshold of $3 million.
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Future of superannuation
- 17 December 2022
- Posted by: GJ North
- Category: Superannuation
The Federal Government has showed its hand in terms of potential future changes to the Australian superannuation system. The Assistant Treasurer and Minister for Financial Services, Stephen Jones, recently outlined two main areas the government will be focusing on.
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Compliance with super laws: ATO’s approach
- 19 October 2022
- Posted by: GJ North
- Category: Superannuation
When it comes to legal compliance by self managed superannuation fund (SMSF) trustees, the ATO’s main focus is on encouraging trustees to comply with the super laws. However, there are occasions when stronger responses are required.
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Personal super deductions: remember the notice of intent
- 21 August 2022
- Posted by: GJ North
- Category: Superannuation
The end of financial year is fast approaching, and people with excess savings or who have received a bonus since the beginning of the year may want to use the extra cash to grow their super. One of the easiest ways to grow your super and get a tax deduction at the same time is to make a personal superannuation contribution.
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Tax benefits for unused “carry forward” concessional superannuation contributions
- 21 August 2022
- Posted by: GJ North
- Category: Superannuation
From 1 July 2019, new rules were introduced that allow eligible people to claim tax deductions for the unused portion of their super concessional contributions caps from prior years. This brings tax deductions into the current financial year that would have otherwise been in excess of the ordinary annual concessional contribution cap.
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SMSF TBAR to be streamlined
- 21 August 2022
- Posted by: GJ North
- Category: Superannuation
n good news for trustees of self managed superannuation funds (SMSFs) and after much community consultation, transfer balance account event-based reporting (TBAR) will soon be streamlined for convenience.
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Current compliance issues in the SMSF space
- 21 August 2022
- Posted by: GJ North
- Category: Superannuation
The self managed superannuation fund (SMSF) space has always been a complex area for trustees, beneficiaries and advisers. In the past few years, the ATO has made many concessions and has put compliance action on hold because of COVID-19.