‘Super’ Category:
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Upcoming Changes in the Small Business Super Clearing House
Introduction The Australian Taxation Office (ATO) is implementing significant updates within the Small Business Superannuation Clearing House (SBSCH). These changes are aimed at enhancing the precision and security of superannuation contributions. As of 15 March 2024, employers using the SBSCH need to…
There’s only two certainties in life, death and taxes – do you have a plan?
Both death and taxes can be costly, stressful and time consuming. When it comes to dealing with tax implications on estate planning, or in the unfortunate event of someone’s passing, there can be additional pressure if appropriate tax advice and…
The Importance of Regularly Reviewing Your Superannuation
Your superannuation is a significant asset that accumulates throughout your life, but many Australians tend to overlook it until retirement or neglect it entirely. However, taking a proactive approach and reviewing your super regularly can have a substantial impact on…
Maximising Investment Opportunities with Self Managed Superannuation Funds (SMSFs)
The appeal of a Self Managed Superannuation Fund (SMSF) lies in the autonomy it provides, allowing individuals to control and access a diverse range of investments beyond what traditional industry funds offer. While the prospect is exciting, potential SMSF trustees…
Changes to minimum annual payments for superannuation income streams
Government Covid-19 relief measures gave a temporary reduction to the minimum amount required to be withdrawn from superannuation income streams. This relief has now stopped so you need to be aware of the change to the minimum pension payment drawdown…
Employers – Super Guarantee Change effective 1 July 2023
From 1 July 2023, the super guarantee rate for eligible employees rises to 11% (previously 10.5%). Super guarantee is calculated on Ordinary Times Earnings and is payable for all eligible employees regardless of how much they earn (prior $450/month cap…
Are you ready for the super guarantee change?
The Superannuation Guarantee (SG) rate will increase from 10.5% to 11% on 1 July 2023. Employers, please ensure your software will calculate this change, or, if calculating manually, be aware of the increase. The new SG rate applies to payments…
Superannuation Caps
As the end of the financial year comes racing at us and you are considering contributing additional amounts to superannuation – either to claim as a tax deduction or to boost your superannuation savings – it is important to note…
Will your superannuation balance be over $3 million at 30 June 2025?
The Government has announced that the concessional tax rate on earnings from superannuation will increase from 15% to 30% for those with total super balances (TSB) of $3m or more from 1 July 2025. This will be after the next…
Superannuation Guarantee Changes
To avoid additional costs, including the superannuation guarantee charge (SGC), employers must pay the correct amount of superannuation for all eligible employees by the quarterly due date. Whether you’re paying superannuation weekly, monthly, or quarterly, it’s important to check the…
