The ATO is providing additional support to taxpayers who may be experiencing difficulty meeting their tax and Superannuation Guarantee charge obligations for employees because of COVID-19. […]
Employers may need to take an extra step in the ‘stapled’ super fund process from 1 November to comply with choice of fund rules. This extra step relates to new employees who do not supply super fund account details. […]
Since 1 July 2020, Australians under the age of 67 (up from the previous 65 years) have been eligible to make voluntary super contributions without needing to meet the work test. The recent Federal Budget 2021 included a proposal to remove the work test requirement for those aged between 67 and 74 for salary sacrifice [...]
1 July marked the start date for a raft of new rules around superannuation, including some affecting self-managed super funds (SMSFs). Most notably, the maximum number of members allowed in an SMSF has been increased from four to six. Â This change is expected to be useful for a small cohort of SMSF trustees, such as [...]
If you are the beneficiary of super funds from a deceased estate, there are a number of tax considerations and obligations you may need to observe. […]
From January 1, 2021 employers must give employees the right to choose their own superannuation fund. Employers must then pay employees’ compulsory super to their nominated fund. […]
Building wealth tax effectively within your SMSF should be a priority and approaching the end of the financial year is the ideal time to review your strategy in context of your financial affairs as a whole. Adjustments may be required to help you take advantage of the tax-efficient retirement savings environment, cost benefits and flexibility [...]
The Government's two Coronavirus economic stimulus packages deliver relief measures for members of superannuation funds, including SMSFs: Temporarily reduce superannuation minimum drawdown rates Early release of superannuation Reducing social security deeming rates The Government is also expected to issue guidance this week in relation to Rent relief for SMSF tenants. Here's our summary of these [...]
In past weeks, the ATO sent letters to SMSF trustees who hold more than 90% of assets in a single asset class. The ATO is concerned that these SMSFs may not meet the diversification requirements as outlined in the operating standard of the Superannuation Industry (Supervision) Regulations 1994. Trustees need to review their investment strategy [...]
Seasonal workers often include backpackers, otherwise known as temporary residents on working holidays. As such, they are entitled to the superannuation guarantee when paid $450 or more, before tax, in a calendar month. Once they leave Australia, they claim the super paid to them as a Departing Australia Superannuation Payment (DASP) so long as all [...]
