Effective 1 July 2021, employers will be required to increase the minimum superannuation contribution to employees from 9.5 percent of “Ordinary Time Earnings” (OTE) to 10 percent.
Super Guarantee increase from 1 July to 10%
The Super Guarantee legislation requires businesses to make a contribution to eligible employees for their retirement.
The SG rate will increase on 1 July to 10% and then continue to increase each year until it reaches 12% on 1 July 2025.
Accessing $10,000 Superannuation Payment
The Government has announced measures to allow early access of up to $10,000 for 2019-20 and a second payment of $10,000 for 2020-21. A fact sheet can be found here When …
Unpaid superannuation: Businesses get a reprieve.
On 18 September 2019, the Government introduced the Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 (the Bill), which allows non-complying employers to self-correct any unpaid superannuation guarantee (SG) amounts dating back …
Self Managed Superfunds: Are they for you?
ASIC have released a fact sheet comparison between Self Managed Superfunds and Industry funds. Some key points: Generally, SMSF’s with balances under $500,000, on average, have lower returns after expenses …
ATO SMS text message alerts for changes made to SMSF information
The ATO has launched a new text message alert service from February 2020 for SMSF Trustees. These messages are legitimate and real and are not scams. The ATO has advised …
The SMSF Investment Strategy explained
The majority of people who set up their own SMSF say that “control” is a big reason for doing it. There is flexibility and benefits in running their own superannuation …
Super Downsizer scheme: common errors
The super downsizer scheme commenced on 1 July 2018 and has allowed older Australians to sell their homes and contribute up to $300000 of hte proceeds from the sale into …
SMSF Update – Changes to SMSF Reporting
Your self-managed superannuation fund (SMSF) may still be struggling with the super reforms after 1 July 2018 but it’s time to focus on capital gains tax (CGT) relief opportunities. Get them …
Boost your Retirement Savings – Some Changes from 1 July 2017.
Pre-Retirees can take advantage of a range of strategies to boost their nest egg.
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