Superannuation

recent changes to superannuation legislation

Your Future, Your Super (What It Means For You)

By Wen Wen / August 10, 2021

Recent legislative reforms set to change the retirement savings landscape Recent legislative reforms to the superannuation arena are set to change the retirement savings landscape for many Australians. The legislation increases the maximum number of allowable members in self-managed superannuation funds (SMSFs) and small APRA funds from four to six from 1 July 2021. The […]

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Covid-19 Super Fund Insurance

COVID 19: Has Your Super Fund Got You Covered For Insurance?

By Wen Wen / August 17, 2020

The government adopted new rules in July 2019 From 1 July 2019, the government adopted new rules that aim to prevent the unnecessary erosion of your retirement savings through inappropriate insurance arrangements. As part of the rules, super providers, excluding SMSFs and small APRA funds, are unable to provide insurance by default when an account […]

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Learn how to apply for early access to your super savings

Limited Options To Access Super Savings Early

By Wen Wen / March 24, 2020

Limited access to super savings Achieving a certain age and retiring There are very limited circumstances when you can access your superannuation savings earlier than when you meet what the ATO calls a “condition of release” — which for most people generally means achieving a certain age and retiring. Medical conditions, severe financial hardship or […]

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Superannuation tax offsets help reduce tax payable on your income

Superannuation Tax Offsets

By Wen Wen / February 20, 2020

Tax offsets effect on your taxable income Tax offsets directly reduce the amount of tax payable on your taxable income. In general, offsets can reduce your tax payable to zero, but on their own, they can’t get you a refund. There are two superannuation tax offsets for which you may be eligible: The Australian super […]

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The ATO releases new updates on Super Guarantee Payments and Salary Sacrifice for this year

Super Guarantee Payments Update For 2020

By Wen Wen / January 21, 2020

Update For Super Guarantee ATO’s new super guarantee requirements From 1 January 2020, if you make super contributions for your employees under an effective salary sacrifice arrangement: You must calculate your super guarantee obligation based on your employee’s ordinary time earnings base You cannot count salary sacrifice contributions towards the minimum amount of super guarantee […]

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ATO follows up employers on their SG contribution payments

ATO Follows Up Employers On Their SG Contribution Payments

By Wen Wen / October 29, 2019

ATO’s new STP can follow up late SG payments The ATO’s Deputy Commissioner, Superannuation and Employer Obligations, James O’Halloran, has announced in a speech to the Australian Institute of Superannuation Trustees (AIST) that with the ATO’s new STP-enabled “unprecedented level of visibility” of transactional data, especially on super information, that it is focusing on using […]

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