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 …
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 …
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 …
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 …
ATO Follows Up Employers On Their SG Contribution Payments Read More »
Contribution splitting If your partner is earning a low income or taking time off work for caring responsibilities, then it’s likely they’re not contributing much super. This means their super can fall behind. However, there are ways you can help your partner’s superannuation continue to grow. You can do this by: Making a Spouse Contribution …