Superannuation
SuperStream And SMSF Rollovers
SuperStream Standard Self-managed super funds (SMSFs) must be able to receive employer contributions and the associated data electronically using the SuperStream standard. From 1 October 2021, you can only rollover into or out of your SMSF using SuperStream. Also, certain release authorities may be processed in SuperStream SuperStream requires employers to pay superannuation and send […]
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Superannuation Choice Rules To Change from 1 November 2021
Stapled super fund compliance for employers From 1 November 2021, if you have new employees start, you may have an extra step to take to comply with choice of fund rules if they don’t choose a super fund. You may now need to request their ‘stapled super fund’ details from the ATO. A stapled super […]
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Your Future, Your Super (What It Means For You)
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: Has Your Super Fund Got You Covered For Insurance?
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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Limited Options To Access Super Savings Early
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
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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