Proposed super measures to start on July 2022 Several superannuation proposals announced in this year’s Federal Budget have been introduced into Parliament in the Treasury Laws Amendment (Enhancing Superannuation Outcomes for Australians and Helping Australian Businesses Invest) Bill 2021. These measures – all due to start on 1 July 2022 – aim to: Improve flexibility […]
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Employer’s obligations when hiring new staff With Australia now opening back up after the COVID restrictions, unemployment is tipped to fall to the lowest rate in just over 50 years – down to under 4%. If over the coming period you hire new staff, there are certain steps you should follow to cover off on
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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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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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Transfer balance cap for pension phase accounts Starting 1 July 2017, there is a limit on how much of your super you can transfer from your accumulation super account to a tax-free “retirement phase” account to receive an account-based pension income. This is known as the super “transfer balance cap”. If you have more than
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What is salary sacrifice? Salary sacrifice (or salary packaging) is where you agree to take part of your wage as a benefit of some kind, equal in value to the salary it is exchanged for. Salary sacrifice can be an excellent way to get a part of your remuneration in a form other than cash
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