Unpaid Superannuation Guarantee: What Employers Need to Know
Recently, the Australian Taxation Office (ATO) released some eye-opening figures, revealing that workers are owed a staggering $3.6 billion in superannuation guarantee. But fear not, because we’ve got the scoop on how you can navigate this complex landscape and stay on the right side of the law. Understanding the Numbers: The ATO estimates that over […]
Tax Tips 2023: Self-Managed Super Fund (SMSF)
A self-managed superannuation fund (SMSF) gives you control and flexibility over making investments and preparing for retirement. It’s essential to get your deductions and record keeping right for the SMSF audit process and the tax return, as strict laws govern SMSFs. An SMSF must be set up as a trust and have a legal document […]
Superannuation Rate Rises in July to 11%
In July 2023, the superannuation guarantee statutory rate rises to 11%. Annually, the rate is increasing by 0.5% until July 2025, when it will reach the legislated 12%. Prepare Now for the July Rate Rise If you’d like help reviewing payroll costs and employee agreements, talk to us now, and we’ll make sure you have […]
Superannuation Growth Strategies: How to make the most of them.
There are many strategies you can use to see superannuation growth and make the most of available schemes. Here are some strategies to consider when planning for the end of this financial year. Then to set up your financial plans for next year. Superannuation Growth Strategies First home super saver scheme – this allows you to […]
Self-Managed Super Fund: What you Need to Know.
It’s always a good idea to think about your retirement. Many people in Australia use a Super Fund to manage their retirement savings. But some people opt to do something a little different and set up a self-managed super fund (SMSF). What is an SMSF? At a basic level, setting up an SMSF means creating […]
Superannuation Eligibility Change: How will it Impact You?
In addition to planning for the expected statutory super rate rise to 10.5%, some employers need to prepare for a significant changes regarding superannuation eligibility from July 2022. Removal of the $450 Monthly Earnings Threshold The $450 per month superannuation eligibility threshold has been removed for most workers. This means employers will need to pay […]
Superannuation Guarantee Rate Rises to 10.5%
The superannuation guarantee statutory rate has remained at 9.5% since July 2014. However, plans have been in place for some years now to incrementally increase the rate to 12%. In July 2022, the rate will rise to 10.5%. From then on, the rate will increase by 0.5% each year until July 2025. At that time […]
Understanding the Basics of Tax on Superannuation
Do you know how much tax you pay on superannuation contributions and withdrawals? The amount of tax depends on several factors. It is possible to minimise the amount you pay by understanding how the tax on super works. Tax on super is generally a lower rate than the tax on your income. By using a […]