Posted in Superannuation

The ATO has the ability to make company directors personally liable for company debts including employee entitlements such as superannuation If your business is structured as a company and you are the director you will be personally liable for unpaid employee entitlements, including superannuation The ATO may issue a Director Penalty Notice (DPN) for unpaid employee entitlements and if you as a director of your company receive one, then you need to take immediate action Th...

The Federal Government announced in May, 2023, a proposal for employers to be required to pay their employee super contributions on the day the employee is paid: The present requirement is for the employer to pay their employee super contributions each financial year quarter (September | December | March | June) The proposal is currently with Treasury department for consultation, but if adopted the new requirements would commence from 1 July, 2026 Business cashflow will be key to me...

Presently, if you are aged between 67 and 74 you are required to satisfy the 'work test' before making certain superannuation contributions.  But from 1 July, 2022 the laws have changed and under certain circumstances you will be able to make some types of superannuation contributions without having to satisfy the 'work test'.

To meet the 'work test', depending on your age, the person must be gainfully employed for at least 40 hours during a consecutive 30-day pe...

Self Managed Super Fund (SMSF) laws have recently been amended to increase the maximum number of members in the fund.

A SMSF can now have up to 6 members.  Previously, the laws only allowed a SMSF to have up to 4 members, which was sometimes limiting for larger families that had more than 2 children.  The laws do not restrict members of a SMSF to immediate family, which may be convenient for persons wanting to pool their assets for retirement and have a higher level ...

The federal government provides up to $27,500 tax deduction for contributions made to your super each year, but this also includes your employer-sponsored superannuation contributions which is about 10% of your gross income.

To ensure you maximise your tax-deductible contribution for the 2022 FY make sure that the contribution is completed and cleared funds are in the superannuation account before 30 June, 2022.  It is recommended that the contributions being made are completed and paid...