From 1 July 2025, a proposed new tax will apply to future earnings on super balances above $3m. Based on what we know to date, what can you expect if you’re likely to find yourself in this situation? The proposed tax on superannuation earnings is not yet law. What we know so far is that […]
Proposed Tax on Future Earnings on Super Balances above $3m Read More »
Treasury has released draft legislation to enact the Federal Government’s plan to increase the tax rate on earnings on superannuation balances over $3m from 15% to 30% from 1 July 2025. This is the final step before the legislation is introduced into Parliament and a step closer to implementation. The draft legislation seems to be
Draft legislation released for 15% on earnings for superannuation balances over $3m Read More »
In the lead up to 30 June, we want to remind you about the tax savings opportunities available via contributions to your superannuation. Upon your retirement from the workforce, your superannuation is likely to be a vital source of your future income. There are many ways to ‘top up’ your super while you’re still earning
Tax savings through superannuation Read More »
A superannuation ‘downsizer contribution’ can be an excellent way to build a member’s superannuation balance. From 1 January 2023, those who are aged 55 and over may be able to make a ‘downsizer contribution’ to their superannuation fund from the proceeds of the sale of their family home. Prior to this date, the age limit
What you need to know about superannuation downsizer contributions Read More »
The new financial year has arrived. Let’s take a quick look at some of the important dates and updates from 1 July 2022. 1 July 2022 Changes to Superannuation The Superannuation Guarantee rate is increasing to 10.5%. This rate applies for any payments that fall on or after 1 July, even if it was earnt
Important dates and updates from 1 July 2022 Read More »
Two important changes to superannuation will apply from 1 July 2022. As a business owner, it is important that you understand what these are, what they mean for your business and what actions you need to take. Super Guarantee rate will increase from 10% to 10.5% As a business owner, you usually need to pay
Two important changes to superannuation from 1 July 2022 Read More »
If your business has employees, then paying superannuation on time is undoubtedly a topic you know much about. The government’s superannuation guarantee requires employers to pay a superannuation contribution equal to 10% (2021/2022) of an employee’s ordinary time earnings if an employee is paid $450 or more before tax in a month. If you use
The importance of paying superannuation on time Read More »
From 1 November 2021, there will be a key change to employer obligations for employee superannuation when setting up a new employee’s super fund. If a new employee doesn’t specify a super fund, there will be an extra step to ensure they comply with government requirements. What is the change? If a new employee does not specify
Super stapling: Key change to employer obligations for employee superannuation Read More »
The new financial year has arrived and so has several updates to the tax system and new policies impacting superannuation, healthcare, wages and tax rates. Here’s what you need to know post 1 July 2021. Superannuation payments to increase Working Australians will receive a 0.5% boost to their superannuation fund. Legislation requires superannuation contributions to
Tax changes and updates from 1 July 2021 Read More »
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