In December 2022, the ATO is releasing a solution that enables employer software and payroll products to request stapled super funds. That is, stapled super enabled software will allow the employer to request stapled super details from within their business software, so they will no longer have to request them separately via ATO online services.
With the holiday season fast approaching, employers are reminded that many holiday casuals may now be eligible for super. From 1 July 2022, employers need to pay super for employees at a rate of 10.5%, regardless of how much they are paid, because the $450-per-month threshold for super guarantee eligibility has been removed. This change…
A recent rise in unlicensed advisers offering to assist SMSF trustees to invest in cryptocurrency assets has prompted the ATO to advise caution among trustees and recommend seeking advice only from licensed financial advisers. Acting on advice from unlicensed advisers means the usual consumer protections and access to the Australian Financial Complaints Authority will not…
The Superannuation comparison tool, YourSuper, has been updated. The tool helps individuals compare MySuper products and choose a super fund that meets their needs.
A recent court ruling shines the spotlight on superannuation entitlements for contractors and the need for employment relationships to be considered carefully for superannuation guarantee purposes.
Recent changes to superannuation include superannuation guarantee changes and downsizer contribution age changes.
Employers need to be aware of two important superannuation changes from 1 July 2022.
Individuals can now re-contribute amounts they withdrew under the COVID-19 early release of super program without the re-contribution counting towards their non-concessional contributions cap.
Employers are reminded that their Superannuation Guarantee obligation for the 1 January 2022 to 31 March 2022 quarter is due by 28 April 2022.
Multiple changes to superannuation legislation are now in place and the ATO has put Trustees of SMSFs on notice in relation to record keeping. If you are unsure of your obligations, it’s important to seek advice.