SMSFs: ATO target
The ATO will target SMSFs that fail to lodge annual returns or ignore ATO reminders with a targeted compliance campaign.
Superannuation: Employers get ready for changes
Employers need to be aware of two important superannuation changes from 1 July 2022.
COVID Early Release Super: Re-contributions
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.
Reminder: March 2022 Super Guarantee
Employers are reminded that their Superannuation Guarantee obligation for the 1 January 2022 to 31 March 2022 quarter is due by 28 April 2022.
Super and SMSF changes and what you need to know
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.
Extra superannuation step when hiring new employees
Employers may soon need to do something extra when a new employee starts to work for them.
Superannuation caps indexation for 2022
From 1 July 2021, the superannuation contributions caps have been indexed for the 2022 income year.
Wealth accumulation for business owners
While it’s common for business owners to spend considerable time and effort focusing on business strategies for ongoing viability, it’s also important to make a dedicated effort towards building and protecting your own personal wealth.
Superannuation requirements for business owners
The super guarantee rate will rise from 9.5% to 10% on 1 July 2021, so businesses with employees will need to ensure their payroll and accounting systems are updated to incorporate the increase to the super rate.
Super contribution caps will increase from 1 July 2021
The ATO has confirmed that, from 1 July 2021, the superannuation concessional and non-concessional contribution caps will be indexed.