Ten XERO Questions Answered
The Federal Government has responded to pressure and dropped its plan to introduce a 32.5% tax on backpacker workers.
Final chance to maximise your super for the 2016-17 year
The Federal Government has responded to pressure and dropped its plan to introduce a 32.5% tax on backpacker workers.
Lifetime $500,000 Non-Concessional Superannuation Cap
As announced in the 2016–2017 Federal Budget, the Government has proposed a lifetime non-concessional superannuation contributions cap of $500,000 to apply from Budget night (3 May 2016). This means that people who are planning to make non-concessional contributions now need to check their historical non-concessional contributions data back to 1 July 2007 (which will be…
Major Changes to Superannuation
The Federal Government’s Budget handed down on 3 May 2016 has proposed major changes to superannuation on a scale not seen since the introduction of the Simple Super reforms of July 2007. Most of these changes apply from 1 July 2017 so you have just over a year to plan. The reforms may be modified…
Superannuation
Concessional Contributions Cap Reduced to $25k The annual cap on concessional superannuation contributions will be reduced to $25,000 from 1 July 2017. There will be one cap for all taxpayers irrespective of their age. The cap is currently dependent on the age of the taxpayer as on 30 June of the previous financial year: under…
SuperStream deadline: 100 days to go
The ATO reports that more than 60% of small businesses are already on board with SuperStream, but also warns that if your business is one of tardy, you have a mere 100 days remaining to get it done. With the June 30 deadline rapidly approaching, the ATO is encouraging small businesses to make becoming SuperStream…
How much do you need to retire?
When it comes to superannuation and retirement savings, it seems that size really does matter. There are other considerations of course, but for the most part the focus will be on finances when people aim to “improve” their post-work life prospects. The question of how much retirement savings any particular person needs to squirrel away…
Lost Super – Act Now – The Threshold is on the Rise
We’ve been told before that there is literally billions of dollars in superannuation savings sitting unclaimed — in fact, as at December 31, 2015, the ATO says there are around six million “lost” superannuation accounts holding a total of about $16.2 billion. But while the government regularly whinges about its dwindling coffers, it knows that…
ATO Annual Report – Unpaid Superannuation Guarantee
Some employers got away with not paying almost $223 million of superannuation entitlements to employees during the 2014-15 financial year, according to the annual report of the Tax Office. This figure however stands in stark contrast to the amount the Tax Office said it had secured from employers after investigating worker complaints that businesses were…
SuperStream rapidly approaching
October 31 is a hard deadline for employers with 20 more employees to switch to paying superannuation obligations for their staff electronically. Employers with 19 or fewer members of staff have still got until June 30, 2016 before they need to comply with the new SuperStream standard for superannuation payments. And those with an SMSF…