The amount of money that can be transferred to a tax-free retirement account will increase to $2m on 1 July 2025. Each year, advisers await the December inflation statistics to the be released. The reason is simple, the transfer balance cap – the amount that can be transferred to a tax-free retirement account – is …
Threshold for tax-free retirement super increases Read More »
The superannuation guarantee rules are broad and, in some circumstances, extend beyond the definition of common law employees to some directors, contractors, entertainers, sports persons and other workers. Employers need to pay compulsory superannuation guarantee (SG) to those considered employees under the definition in the SG rules. But, the SG definition of an employee is …
Super guarantee rules catch up with venues and gyms Read More »
The superannuation tax-free transfer balance cap rises to $2M in July 2025. This change offers an opportunity for increased tax-free retirement savings.
Superannuation payouts can be delayed if nominations are invalid or contested. Learn how to ensure your benefits reach the right beneficiaries.
Payday super: the details ‘Payday super’ will overhaul the way in which superannuation guarantee is administered. We look at the first details and the impending obligations on employers. From 1 July 2026, employers will be obligated to pay superannuation guarantee (SG) on behalf of their employees on the same day as salary and wages instead …
If you are aged 55 years or older, the downsizer contribution rules enable you to contribute up to $300,000 from the proceeds of the sale of your home to your superannuation fund (eligibility criteria applies). In 2023-24, over 57% of people making a ‘downsizer’ contribution to super were women. And, the average value of the …
More women using ‘downsizer’ contributions to boost super Read More »
Breaking up is hard to do. Beyond the emotional and financial turmoil divorce creates, there are a number of issues that need to be resolved. What happens when there is a family company? For couples that have assets tied up in a company, the tax consequences of any settlements paid from the company will need …
As 2024-25 approaches, questions arise about whether the year will bring continued volatility or a return to stability. Key changes include the introduction of personal income tax cuts and an increase in the superannuation guarantee rate. Employers must update payroll systems to reflect these changes and remain vigilant about super guarantee obligations. Wage growth shows signs of evening out, while interest rates remain a tool for controlling inflation. Business confidence has dipped, but strong labour market conditions persist. Migration trends highlight the ongoing impact on Australia’s economy, with a focus on skilled migration. Businesses must strategically manage cash flow, costs, and pricing to thrive in this evolving landscape.
The ATO has made a call to professional accountants to help identify and manage illegal early access to superannuation by members of self-managed superannuation funds (SMSFs). In general, access to your super is only possible if: You retire and turn 60; or You turn 65 (regardless of whether you’re working) Early access to superannuation is …
The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices. ATO data analysis has revealed that over 16,500 self managed superannuation funds (SMSFs) have reported assets as having the same value for three consecutive years. With many of these assets residential or commercial Australian property, you can forgive the ATO for …
