Posted in Superannuation

From 1 July, 2024 Australian superannuation funds and investment platforms will not be eligible to claim some of the GST paid by investors for adviser fees The fees you pay your adviser to help manage your investments are subject to GST Generally, the GST paid on your adviser fees cannot be claimed back and therefore the cost of your adviser fee is increased by 10% However, if you elect to have your adviser fees paid by way of deduction from a superannuation fund or investment ...

The ATO has the ability to make company directors personally liable for company debts including employee entitlements such as superannuation If your business is structured as a company and you are the director you will be personally liable for unpaid employee entitlements, including superannuation The ATO may issue a Director Penalty Notice (DPN) for unpaid employee entitlements and if you as a director of your company receive one, then you need to take immediate action Th...

The Federal Government announced in May, 2023, a proposal for employers to be required to pay their employee super contributions on the day the employee is paid: The present requirement is for the employer to pay their employee super contributions each financial year quarter (September | December | March | June) The proposal is currently with Treasury department for consultation, but if adopted the new requirements would commence from 1 July, 2026 Business cashflow will be key to me...

Presently, if you are aged between 67 and 74 you are required to satisfy the 'work test' before making certain superannuation contributions.  But from 1 July, 2022 the laws have changed and under certain circumstances you will be able to make some types of superannuation contributions without having to satisfy the 'work test'.

To meet the 'work test', depending on your age, the person must be gainfully employed for at least 40 hours during a consecutive 30-day pe...

Self Managed Super Fund (SMSF) laws have recently been amended to increase the maximum number of members in the fund.

A SMSF can now have up to 6 members.  Previously, the laws only allowed a SMSF to have up to 4 members, which was sometimes limiting for larger families that had more than 2 children.  The laws do not restrict members of a SMSF to immediate family, which may be convenient for persons wanting to pool their assets for retirement and have a higher level ...