Super guarantee loophole closed

Super guarantee loophole closed

A superannuation guarantee loophole that allowed employers to use salary sacrificed contributions to make up part of their required super guarantee contributions has been closed. From 1 January 2020, employers must make the full amount of mandatory super guarantee...
No-cost strategies to increase your super

No-cost strategies to increase your super

With all the pandemonium of the new year, your super is probably the last thing on your mind. However, this is precisely the right time to think about implementing some strategies to increase your super for the coming year. With some simple, no-cost strategies such as...
A “watch out” and a “how to” for the Year End!

A “watch out” and a “how to” for the Year End!

WATCH OUT – Director Penalties for Unpaid Super – CHANGES TO THE LAW Company Directors can be held personally liable for a company’s unpaid employee superannuation. The unpaid superannuation is (after three months) payable to the ATO as a Superannuation Guarantee...
Super assets total $2.3 trillion at June 2017

Super assets total $2.3 trillion at June 2017

APRA has released its Quarterly Superannuation Performance publication and the Quarterly MySuper Statistics report for the June quarter 2017. As at 30 June 2017, superannuation assets totalled $2.324 trillion (up 10% from $2.113 trillion in June 2016). Total assets in...
Guidance for SMSFs on transfer balance reporting

Guidance for SMSFs on transfer balance reporting

The ATO has released further guidance on when SMSFs need to report events affecting their members’ transfer balance accounts (by making a transfer balance account report, or TBAR) for the purposes of the $1.6 million pension cap. From 1 July 2018, SMSFs that have any...
Super system reforms

Super system reforms

Australian Prudential Registration Authority (APRA) has written to RSE licensees setting out its approach to the Government’s super system reforms aimed at enhancing APRA’s prudential powers to improve member outcomes. Under the proposed reforms, the current...