Different meanings of 'dependant' for superannuation and tax purposes On a person’s death, their superannuation benefits can only be paid directly to one or more ‘dependants’ as defined for superannuation purposes, unless they are paid to the deceased’s legal personal [...]
Minimum annual payments for super income streams The ATO reminds taxpayers that an SMSF must pay a minimum amount each year to a member who is receiving a pension that commenced on or after 20 September 2007 (e.g., account based [...]
The super guarantee rate is increasing Businesses that have employees, or hire eligible contractors, will need to ensure that their payroll and accounting systems are updated to reflect the new super guarantee rate of 11% for payments of salary and [...]
2023/24 Budget Update On 9 May 2023, Treasurer Jim Chalmers handed down the 2023/24 Federal Budget. Some of the measures announced by the Government (including some which were actually announced prior to the Budget), include: from 1 July 2026, [...]
New 15% super tax to apply from 1 July 2025 The Government recently announced it will be imposing a 15% additional tax on individuals that have more than $3 million in superannuation. The new measure is expected to commence from [...]
ATO targeting SMSFs that fail to lodge annual returns The ATO has observed an increase in the number of SMSFs that fail to lodge their first annual return and become what the ATO refers to as ‘NEVER’ lodgers. The ATO [...]
Suburban scammers pushing illegal early access to super The ATO has become aware of people in some suburban areas of major cities attempting to encourage others to illegally access their super early (generally for a fee) to help them to [...]
New superannuation rates and thresholds released The ATO has published the key superannuation rates and thresholds for the 2018/19 income year. The Non-Concessional Contributions cap will remain at $100,000 (although transitional arrangements may apply), and the Concessional Contributions cap will [...]
ATO warning regarding small business record-keeping According to the ATO, of all of the things that can cause small businesses to fold, "high on that list is poor record keeping". More than half of the businesses they visited in their [...]
Reporting of transfer balance account information The recent superannuation reforms introduced the concept of a 'transfer balance account', to basically record the value of member balances moving into or out of 'retirement phase'. In order to monitor these amounts, the [...]