Payday Super is Coming: Steps your business needs to take 31 October 2024 Background In the 2023-24 Federal Budget, the Treasurer announced the launch of Payday Super, aimed at tackling unpaid superannuation and ensuring timely contributions. This initiative will take effect from 1 July 2026. Bear in mind the Superannuation Guarantee (SG) rate increases to [...]
Written by: Hall Chadwick Queensland Superannuation Guarantee (SG) As part of the Australian government’s long-term plan to ensure adequate retirement savings for employees, the SG rate has continued to rise. The most notable recent change occurred on 1 July 2024, when the SG rate increased from 11% to 11.5%. This increase is part of [...]
One of the benefits of establishing or opting for a SMSF is the control given over where the money is invested. It also comes with specific administrative responsibilities to keep you and your fund compliant and protected. A SMSF undoubtedly requires an ‘attention to detail’ approach. It is important to create and follow an [...]
While it is a great outcome to keep as much of your money in your super as is possible, you do need to be conscious that at some point, the remaining balance may be passed onto the next generation, potentially as a part of their inheritance, with a tax liability. When this money does [...]