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 [...]
Since 2012, all of the assets held by an SMSF need to be in the accounts of the SMSF at market value at the end of each financial year. And with ATO increasing audit activity, trustees and auditors need to be on top of current market values. Obtaining a market value could arguably be [...]
Certain changes to non-mandated contributions to super are coming. Now is a good time to review your contribution strategy. The government will introduce changes to non-mandated contributions for members under 75 and 75 years and over starting July 1 2022. Contributions in general terms There are minimum standards for accepting contributions into your self-managed [...]