Welcome to a new tax year, and with all new years it is an opportune time to think about the future. And the future is Super. Superannuation are those savings designed to support us in our retirement, and we can make contributions to help our super balance grow. The main types of contributions to super […]
Superannuation is the savings accumulated during your working life to support you in your retirement. Your super balance is preserved, meaning that you are unable to access your super legally, until you meet a what is known as a ‘condition of release’. The most common conditions of release are: Reaching your preservation age and retiring. […]
Self managed super funds have new reporting requirements also known as TBAR (transfer balance account reporting). This helps the ATO to track members’ balances in relation to the $1.6m transfer balance cap and their total super balance. From 1 July 2018 SMSFs must report certain transactions or events relating to pensions in retirement phase. These […]
SuperStream is the way businesses must pay employee superannuation contributions to super funds. SuperStream transmits money and information electronically across the super system – employers, super funds, service providers and the Australian Taxation Office (ATO). Advantages include: • Employers are able to make all their super contributions in a single transaction, even if the payments […]
As a sole trader you do not have an obligation to contribute money into super each year for yourself, but if you choose to contribute you may be entitled to a tax deduction. To be eligible to claim a super deduction you need to contribute to a complying super fund and advise your super fund that […]
Have you recently received a Division 293 Notice from the ATO? You may have received one of these notices recently. Sounds technical but what is it? It’s basically a money grab from the Australian Government. Where an individual earns more than $250,000 in a year then they are charged an additional 15% tax on their […]
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