Payday super: the details

2024-12-09T12:14:35+10:00October 22nd, 2024|Super|

Payday super: the details ‘Payday super’ will overhaul the way in which superannuation guarantee is administered. We look at the first details and the impending obligations on employers. From 1 July 2026, employers will be obligated to pay superannuation guarantee (SG) on behalf of their employees on the same day as salary and wages instead [...]

How to take advantage of the 1 July super cap increase

2024-08-12T18:08:30+10:00March 22nd, 2024|Super|

How to take advantage of the 1 July super cap increase From 1 July 2024, the amount you can contribute to super will increase. We show you how to take advantage of the change. The amount you can contribute to superannuation will increase on 1 July 2024 from $27,500 to $30,000 for concessional super contributions [...]

Can my SMSF invest in property development?

2024-08-12T16:54:49+10:00February 1st, 2024|Property, Super|

Can my SMSF invest in property development? Australians love property and the lure of a 15% preferential tax rate on income during the accumulation phase, and potentially no tax during retirement, is a strong incentive for many SMSF trustees to dream of large returns from property development. We look at the pros, cons, and problems [...]

Tax on super balances above $3m hits Parliament

2023-12-13T10:41:16+10:00December 12th, 2023|Super, Tax|

Tax on super balances above $3m hits Parliament Legislation enabling an extra 15% tax on earnings on super balances above $3m is before Parliament. While not a concern for the average worker, if enacted, those with significant property or other illiquid assets in their superannuation fund are most at risk, for example farmers and business [...]

30% tax on super earnings on balances above $3 million

2023-12-13T14:59:25+10:00November 17th, 2023|Super|

30% tax on super earnings on balances above $3 million Treasury has released draft legislation for consultation to enact the Government’s plan to increase the tax rate on earnings on superannuation balances above $3m from 15% to 30% from 1 July 2025. This is the final step before the legislation is introduced into Parliament. From [...]

Workers owed $3.6bn in super guarantee

2023-12-13T15:01:10+10:00November 3rd, 2023|Super|

Workers owed $3.6bn in super guarantee Workers are owed over $3.6 billion in superannuation guarantee according to the latest Australian Taxation Office estimates – a figure the Government and the regulators are looking to dramatically change. Superficially, the statistics on employer superannuation guarantee (SG) compliance look pretty good with over 94%, or over $71 billion, [...]

30% tax on super earnings above $3m

2023-12-13T15:05:21+10:00October 13th, 2023|Super|

30% tax on super earnings above $3m Treasury has released draft legislation to enact the Government’s plan to increase the tax rate on earnings on superannuation balances above $3m from 15% to 30% from 1 July 2025. This is the final step before the legislation is introduced into Parliament and a step closer to reality. [...]

Legislating the ‘objective’ of super

2023-12-12T16:40:23+10:00September 7th, 2023|Super|

Legislating the ‘objective’ of super The proposed objective of superannuation released in recently released draft legislation is: ‘to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way.’ The significance of legislating the objective of super is that any future legislated changes to the superannuation system must [...]

Australian super funds gorge on cryptocurrency

2023-06-28T14:42:57+10:00October 31st, 2022|Money, Super|

Australian super funds gorge on cryptocurrency The value of cryptocurrency assets inside Australian self managed superannuation funds (SMSFs) increased by 589.9% ($1.17bn) between June 2019 and June 2022, according to the latest ATO statistics. While cryptocurrency is a relatively small asset class at only 0.16% of the $837bn held in SMSFs, it is a growing [...]

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