It is important to be aware of exactly when and how you can access your super, and what you can do in the meantime to make sure it is working to your advantage. PRESERVED UNTIL WHEN? The super rules state that you can’t generally get your hands on your benefit until you meet at […]
Protect Yourself Through Superannuation
The attractiveness of superannuation as an investment and savings vehicle is well known. As we mentioned earlier, although the federal government places limits on the amount of tax-effective contributions we can make, the ability to structure insurance arrangements through super remains. HOW DOES INSURANCE THROUGH SUPER WORK? The types of insurances considered here are […]
Super, It’s Not Really a Sacrifice
If you are earning more than you need to live comfortably, salary sacrificing may be an attractive option to reduce your tax, boost your superannuation and prepare for a more comfortable retirement later on. Salary sacrificing simply involves having part of your salary paid into a superannuation fund by your employer rather than receiving it […]
Increase ‘small lost threshold’ for super
By Bottrell Group on January 29, 2016 in Australian Tax Office Updates, Hints & Tips, Interesting Articles, Motivation, The Bottrell Office
Increase ‘small lost threshold’ for super The superannuation (Unclaimed Money and Lost Members) Act 1999 was recently amended* so that, from 31 December 2015, the small lost threshold for super accounts is increasing from $2, 000 to $4, 000. (*) Amended by the tax and superannuation laws amendment (2015 Measures No. 4) Act 2015, which […]
EOFY Preparation
EOFY Preparation EOFY Preparation For many businesses, end of the financial year brings greater demands than usual. Payroll professionals often find this time of the year a stressful period. Other than the usual weekly/fortnightly/monthly payroll processing and tasks there are the additional items that need to be considered – balancing and producing payment summaries, resetting year to […]
A million in the super fund won’t be enough for retirement
By Bottrell Group on August 24, 2015 in Hints & Tips, Interesting Articles, Motivation, Uncategorized
A million in the super fund won’t be enough for retirement A 30-year-old worker on an average salary of $60,000 a year would have an estimated $1.1 million in superannuation at age 65 in 2048. However, according to Russell Mason, $1.1 million would sustain a comfortable retirement only until age 77. For a comfortable retirement, […]
SuperStream date extended for medium to large employers
SuperStream date extended for medium to large employers Although all large and medium-sized employers were meant to be ready for SuperStream by 30 June this year, the ATO has advised that, for those who are not yet ready, it will extend that date by four months until 31 October 2015. SuperStream for small employers with […]
Government Releases Cooper Review into Superannuation
ATO’s 2013 Compliance Program highlights
ATO’s 2013 Compliance Program highlights As usual, the ATO has released its annual Compliance Program, and following are some of the main ‘highlights’ of which all practitioners should be aware. Incorrect work-related expenses claims This year the ATO will pay particular attention to high claims made by: building and construction labourers, construction supervisors and project […]
Superannuation Taxation Arrangements
Superannuation Taxation Arrangements Superannuation taxation arrangements should be reformed to place policy settings on a more sustainable footing over the long term. Superannuation taxation arrangements should be targeted to achieve the objectives of the superannuation system, reduce the cost of the retirement income system to Government, better position Australia to meet the fiscal challenges of […]
ATO reminder on when to appoint an SMSF auditor
ATO reminder on when to appoint an SMSF auditor The ATO has reminded tax agents and trustees that, in June 2013, the regulation that prescribed the period for appointing an approved auditor was amended. The change means that trustees and their tax agents now need to appoint an approved auditor no later than 45 days before […]
Recent tax and super cases
Recent tax and super cases Sole director of corporate trustee did not ‘control’ trust The AAT has held that the sole director and shareholder of the corporate trustee of a discretionary trust did not ‘control’ the trust for the purposes of the CGT small business concessions. Instead, the AAT found that the trust was not […]
Government committed to increasing super guarantee
Government committed to increasing super guarantee At a recent speech commemorating the twentieth anniversary of the introduction of the superannuation guarantee regime, the Assistant Treasurer and Minister for Superannuation reaffirmed the Government’s commitment to increasing the minimum superannuation guarantee percentage from 9% to 12%. Although it has yet to be legislated, the plan is to […]
June 2014 Super Update from the ATO
June 2014 Super Update from the ATO On 12 March 2014, new privacy laws came into effect and mainly relate to what we do when we collect personal information. These amendments affect how we collect, store, provide access to and disclose personal information. This includes information that is provided to us from third parties including […]
ATO Encourage Women to Put More Into Super
The ATO is encouraging women to take an active interest in their superannuation to help overcome the retirement savings shortfall many are currently experiencing. Speaking at the Women’s Super Summit, Assistant Commissioner Megan Yong said she wants to encourage women to start thinking about their super. “It’s never too late for women to start learning […]
