New lodgement option for Super Guarantee Charge Statement In January 2015, the Australian Taxation Office (ATO) announced the option to lodge Super Guarantee Charge (SGC) statements electronically via the Business Portal. An SGC statement must be lodged if there is a super guarantee or choice shortfall for any quarter, i.e. if payment is proposed to […]
Early access to super for people with terminal illness
Early access to super for people with terminal illness The Assistant Treasurer has announced that, from 1 July 2015, the government will amend the provision for accessing superannuation for people suffering a terminal illness. This has proven difficult for some people, including women with secondary breast cancer diagnosis. Understandably, they want access to their money […]
What is a Director Penalty Regime?
What is a Director Penalty Regime? Under the pay as you go (PAYG) withholding system, the Income Tax Assessment Act 1997 (ITAA) requires companies to withhold money from wages to meet employees’ tax liabilities to the Australian Taxation Office (ATO). Companies are also required to pay a superannuation guarantee charge (SGC) under the Superannuation Guarantee […]
Find your Lost Super
Find your Lost Super It is important to keep track of your super. If you’ve ever changed your name, address or job, you may have lost track of some of your super. Having several super accounts could mean that fees and charges are reducing your overall super investment. There are a number of ways to […]
ATO contact numbers- Individual entities
ATO contact numbers- Individual entities Phone number Self-help service What you can do 13 28 65 Individuals Enquire about the progress of your lodgments Search for your lost super Apply for refund of GST credits Make a payment arrangement 13 72 26 Business Lodge your: NIL activity statement NIL annual GST return GST or PAYG […]
Super update from the ATO
Super update from the ATO Some SMSF statistics As at 30 September 2013, there were over 516,000 SMSFs holding around $531 billion in assets. Although SMSFs are nearing one million SMSF members (980,000), or 8% of the 11.6 million members of Australian super funds, they account for 31% of the $1.6 trillion total super assets […]
Changes to the super guarantee rate
To help increase Australian workers’ savings for retirement, the compulsory super guarantee rate will gradually increase from 9% to 12%. When you make super payments on behalf of your employees based on the minimum 9.25% super guarantee rate, you will are required to increase this rate to 9.50% on 1 July 2014. The […]
The importance of BDBNs
The importance of BDBNs Editor: A member of a superannuation fund may generally make a ‘BDBN’ which, if valid, requires the trustee of the fund to pay out their death benefits (i.e., after they die) exactly as set out in the BDBN. In the first case, a member of an SMSF expressed a desire in […]
Some SMSF statistics
Some SMSF statistics Some SMSF statistics as at 30 September 2013, there were over 516,000 SMSFs holding around $531 billion in assets. Although SMSFs are nearing one million SMSF members (980,000), or 8% of the 11.6 million members of Australian super funds, they account for 31% of the $1.6 trillion total super assets as at 30 […]
