Super guarantee contribution due
Super guarantee contribution due date for June 2021 quarter The due date for employers to make super guarantee contributions for their employees for the June 2021 quarter is 28 July 2021. Note that the super guarantee rate in relation to salary and wages paid on or before 30 June 2021 is 9.5%, but the super […]
2021/22 Federal Budget
Omnis Group Federal Budget Summary 2021/22 Key points covered by this summary: Personal income tax changes Changes affecting business taxpayers Superannuation related changes 1. Personal income tax changes 1.1 Retaining the Low and Middle Income Tax Offset (‘LMITO’) for the 2022 income year The Government has announced that it will retain the LMITO for one […]
No SG obligation on JobKeeper payments where work is not performed
Regulations confirm no SG obligation on JobKeeper payments where work is not performed The federal government has registered the Superannuation Guarantee (Administration) Amendment (JobKeeper) Payment Regulations 2020. These regulations ensure that amounts of salary or wages that do not relate to the performance of work and are only paid to an employee to satisfy the […]
2020 Super top up strategy
Unused concessional cap carry forward Potentially top-up super 2020 concessional contributions with any unused gap from the 2019 year. From 1 July 2018, if you have a total superannuation balance of less than $500,000 on 30 June of the previous financial year, you may be entitled to contribute more than the general concessional contributions cap and make […]
ATO reminder about salary packaged super
The ATO has provided information for employers, payroll software providers and intermediaries who may need to change the way they calculate SG The ATO has provided employers with a recent reminder that, from 1 January 2020, there has been a legislative change to ensure that when an employee sacrifices pre-tax salary in return for an […]
A super tax opportunity
Super is one of the most tax-effective ways to save You could be thousands of dollars better off by making ‘concessional contributions’ to your super. And, putting more money into your super now could make a big difference to your retirement later on. So, this tax time, ensure you make the most of your concessional […]
Division 293 assessments
Additional tax on concessional contributions The ATO has been issuing ‘Additional tax on concessional contributions (Division 293) assessments’ with respect to liabilities relating to the 2018 income year. Division 293 imposes an additional 15% tax on certain concessional (i.e. taxable) superannuation contributions. It applies to individuals with income and concessional superannuation contributions exceeding the relevant […]
Downsizer contributions
ATO guidance regarding ‘downsizer contributions’ The ability to make ‘downsizer contributions’ effectively commenced on 1 July 2018, prompting the ATO to release further guidance with respect to this new superannuation contribution classification. This new measure will be of most assistance for individuals approaching retirement, where they dispose of their family home in an effort to […]
Super housing measures
What the super housing measures mean for SMSFs The ATO has reminded members of SMSFs that they will be able to use their voluntary super contributions to assist with buying their first home, or to make a contribution into their super from the proceeds of the sale of their main residence (under changes passed by […]
Retirement planning case study
Projected benefits of putting extra savings into super Age 40 Starting balance $100,000 Income of $100,000 per year As shown in the above case study, putting an extra 6 per cent of your pre-tax income into your super each year could leave you significantly better […]
