Improving payroll governance
Make sure you’re up to date on payroll compliance How employers can understand and meet their payroll obligations and some of the common issues seen by the ATO. How to meet your employer obligations The ATO wants to help you ensure your entity’s payroll governance measures are designed effectively and fit for purpose. This means […]
Illegal early access to super
Accessing your super early may be illegal You cannot access your super before you retire unless you meet one of the conditions that make it legal to access your super and receive relevant approval. Always check first with Omnis Group’s Superannuation team before taking any action. There are only a few reasons that you might […]
ATO reminds employers of super contribution requirements
Requesting stapled super fund details for new employees Make sure you know your obligations when it comes to super contributions for employees The ATO is reminding employers that, when they have new employees that have not provided them with their choice of super fund, super contributions should be made into: the employee’s stapled super fund; […]
ATO warning to SMSFs ‘Paying the price for non-compliance’
There are various courses of action available to the ATO when trustees of self-managed super funds (‘SMSFs’) have not complied with the super laws This includes applying administrative penalties. A number of factors determine the amount of the administrative penalty, including: the type of contravention; when it occurred; and the number of penalty units that […]
SMSFs investing in crypto assets
ATO advice for SMSFs thinking about investing in crypto assets The ATO recommends that trustees of self-managed super funds (‘SMSFs’) thinking about investing in crypto assets should seek professional advice from a licensed financial adviser. There are organisations that offer trustees help to set up a fund or use their existing fund to invest in […]
Check that holiday employees get the right super
Is your system updated for the latest SG changes? The ATO is reminding employers that the holiday season is fast approaching and that their holiday casuals may now be eligible for super. From 1 July 2022, employers need to pay super for employees at a rate of 10.5%, regardless of how much they are paid, […]
Valuing fund assets for an SMSF’s annual return
One of many responsibilities trustees have when managing an SMSF is valuing the fund’s assets at market value. This must be done every income year, so the ATO knows the SMSF has complied with super laws. The market value of an asset is the amount someone could be reasonably expected to pay if the asset […]
2022/23 October Federal Budget
Federal Budget overview On 25 October 2022, Treasurer Jim Chalmers handed down an updated 2022/23 Federal Budget, the first for the Albanese Labor Government. Key measures Certainty for unlegislated taxation and superannuation measures Digital Currency – Clarifying that digital currencies are not taxed as foreign currency Depreciation – Reverse the self-assessment of the effective life […]
SG contribution due for September 2022 quarter
Super guarantee contribution due date for September 2022 quarter The due date for employers to make super guarantee contributions for their employees for the September 2022 quarter is 28 October 2022. Varying PAYG instalments The ATO is reminding taxpayers that they can vary their pay-as-you-go (‘PAYG’) instalments if they think the amount they pay now […]
Super comparison tool updated
The YourSuper comparison tool helps individuals compare super products and choose a fund that meets their needs It ranks the performance of super products by fees and net returns. Each year, the Australian Prudential Regulation Authority (‘APRA’) assesses the performance of each MySuper product, and this information is displayed in the comparison tool. Updated information […]
