ATO reminder about appointing an SMSF auditor
The ATO is reminding trustees of self-managed super funds that they need to appoint an approved SMSF auditor This must occur no later than 45 days before the lodgment of their fund’s SMSF annual return (for example, for the 2022 income year). In particular, the ATO says: “Don’t risk approaching an auditor the day before […]
Superannuation support contractor case
Sessional lecturer entitled to superannuation support The Federal Court has agreed with the ATO that a lecturer providing services to a higher education provider was a common law employee and therefore entitled to superannuation support, despite being engaged as an independent contractor. The ATO reviewed the situation and concluded that the lecturer was entitled to […]
Downsizer contributions age changes
Downsizer contributions age changes from 1 July 2022 From 1 July 2022, people aged 60 years and over became eligible to make downsizer contributions of up to $300,000 per person ($600,000 per couple) from the sale proceeds of their home into their super. For downsizer contributions made prior to 1 July 2022, eligible individuals must […]
SG contribution due date for June 2022 quarter
Super guarantee contribution due date for June 2022 quarter The due date for employers to make super guarantee contributions for their employees for the June 2022 quarter is 28 July 2022. Note that the super guarantee rate in relation to salary and wages paid on or before 30 June 2022 is 10%. Employers that do […]
Super Guarantee changes from July
Get ready for changes to super guarantee From 1 July 2022, two important super guarantee (SG) changes will apply to your business. These are: the rate of SG is increasing from 10% to 10.5% the $450 per month eligibility threshold for when SG is paid is being removed. What this means for you These changes […]
2021/22 Individual Tax Return Checklist
Tax saving strategies prior to 1 July 2022 Your Checklist Claims for deductions Receipts for deductions Car claims and log books Please review the information below and contact our office if you need assistance. A strategy often used to reduce taxable income (and, in turn, tax payable) in an income year is to bring forward […]
Re-contribution of COVID-19 early release super amounts
COVID-19 early release super amounts Individuals can now re-contribute amounts they withdrew under the COVID-19 early release of super program without the re-contribution counting towards their non-concessional contributions cap. These contributions can be made between 1 July 2021 and 30 June 2030. Individuals can make COVID-19 re-contribution amounts to any fund of their choice where […]
Changes to superannuation regulations
Be aware of various new regulations and opportunities surrounding your superannuation New legislation regarding contribution requirements, visibility and guarantee eligibility is currently or soon to be effective. Reporting re-contributions of COVID-19 early super relief super amounts Self-managed super fund (SMSF) members can now re-contribute amounts they withdrew under the COVID-19 early release of super program […]
Reminder of March 2022 Quarter SG
Reminder of March 2022 Quarter Superannuation Guarantee Employers are reminded that their SG obligation for the 1 January 2022 to 31 March 2022 quarter is due by 28 April 2022. An advance warning is also provided to employers that the compulsory 10% SG rate is going to increase to 10.5% from the period 1 July […]
Super is now following new employees
New super rules from 1 November 2021 The ATO is reminding employers that, as of 1 November 2021, there is an extra step they may need to take to comply with the choice of super fund rules. If a new employee does not choose a super fund, most employers will need to request the employee’s […]
