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 […]
Data matching update
AUSTRAC transaction report information data-matching program The ATO will acquire transaction report information data from AUSTRAC for the period of 17 June 2021 through to 30 June 2027. AUSTRAC (the Australian Transaction Reports and Analysis Centre) is the Australian Government agency responsible for “detecting, deterring and disrupting criminal abuse of the financial system to protect […]
Extra super step when hiring new employees
Stapled super funds Employers may soon need to do something extra when a new employee starts to work for them. Currently, if a new employee does not choose their own fund, their employer can pay contributions for them to a default fund. From 1 November 2021, if a new employee does not choose a specific […]
Business tax update October 2021
Extending administrative relief for companies to use technology The Government has passed legislation renewing the temporary relief that allows companies to use technology to meet regulatory requirements under the Corporations Act 2001. These temporary relief measures will allow companies to hold virtual meetings and use electronic communications to send meeting materials and execute documents until […]
Superannuation caps indexation for 2022
Reminder of superannuation caps indexation for 2022 From 1 July 2021, the superannuation contributions caps have been indexed for the 2022 income year. The new concessional contributions cap for the 2022 financial year is now $27,500 (increased from $25,000). The new non-concessional (i.e., non-deductible) contributions cap for the 2022 financial year is now $110,000 or […]
SMSF update
Introducing SMSF rollover alerts Since February 2020, the ATO has been issuing alerts via email and SMS when certain changes are made to a self-managed super fund (SMSF). With the inclusion of SMSF rollovers in SuperStream, the ATO will send the fund an email and/or text message alert when the fund uses the SMSF verification […]
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 […]
