Superannuation guarantee amnesty
Superannuation guarantee amnesty introduced The Government has introduced legislation to complement the superannuation guarantee (‘SG’) integrity package already before Parliament by introducing a one‑off, twelve-month amnesty for historical underpayment of SG. The Bill incentivises employers to come forward and “do the right thing by their employees” by paying any unpaid superannuation in full, as well […]
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 […]
Age pension age increase
Did you know the age pension age is increasing? The age pension age is increasing to 67 which could have a significant impact on the retirement plans for many Australians. The age you are eligible to receive age pension payments from the Government, depends on your date of birth. That is, the age pension age […]
Key points from Budget 2018
How will the Budget affect you? This year’s Federal Budget is an ‘election budget’ with tax cuts for all Australians that will be funded by the Government’s higher than expected revenue. All-in-all, changes to super were fairly limited in the Budget, with the Government focused on preventing the erosion of super funds with small balances. […]
12-month super guarantee amnesty announced
Superannuation Guarantee Amnesty On 24 May 2018, Minister for Revenue and Financial Services announced the commencement of a 12-month Superannuation Guarantee Amnesty (the Amnesty). The Amnesty is a one-off opportunity for employers to self-correct past super guarantee (SG) non-compliance without penalty. Subject to the passage of legislation, the Amnesty will be available from 24 May 2018 to 23 May 2019. Employers who […]
Personal super contributions
Claiming personal super contributions deductions The removal of the 10% maximum earnings condition means more people may be eligible to claim a personal super contributions deduction this tax time. Omnis Group can help you to understand if you are eligible and let you know if you need to: make personal (after tax) super contributions directly to your […]
SMSF Assist changes
SMSF Assist website to close The SMSF Assist website will no longer be accessible from July 2018. The ATO will soon close their SMSF Assist website, as its function has been superseded by the advances made on the main website, ato.gov.au. Self-managed super fund (SMSF) trustees and professionals can use ato.gov.au as their central source of information for […]
2018/19 Federal Budget
2018 Federal Budget Update Quick links Changes affecting business taxpayers Superannuation related changes Changes affecting companies Other changes Personal income tax changes Personal income tax plan The Government will introduce a seven-year, three-step, Personal Income Tax Plan, as follows: Step 1: Targeted tax relief to low and middle income earners The Government will introduce the […]
Downsizer contributions
No need to actually ‘downsize’ for ‘downsizer contributions’ Measure announced in 2017/18 Federal Budget aims to provide incentive for older Australians to ‘downsize’ their home. From 1 July 2018, individuals aged 65 or over may use the proceeds from the sale of an eligible dwelling that was their main residence to make superannuation contributions (referred to […]
