Big balances, bigger tax: Is your super prepared for Division 296? Plan ahead with your Moore Australia advisor for tailored advice on navigating the change.

Maintaining compliance with workplace regulations is essential for businesses across Australia. This article covers key compliance areas, including employee classification, overtime management, and workplace health and safety standards.

The concessional and non-concessional contributions caps  will be increasing effective from 1 July 2024.  This article includes details of the new cap amounts.

Government to unveil strategies - direct ATO to persue billions of Superannuation dollars owed to workers. 

Several key changes come into effect on 1 July 2022 regarding superannuation contributions. These changes create opportunities for all, young and old, to grow their retirement savings.  Our team provide an overview of the changes and how individuals, businesses and employers can prepare.

Superannuation fund rules will change from 1 November 2021.  Under the new rules, employers will have to refer to the ATO to check an employees stapled fund before making payments into their default fund.

Previously families with more than four family members were limited from having the entire family in the one Self-Managed Superannuation Fund (SMSF). However, this has now changed, from 1 July 2021, the maximum number of members has now increased from four to six members.

The superannuation guarantee rate will increase from 9.5% to 10% from 1 July 2021.  We look at how this impacts businesses and give practical tips for employers to consider in the lead up to the change.

The Superannuation Amnesty which provides employers with an opportunity to “come clean” and declare unpaid or late superannuation guarantee (SG) payments to the Australian Taxation Office (ATO) is scheduled to end on 7 September 2020. 

The Bill introducing the superannuation guarantee (SG) amnesty received Royal Assent on 6 March 2020 and employers have until 6 September 2020 to correct any historic non-compliance with their SG obligations.

Big brother is watching...

With the roll-out of Single Touch Payroll now finalised for many employers, it’s never been a more important time to ensure that you’re complying with your employee obligations.

The Government has passed legislation that provides a possible exemption from employer superannuation guarantee requirements, where the individual is a high-income earner with multiple employers.

The Australian superannuation landscape is changing. With the introduction of Single Touch Payroll the Australian Taxation Office (ATO) has access to more real time data than ever before. In addition, recent and proposed changes to tax laws means it might be time to review your employer superannuation compliance.

You’ve worked really hard for a long time, made big sacrifices…family time, early mornings, late nights, taken risks and it has paid off. Time for you to enjoy the fruit of your labour that has been made possible by your sacrifices.
 
Unexpectedly something comes out of the woodwork and you find yourself in a legal battle. You didn’t expect this and suddenly everything you’ve worked so hard for could be gone. Have you done everything you can to protect your assets?

After months of uncertainty, the Senate has passed the Federal Government's superannuation reform package. The initial proposal from the May 2016 Federal Budget has seen significant amendments. Much of the change has a commencement date of 1 July 2017 and generally speaking, the superannuation environment will be more restrictive after July 2017. This provides superannuation fund members with a seven-month window to take advantage of the existing provisions and best position their superannuation assets to provide maximum benefits into the future. The opportunity is significant and the time to act is now.

A contentious package since it’s announcement back on budget night, this week Scott Morrison finally succumbed to the reality that retrospectivity in superannuation is no winning formula.

The Government will apply transitional arrangements to SMSFs affected by the retrospective aspects of the Federal Budget’s proposal to limit non-concessional contributions. In the 2016-17 Federal Budget, the introduction of a lifetime cap of $500,000 on non-concessional superannuation contributions, including contributions since 2007, was announced. 

Self-managed super funds (SMSFs) can be vulnerable to disputes, especially when family members are involved.
 
If left unresolved, disputes surrounding SMSFs can result in a hefty bill. SMSF disputes may be caused by various relationship breakdowns, for example, those funds with parents and siblings as members and trustees, or in cases where there is simply a clear difference of opinion.

Since change is an inevitable part of Australia’s superannuation system, taxpayers should always be aware of and on the lookout for super strategies that they can take advantage of.

For many employers, it can be easy to forget the responsibility of managing your superannuation obligations amidst the busy lifestyle of operating a business.

However, those who fail to meet their super obligations risk facing severe and even damaging liabilities.
Employers who pay their workers $450 or more before tax in a calendar month must pay superannuation on top of the employee's wages. If an employee is under the age of 18 or is a private or domestic worker, they must work for more than 30 hours per week to qualify. The minimum an employer must pay is called the super guarantee (SG)