Superannuation

Superannuation – Last Opportunity For Maximum Contributions
By June 6, 2009

The Federal Government has announced changes to the taxation treatment of superannuation contributions after 1st July 2009. If you wish to maximise salary sacrifice contributions to superannuation then you should do so on or before 30th June 2009. The maximum contributions allowable includes superannuation contributions paid by employers under the ...

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Former Temporary Residents and Unclaimed Super
By April 16, 2009

Changes apply this year to unclaimed super for former temporary residents. If you’re a former temporary resident, your super fund, retirement savings account (RSA), or approved deposit fund (ADF) may pay your unclaimed super to the Australian Taxation Office where it has been at least six months since you departed Australia and your visa was cancelled or expired.

After departing Australia, you can claim your super at any time from either your fund (if they still have it) or the ATO (if it has been passed along).

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By March 19, 2009

This week saw the successful passage through Parliament of the Tax Laws Amendment (2008 Measures No. 6) Bill which includes amendments to improve the operation of the Superannuation Guarantee late payment offset. The existing late payment offset allows an employer who makes a late SG contribution into a superannuation fund ...

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By February 18, 2009

Some people may need to make sure their self managed superannuation funds (SMSF) are complying with changes to the investment rules that take effect after 30 June 2009 – less than five months away. Is my SMSF at risk? These changes may catch some SMSFs unaware because they go back ...

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By August 15, 2008

This month saw ASIC bring the first criminal charges against an SMSF trustee under the SIS Act. It is alleged the trustee failed to ensure the fund was properly maintained in accordance with the sole purpose test. The sole purpose test sets the purposes for which a superannuation fund must be operated, ie. to provide ...

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By June 12, 2008

The super co-contribution has been extended to include self-employed people. The amount of co-contribution that you receive depends on your total income and the personal ‘after-tax’ superannuation contributions that you make during the financial year. You are only eligible for a co-contribution on personal contributions that you don’t claim a ...

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Make Sure Your Super Fund Has Your Tax File Number
By June 3, 2008

You have until 30 June 2008 to ensure your super fund has your tax file number (TFN) or you could pay extra tax. It’s not compulsory to provide your TFN but if your fund doesn’t have it: they will have to pay extra income tax on certain contributions and may ...

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