From July 1, super funds are required to cancel default life insurance policies in funds where members have not made a contribution for 16 months, unless members actively "opt in" to the policy or reactivate the account.
Mar 19, 2019
As we approach the inevitable but as yet unannounced 2019 Federal Election, Australians are starting to consider policies of the major parties, and we are particularly interested in the policies related to tax and superannuation.
Aug 02, 2017
On a positive note, from 1 July 2017, it is much easier for employees to claim a deduction in their own tax returns for personal superannuation contributions. These are the contributions made in addition to the 9.5% superannuation guarantee and salary sacrifice contributions, made by their employers. The change is a result of removal of the old “10%…
Dec 19, 2016
After months of debate, the significant superannuation changes first announced in the Federal Budget in May have finally been legislated, albeit in a different form from what was initially envisaged. In this newsletter, we will focus on these important changes and their implications, particularly for those with Self Managed Superannuation Funds (‘SMSF’).
Jun 26, 2015
SuperStream – the new compulsory electronic regime for payment of employer super contributions and for submitting the related contribution information - commences from 1 July 2015. Additionally, SuperStream measures have implications for Self Managed Superannuation Funds which receive contributions from employers.
Jul 11, 2014
As we begin the 2014/15 financial year, a number of tax and compliance changes are coming into effect. Some changes remain announced but unlegislated while the Government is unable to get some measures through the Senate. In particular, the amendments to small business depreciation rules remain in limbo while we wait for the legislation to be reintroduced into the new Senate. The fuel tax credits rates are also subject to adjustment depending on whether the carbon charge is abolished as announced. We have prepared the overview of the main changes that come into effect from 1 July 2014 as well as the upcoming compliance obligations to help you prepare for the new financial year. Some of these changes have long been anticipated but many have received little publicity and may have slipped under the radar. Employers most particularly need to ensure they comply with all the new requirements.
Jun 24, 2014
In 2011, the former government announced a raft of changes dubbed ‘Stronger Super’ designed to boost the superannuation system and to encourage people to become more educated and proactive with their super. One of these changes is the introduction of ‘SuperStream’ – the new compulsory electronic process for payment of super contributions and for submitting the related contribution information.
Dec 09, 2013
The Government has released draft legislation which proposes to abolish the Minerals Resource Rent Tax ('MRRT'), and the related tax concessions, introduced by the former Labor Government, as pledged by the Liberal Party at election time. The proposed repeal of the MRRT, which has been passed by the House of Representatives but is yet to pass the Senate, has significant implications for small businesses and companies in particular.