Superannuation Archives - The Garis Group

ATO sent letters to directors who are potentially in breach of their obligations to ensure that the company they represent has met its PAYG withholding, superannuation guarantee charge, or GST obligations.

ATO ramps up heat on directors

May 10, 2022

ATO, Company, Director, GST, PAYG, Superannuation

Throughout March, the ATO sent letters to directors who are potentially in breach of their obligations to ensure that the company they represent has met its PAYG withholding, superannuation guarantee charge, or GST obligations. These letters are a warning shot and should not be ignored. The director penalty regime ensures that directors are personally liable…

What’s changing on 1 July 2022?

May 10, 2022

Emma Zajac

First Home Owner, GST, Home Loans, PAYG, Retirement, Small Business, Superannuation, Superannuation guarantee, tax instalments

A series of reforms and changes will commence on 1 July 2022. Here’s what is coming up: For Business Superannuation guarantee increase to 10.5% The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase by 0.5% each year until it reaches 12% on 1 July…

Further super reforms to ‘safeguard’ Australians’ retirement

November 4, 2021

Emma Zajac

Retirement, Retirement Income, Super, Superannuation, Your Super Scheme

Treasurer Josh Frydenberg and financial services minister Jane Hume have encouraged citizens to get behind super reform changes that have come into effect this month, citing them as the “most significant in nearly 30 years”. In a joint release, the Treasurer and financial services minister confirmed that from 1 November 2021 Australians will see their…

Recruiting New Employees? The 1 November Superannuation Rule Changes

October 7, 2021

Emma Zajac

Super, Superannuation

When your business hires a new employee, the Choice of Fund form is used to identify where they want their superannuation to be directed. If the employee does not identify a fund, generally the employer directs their superannuation into a default fund. From 1 November 2021, where an employee does not identify a fund, the…

Superannuation is not like other assets as it is held in trust by the trustee of the superannuation fund. When you die, it does not automatically form part of your estate but instead, is paid to your eligible beneficiaries by the fund trustee according to the rules of fund, superannuation law, and the death nomination you made.

What happens to your superannuation when you die?

October 7, 2021

Emma Zajac

Super, Superannuation, Superannuation Death

Superannuation is not like other assets as it is held in trust by the trustee of the superannuation fund. When you die, it does not automatically form part of your estate but instead, is paid to your eligible beneficiaries by the fund trustee according to the rules of fund, superannuation law, and the death nomination…

Is a financial services compensation payment to your superannuation fund a contribution?

Did your super fund receive a compensation payment?

September 9, 2021

Emma Zajac

Compensation, Super, Super Contribution, Superannuation

Is a financial services compensation payment to your superannuation fund a contribution? Of late, there have been several compensation payments made by financial services providers to customers that were inappropriately charged or overcharged for insurance premiums or services they did not receive, etc. New guidancefrom the ATO helps decipher whether these compensation payments are treated…

New legislation will help prevent superannuation assets from being hidden during divorce proceedings. From 1 April 2022, the Australian Taxation Office (ATO) will be able to release details of an individual’s superannuation information to a family law court.

Divorce, Superannuation and the Gender Divide

September 9, 2021

Emma Zajac

Divorce, Super, Superannuation, Superannuation Law

New legislation will help prevent superannuation assets from being hidden during divorce proceedings. From 1 April 2022, the Australian Taxation Office (ATO) will be able to release details of an individual’s superannuation information to a family law court. The recently enacted laws are designed to ensure that there is procedural and economic fairness in divorce…

Tax Time: What Changes On 1 July 2021?

June 8, 2021

Emma Zajac

2021, Changes to Tax, Home Expenses, Superannuation, Tax, Tax Time, Tax Time 2021, Working from home

With Tax-Time just around the corner, we take a look at the changes that will come into effect come 1st of July and how they may affect you. Super Guarantee Rate Increase To 10% On 1 July 2021, the Superannuation Guarantee (SG) rate will rise from 9.5% to 10% – the first rise since…

The 1st July Superannuation Changes

April 12, 2021

Emma Zajac

Accumulating Super, ATO, Self Managed Super Fund, SMSF, Super, Super Contributions, Superannuation, Superannuation Caps, Tax

Changes from 1 July 2021 will impact on how much money you can contribute to superannuation and how much you can have in your retirement phase superannuation account. In general, your superannuation is either in an accumulation account (when you are building your super), a retirement account (when you meet preservation age and certain conditions…

SMSFA Calls to Reinstate Higher Contribution Cap for Over 50s

February 18, 2021

Emma Zajac

Over 50's, SMSF, Super, Super Contributions, Superannuation

The SMSF Association has called for the reinstatement of the $35,000 concessional contributions cap for over 50s, arguing that the current $25,000 cap restricts fund members from contributing to their super at the age where they can most afford to do so. In its submission for the 2019 federal budget, the association said the current…

ATO ramps up heat on directors

What’s changing on 1 July 2022?

Further super reforms to ‘safeguard’ Australians’ retirement

Recruiting New Employees? The 1 November Superannuation Rule Changes

What happens to your superannuation when you die?

Did your super fund receive a compensation payment?

Divorce, Superannuation and the Gender Divide

Tax Time: What Changes On 1 July 2021?

The 1st July Superannuation Changes

SMSFA Calls to Reinstate Higher Contribution Cap for Over 50s

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