Young Couple Experiencing Financial stress and wanting to access their super early

COVID-19 | Taxpayers Cautioned on Early Super Release

Taxpayers have been urged to reconsider applying for the early release of super to simply obtain tax benefits, with the loophole going against the intent of the government’s COVID-19 relief measures. Temporary early access to super was one of several changes made to superannuation as a part of the government’s second stimulus package to offset the economic…
The Second $66.1 bn Stimulus Package: What You Need To Know

The Second $66.1 bn Stimulus Package: What You Need To Know

The Government yesterday released a second, far reaching $66.1 bn stimulus package that boosts income support payments, introduces targeted changes to the superannuation rules, provides cash flow support of up to $100,000 for small business employers, and relaxes corporate insolvency laws. The stimulus measures are not yet legislated. Parliament will reconvene on Monday 23 March.…

New Laws for Super, Insurance and Exit Fees

From 1 July 2019, new laws commenced preventing superannuation providers from eroding member balances with unwanted or unnecessary insurance and exit fees. Plus, inactive accounts with low balances are now moved to the ATO to try and unite the unclaimed super with its owner. These changes do not apply to self-managed superannuation funds or small...

Blog | ATO Toughens Stance as Employers Hit with Rolling Superannuation Guarantee Audits

Employers are increasingly being subjected to a rolling series of audits by the ATO where they slip behind on their Superannuation Guarantee (SG) obligations as the Tax Office now taking a harder line on non-compliance, warns a technical expert. Insyt chief executive Darren Wynen said the focus by the federal government on SG non-compliance has...

BEWARE: ATO Takes Man’s Life Superannuation Savings as Penalty for Overpayment

A tribunal has implored the Tax Office to reconsider the imposition of a “catastrophic” penalty that stripped retired postal truck driver Colin Ward of $209,000 – the entirety of his superannuation savings. Administrative Appeals Tribunal deputy president Gary Humphries said if Tax Commissioner Chris Jordan would not afford 71-year-old Mr Ward and his wife Joan some…
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