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The Federal Government has targeted employer misuse of salary-sacrifice contributions to employees’ superannuation accounts as an area for reform. The Turnbull Government has accepted a recommendation of the Superannuation Guarantee Cross Agency Working Group to close a loophole that enables employers to use money contributed by employees in salary-sacrifice arrangements to meet or reduce their […]

The Australian Taxation Office (ATO) has its sights set on employers who fail to pay Superannuation Guarantee on time. According to the ATO, 7 – 8 % of employers fail to pay on time or don’t pay the required amount of their employee’s superannuation contributions. To address the issue, from 1 July 2018 the ATO […]

Payroll processes are set to change for Australian business in coming years with the phased introduction of Single Touch Payroll (STP). Driven by the Australian Taxation Office, STP aims to deliver real-time data collection of payroll data, namely tax and superannuation information, to improve compliance and transparency in the payroll process. Announced earlier this year, […]

Employers are reminded a contribution does not become a contribution until it is actually received by a superannuation fund. This confirms the ATO’s view that contributions made by electronic funds transfers occur when the amount is received by the superannuation provider or credited to the relevant account. The fact that money has left an employer’s […]

The end of July marked a time of significant change in the way Australians can approach their annual leave. And while the changes are designed to maximise flexibility for both employers and employees, there are some pitfalls both parties should consider. The changes to clauses 112 of the 122 Australian workplace awards by the Fair […]

Whether you run a business or are an employee, it’s a rare person who looks forward to tax time with glee. You may keep your receipts in a box under the bed, or perhaps you take a more structured approach to your filing. Regardless, anything that promises to streamline the process and make record-keeping easier […]

SuperStream is here

Employers and super funds are being reminded that they are running out of time to switch to SuperStream – the new standard electronic payment system. In a statement, Superannuation Deputy Commissioner Simon O’Halloran said SuperStream could cater to all kinds of small businesses.

Insurance in Super

When most people think of superannuation, they normally think of guaranteed contributions, nest-eggs and a future that feels far off.
But the reality is that your super fund could be doing even more for your current needs: by offering you insurance.