The big news story for those contributing to super is that the contribution caps are set to increase from the 2025 income year. The concessional contribution cap will increase from $27,500 to $30,000. This 'CC' cap is broadly applicable to employer super guarantee contributions, personal...

The downsizer contribution concession was introduced to allow older Australians selling an eligible dwelling to make additional contributions into their superannuation fund. Broadly, the downsizer contribution concession allows eligible individuals to make non-deductible contributions of up to $300,000 (or up to $600,000 per couple) from the...

If you would like to claim employee superannuation for the June 2023 month/ quarter as a tax deduction for the 2023 Financial Year, please ensure that it is paid prior to 30 June 2023. As per the Australian Taxation Office (ATO), the employee superannuation is required...

The ATO has reminded SMSF trustees that their SMSF must be operated for the sole purpose of providing retirement benefits for its members.  This means SMSF trustees can’t use funds from their SMSF to pay for personal or business expenses.  This is known as 'illegal...

In a recent legislative change, the eligibility age to make a downsizer contribution into superannuation has been reduced to 55 from 1 January 2023. This further reduces the downsizer eligibility age, which changed from 65 to 60 from 1 July 2022. From 1 January 2023, eligible individuals...

A reminder to employers that their December 2022 superannuation guarantee (‘SG’) contributions were due by 28 January 2023. Do not forget the two changes to SG that commenced on 1 July 2022: - the rate increased from 10% to 10.5% - employees no longer need to earn $450...

There are various courses of action available to the ATO when trustees of self-managed super funds ('SMSFs') have not complied with the super laws, including applying administrative penalties. A number of factors determine the amount of the administrative penalty, including: - the type of contravention; - when it...

The ATO is reminding employers that the holiday season is fast approaching, and that their holiday casuals may now be eligible for super. From 1 July 2022, employers need to pay super for employees at a rate of 10.5%, regardless of how much they are paid,...

The ATO recommends that trustees of self-managed super funds ('SMSFs') thinking about investing in crypto assets should seek professional advice from a licensed financial adviser. There are organisations who offer trustees help to set up a fund or use their existing fund to invest in crypto...

New clients can receive a free 30 minute, no obligation session to see if we are the right fit for you and your business.