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Downsizer superannuation contributions

In an effort to reduce pressure on housing affordability, the government wants to encourage older Australians to sell their home in order to improve housing stock. To achieve this, the government has introduced a new opportunity for older Australians to contribute some of the proceeds from the sale of their home into superannuation. Under the […]

Super guarantee compliance: time to take action

The government is getting tough on employers who fail to make compulsory superannuation guarantee (SG) contributions. A host of measures are being implemented, ranging from improved reporting systems through to proposed employer penalties of up to 12 months’ imprisonment. Importantly for small businesses, the government wants to extend Single Touch Payroll (STP) reporting to all […]

14/12/2018: Dealing with an excess super contributions determination

The ATO has begun issuing determinations for individuals who exceeded their concessional super contributions cap in 2017-18. Concessional contributions include all employer contributions, such as the 9.5% superannuation guarantee and salary sacrifice contributions, and personal contributions for which a deduction has been claimed. A higher volume of excess concessional contributions (ECC) determinations will be issued […]

07/12/2018: Super changes to help women

  In an effort to assist women experiencing family and domestic violence, the government has proposed to extend the ability to access early release superannuation based on feedback from the wider community. Currently, the early release of superannuation can only be provided in limited circumstances such as terminal illness and severe financial hardship. It is […]