You can expect some difficult conversations between employers and employees in coming months as some salaried employees discover that the Superannuation Guarantee (SG) increase of 0.25% (taking the SG rate to 9.25%) will not benefit those employees on fixed remuneration packages. I have heard that … [Read more...]
Note: We regularly update this article with the latest data on superannuation funds issued by the Australian Prudential Regulation Authority (APRA). This article contains the latest statistics available, as of May 2013 (for data as at March 2013). More than half a million self-managed super funds … [Read more...]
Due to a budget blowout caused by “an over-hang from the global financial crisis and strong Australian dollar”, the federal government has informally announced (drip fed via a series of casual comments in various interviews) that the income tax cuts, that were to take effect from 1 July 2015, … [Read more...]
Note: For your convenience we have included the latest income tax rates, and the income rates for the previous financial year. Over time, this page will also include relevant tax offsets, such as the Senior Australians and Pensioners Tax Offset (SAPTO), and other tax-related information such as the … [Read more...]
The excess contributions tax regime has been, and continues to be a total disaster. The federal government has cared very little about the fact that conscientious super savers, who made every attempt to the follow the rules, were being hit with outrageous tax bills, savaging hard-earned retirement … [Read more...]
I receive a lot of questions from readers seeking information about how the non-concessional (after-tax) super contributions rules work; in particular, how the bring-forward rule works. More recently I have received several emails from readers who have fallen foul of the bring-forward rules and … [Read more...]
Q: My husband and I are getting ready to return home (USA) after living & working in Perth for the past 2 years. We came to WA on a 457 visa. My husband has a super fund & we were wondering if we can leave the money in his super until he reaches retirement age (i.e. preservation age). My … [Read more...]
Note: We regularly update this article with the latest data on self-managed superannuation funds (SMSFs) released by the Australian Taxation Office. This article contains the latest data available up to March 2013 (for data as at December 2012). Each quarter the ATO releases self-managed super … [Read more...]
Note: We regularly update this article with the latest data on self-managed superannuation funds (SMSFs) issued by the Australian Taxation Office. This article contains the latest data available as at March 2013 (for data as at December 2012). The latest ATO statistics on SMSFs (representing SMSF … [Read more...]
In late 2012, the Australian Tax Office undertook a review of the SMSF trustee declaration and the associated fact sheet (Self-managed super funds – key messages for trustees), and made significant changes to both documents. All new SMSF trustees must complete and sign the SMSF trustee … [Read more...]
Note: In late 2012, the Australian Tax Office undertook a review of the SMSF trustee declaration, and released a revised declaration and revised the accompanying key messages. All SMSF trustees should take a few moments to revisit the declaration, in particular, the 3 main changes to the … [Read more...]
Note: The ATO publishes an annual report about SMSFs for each financial year. This article covers the latest SMSF performance data available from the ATO, as at February 2012. The ATO will provide updated performance data (for year ending 30 June 2012) in early 2014. A common argument put forward … [Read more...]
Note: The ATO publishes an annual report about SMSFs for each financial year. This article covers the ATO’s 2010-2011 statistical review of SMSFs (released in late December 2012). This report does contain data for the 2011-2012 year as well. The annual report for the 2011-2012 year will be … [Read more...]
The Inspector-General of Taxation (IGT) is investigating the ATO’s administration of the excess contributions tax (ECT) regime and its compliance approach when dealing with taxpayers who exceed their contributions caps. The IGT is taking submissions but those submissions must be lodged by 18 … [Read more...]
This updated article is a must-read if you make contributions to a super fund, in addition to your employer’s compulsory Superannuation Guarantee contributions. If you have a salary sacrifice arrangement in place then you will need to check how much, and when, these additional concessional … [Read more...]
