Blog - Superannuation

Protect your insurance in your super. Jun 5, 2019

You may have recently received a letter from your super fund, suggesting that your insurance may be cancelled. This is a result of new federal legislation passed earlier this year, known as the Protecting Your Superannuation Package. The objective of this legislation is to ensure that people are not paying for insurance that they do not need. The assumption is that people who are no longer contributing to a super fund, most likely also no longer need the insurance available through these funds. This is not universally the case and you therefore will need to take action if you wish to retain your insurance.

Here's your end of financial year wrap up May 29, 2019

The topics covered in this blog are a snapshot of some of the things to consider as we head towards the end of the 2019 financial year. We will cover the areas of Taxation, Superannuation and Insurance. 

2019 Federal Budget - Social Security and Family Assistance Apr 3, 2019

The Government announced a one-off payment of $75 for singles and $62.50 for each member of an eligible couple ($125/couple) who receive a qualifying Centrelink payment on 2 April 2019 to provide relief from high energy costs. Qualifying payments include the Age Pension, Carer Payment, Disability Support Pension, Parenting Payment Single, and Veterans’ pensions and payments. The cost of the payment will be $285 million.

While a blatant cash splash pre the Federal Election, (likely to be in May) the Energy Assistance payment will be welcomed by many. 

2019 Federal Budget - Superannuation Apr 3, 2019

Happily the 2019 Federal Budget was a quiet one for superannuation. 

Currently to make a voluntary super contribution over the age of 65, you have to meet a work test (have worked more than 40 hours in a 30 day period during the year of contribution). The Government has announced that there will no longer be a work test for those aged 65 and 66.  This will allow older Australians to make both concessional and non-concessional contributions to super while aged 65 and 66, even if they are retired.  Contributors will also be able to take advantage of the bring forward rule to make three years’ worth of contributions in one year.

Superannuation Guarantee Amnesty for Employers Jun 15, 2018

The government recently announced a twelve month amnesty period for employers to catch up with their superannuation guarantee obligations. The period will run from the date of the announcement - 24 May 2018 - to 23 May 2019.

The measures are subject to the bill - Treasury Laws Amendment (Superannuation 2018 Measures) Bill 2018 - being passed by parliament; there has been no indication the bill is contentious and we expect it to pass.

To be eligible, employers must:

  • pay all that is owing including the nominal interest within the period and;
  • voluntarily advise the ATO of the shortfall (not already be the subject of a Super Guarantee audit).

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