A quick reminder that starting tomorrow, Saturday the 1st of July 2023, the Superannuation Guarantee (SG) rate will increase to 11%, up from 10.5% currently. The Superannuation Guarantee is a vital component of every employee’s retirement savings, and this increase reflects the ongoing commitment to boosting Australians’ financial security in their post-work years. The new…
Did you know that it is a Death Benefit Nomination lodged with your superannuation or pension fund – and not a will – that can determine who receives your superannuation balance in the event of your death? It’s true, and since not all Death Benefit Nominations are the same we thought we would outline the differences…
The ATO will be undertaking some scheduled maintenance on the Small Business Superannuation Clearing House between 11:30pm AEST on Saturday the 25th of June 2022 and 7:00am on Sunday the 26th of June 2022. If you’re looking to claim a tax deduction for superannuation payments made before the end of this financial year (Thursday the…
28th of April 2022: Superannuation Guarantee payments for the period 1st of January 2022 to the 31st of March 2022 must be made by this date otherwise Superannuation Guarantee Charges will apply and you’ll lose the opportunity to claim the expense as a tax deduction. 16th of May 2022: Any outstanding 30th June 2021 Income…
Before we get into today’s main topic – Budget 2022/23 – we wanted to note with you all that earlier this month we were in a Zoom call with over 5,500 other accountants and taxation specialists across Australia, working through some of the curlier aspects of the ATO’s recently proposed changes to family trust distributions.…
On Sunrise on Monday the 3rd of January 2022, Prime Minister Scott Morrison, on the topic of rapid antigen tests (RATs) stated: “We already make them free to everyone who is required to have one. They are also tax deductible.” The Prime Minister’s comments subsequently prompted a member of the Australian Taxation Office’s ATO Community group to…