Australian Superannuation
Individuals can now re-contribute amounts they withdrew under the COVID-19 early release of super program without the re-contribution counting towards their non-concessional contributions cap. These contributions can be made between 1 July 2021 and 30 June 2030. Individuals can make COVID-19 re-contribution amounts to any fund of their choice where the funds’ rules allow. COVID-19 […]
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Employers are reminded that their SG obligation for the 1 January 2022 to 31 March 2022 quarter is due by 28 April 2022. An advance warning is also provided to employers that the compulsory 10% SG rate is going to increase to 10.5% from the period 1 July 2022 to 30 June 2023. So now […]
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A plethora of superannuation law tweaks has recently been made (via recent legislative reforms) which include: Removing the $450 monthly super guarantee threshold. Reducing the eligibility age for making downsizer contributions from 65 to 60. Changes to facilitate the removal of the work test for those aged between 67 and 75 regarding non-concessional and salary […]
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The ATO is reminding employers that, as of 1 November 2021, there is an extra step they may need to take to comply with the choice of super fund rules. If a new employee does not choose a super fund, most employers will need to request the employee’s ‘stapled super fund’ details from the ATO […]
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| | | The ATO has recently issued approximately 30,000 Division 293 assessments for the 2018/19 and 2019/20 financial years. Division 293 tax is an additional tax on super contributions, which reduces the tax concession for individuals whose combined income and contributions are greater than the Division 293 threshold (currently $250,000). Due to a […]
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The maximum super contributions base is used to determine the limit on any individual employee’s earnings base for superannuation guarantee purposes on a quarterly basis. Employers do not have to provide the minimum quarterly support for earnings above this limit. For the 2022 financial year, the maximum contributions base has increased to $58,920 (up from […]
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