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How does the super guarantee charge work? Posted on Sep 20, 2017 by admin

Super

Employers who do not pay the minimum amount of super guarantee for their employee(s) by the due date may have to pay the super guarantee charge (SGC). The charge is made up of super guarantee shortfall amounts including any choice liability calculated on your employee’s salary or wages, interest on those amounts (currently 10 per cent) and an administration fee ($20 per employee, per quarter). Employers must report and rectify the missing payment by lodging an SGC statement by the due date and paying the SGC to the ATO. Employers may be able to use a late payment to reduce […]

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New measures to crack down on super non-compliance Posted on Sep 14, 2017 by admin

Super

The Australian Taxation Office (ATO) will receive additional funding for a Superannuation Guarantee Taskforce to crack down on non-compliance by employers. The Government has announced a package of reforms to close a legal loophole used by dishonest employers that short-change employees who make salary-sacrifice contributions to super. Funding for the Taskforce coincides with new data released by the ATO reporting a significant estimated Super Guarantee gap. This gap is the difference between the theoretical amount payable by employers to be fully compliant and actual contributions received by funds. The ATO estimates the net SG gap as 5.2 per cent or […]

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Strategies to bulk up your super before retirement Posted on Sep 7, 2017 by admin

Super

To retire comfortably, you should be doing everything you can while still in the workforce to make sure your superannuation is as fruitful as possible. Consider the following: Consolidate super into one accountSuper account fees can eat away at your super balance, especially if you have numerous accounts. If you find yourself in this position, take the time to organise your super contributions into the one account to reduce unnecessary and excessive fees. Outstanding super paymentsCheck you have been paid all the super you are entitled to, as well as interest, as this can uncover large amounts of unpaid super. […]

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Carrying on a business in an SMSF Posted on Aug 30, 2017 by admin

Super

Self-managed super funds can carry on a business providing the business is allowed under the trust deed and operated for the sole purpose of providing retirement benefits for fund members. Carrying on a business through an SMSF does have restrictions that other businesses do not have, such as entering into credit arrangements or having overdrafts. SMSF trustees that carry on a business through their fund must adhere to the sole purpose test. The ATO looks for cases where: the trustee employs a family member the ‘business’ is an activity commonly carried out as a hobby or pastime the business carried […]

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Identifying undervalued assets Posted on Aug 23, 2017 by admin

Super

Recent research has found that an alarming 31 per cent of SMSF trustees consider choosing investments as one of the hardest aspects of running an SMSF. Value investing is one such strategy that SMSF investors can utilise to boost their portfolios. Value investing involves identifying undervalued assets that have the potential to increase in value over time. These assets are generally priced well below their intrinsic value due to missed expectations, market crashes, cyclical fluctuations and so forth. To identify undervalued assets or asset classes you need thorough analysis and good judgment. Look for asset classes that are inexpensive and […]

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Increased access to Superannuation Clearing House Posted on Aug 16, 2017 by admin

Super

The ATO has changed the conditions of registration for businesses to access the Small Business Superannuation Clearing House. The Small Business Superannuation Clearing House is a free online service available for small businesses to make super contributions for their employees. The Tax Office is now allowing businesses with 19 or less employees or businesses with an annual aggregated turnover of $10 million or less to use the service. These employers can now make super guarantee contributions as a single electronic payment to the Clearing House and it will then distribute the payments to employees’ funds. The super guarantee contributions count […]

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Understanding SMSF trustee responsibilities Posted on Aug 14, 2017 by admin

Super

Self-managed super fund (SMSF) trustees have onerous duties and responsibilities in relation to the management of their fund. An SMSF trustee primarily needs to ensure the fund is properly managed for the benefit of members for their retirement. All trustees must ensure the fund assets are held in trust and invested on behalf of the members. Trustees need to ensure their fund complies with all super rules including super laws and the fund’s trust deed. Trustees must regularly review and update the fund’s trust deed and investment strategy in accordance with the law and the needs of the SMSF’s members. […]

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ATO targeting SMSF non-compliance Posted on Aug 2, 2017 by admin

Super

The Tax Office is warning SMSF trustees that they will be contacting SMSFs that have not regularly complied with their lodgment obligations. The ATO is reminding trustees that lodging an SMSF annual return is an obligation and failure to do so is a breach of super laws. To avoid penalties, the Tax Office is urging SMSF trustees to bring their lodgments up to date as soon as possible. Trustees who cannot meet any deadlines will risk becoming disqualified as a trustee for persistent non-lodgment, their SMSF may be made non-compliant and the ATO will raise default assessments.

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Consolidating your super Posted on Apr 12, 2017 by editor

Super

Chances are, if you have had more than one job, you will most likely have multiple super accounts. Having multiple super accounts means more fees and less savings. Consolidating all your super accounts into one account can help you to keep track of your super, reduce unnecessary paperwork, and most importantly, save on costs. The first step in consolidating your super is selecting a fund to move all of your super savings into. When comparing funds, consider funds with lower fees; suitable investment options; extra benefits; funds which have performed well over the last 5 years; and provide appropriate insurance […]

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Reviewing your trust deed before 30 June Posted on Apr 4, 2017 by editor

Super

With changes to Australia’s superannuation rules coming into play on 1 July 2017, self-managed super fund (SMSF) trustees would do well to review their fund’s trust deed. Despite the fact that maintaining an up-to-date trust deed is a vital aspect of managing a SMSF, many trustees fail to do so, usually due to the time and cost restraints associated. However, a SMSF trust deed can only ensure compliance and protect the trustee’s interests if it is regularly updated and reflects current superannuation rules. As part of the super reforms announced in last year’s Federal Budget, tighter superannuation rules will apply […]

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