The Government has resurrected the Superannuation Guarantee (SG) amnesty giving employers that have fallen behind with their SG obligations the ability to “self-correct.” This time however, the incentive of the amnesty is strengthened by harsh penalties for those that fail to take action. Originally announced in May 2018 and running between 24 May 2018 until 23 May 2019, […]
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If like many Australians you’re looking for ways to put some cash away for a rainy day, a holiday or to earn extra income, the job has just become a bit harder. It’s also become more urgent if you are expecting a handy tax return. In early July, the Reserve Bank cut rates to 1 […]
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From 1 July 2019, new laws prevent superannuation providers from eroding member balances with unwanted or unnecessary insurance and exit fees. Plus, inactive accounts with low balances will be moved to the ATO to try and unite the unclaimed super with its owner. These changes do not apply to self-managed superannuation funds or small APRA […]
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Superannuation is a long-term financial relationship. It begins with our first job, grows during our working life and hopefully supports us through our old age. Throughout your super journey you will experience the ups and downs of bull and bear markets so it’s important to keep your eye on the long term. The earlier you […]
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A recent speech by the ATO’s Assistant Commissioner for Superannuation demonstrates the very practical problems with the new superannuation rules. The $1.6 million transfer balance cap (TBC) that limits the amount you can hold in a superannuation pension requires trustees to be aware of how close they are to this limit at all times. To […]
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