Recent clarification on the Superannuation Guarantee Ruling SGR 2009/2 by the ATO, confirms that superannuation is payable on annual leave loading unless it can be demonstrated that the leave loading is paid due to an employee’s lost opportunity to work overtime. The ATO has since published some examples on its website detailing when an Employer can demonstrate that the leave loading is paid due to an employee’s lost opportunity to

SuperStream aims to improve the efficiency of Australia’s superannuation system and provides a new standard for employers when making super contributions. For employees using a compliant super fund, they will likely find that their employer has already updated their system with the required changes, but what if that employee uses a Self Managed Super Fund? Self Managed Super Funds (SMSF’s) need to ensure that they can receive contribution messages with information about payments in the

SuperStream aims to improve the efficiency of Australia’s superannuation system and provides a new standard for employers when making super contributions. It requires an employer to send contributions electronically in a standard format with linked data and payments. Why Is This Happening? Without SuperStream reforms, each super fund sets their own requirements with regards to how they will receive payments and contribution advice details for each member. This can often

At the SMSF Association (formerly SPAA) National Conference held last month in Melbourne, the ATO confirmed that they are taking a new approach to when an Auditor Contravention Report (ACR) is lodged for an SMSF. The ATO will now telephone trustees of SMSFs (or directors where there is a trustee company) when they receive an ACR to confirm that the trustees or directors are aware that a breach was identified, as well as query why it