Imagine it's 9:00 PM on the 28th of October, and you're still manually cross-referencing employee fund details against a bank statement. You didn't...
What if a single payroll error, triggered by a change to the current superannuation rate, could result in thousands of dollars in non-deductible...
For many small business owners, just hearing the words 'Australian Taxation Office' can bring on a wave of stress. Does the official website feel...
22
Aug 2023
2023/24 ideal for concessional contributions
The 2024 financial year is the time period for trustees to make voluntary contributions to superannuation funds as a number of key events have converged to boost their usefulness, according to a technical expert. BT Academy technical consultant Matt Manning highlighted 2023/24 was the last year trustees could make use of accrued unused concessional super contribution caps from the 2019 financial year when the mechanism was first initiated. To illustrate
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
17
Mar 2015
SuperStream for Self Managed Super Funds
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
17
Mar 2015
SuperStream for Self Managed Super Funds
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
17
Mar 2015
SuperStream for Self Managed Super Funds
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
17
Mar 2015
SuperStream for Self Managed Super Funds
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
16
Mar 2015
Preparing for SuperStream
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