Non-Concessional Contributions (no tax deduction)

Client alert re superannuation changes

Client Alert – Protecting your super reforms from 1 July 2019 To protect the super balances of all Australians being eroded by unnecessary fees and costs, the Federal Government has introduced the “Protecting Your Super” reforms which passed parliament on 18 February 2019. This new legislation will apply from 1 July 2019. It includes cancelling insurance for inactive members,…

Budget Superannuation Summary

Superannuation Superannuation ‘work test’ watered down & age limit for spouse contributions increased Date of effect 1 July 2020   As previously announced, from 1 July 2020, Australians aged 65 and 66 will be able to make voluntary superannuation contributions (concessional $25,000 p.a. and non-concessional $100,000 p.a.) without meeting the Work Test. Currently, voluntary contributions…

BOOKKEEPING & PAYROLL

New era of payroll reporting has started

Successful start for Single Touch Payroll Single Touch Payroll (STP) reporting is off to a successful start, with around 40,000 employers already sending tax and superannuation information from their payroll software each time they pay their employees. The STP transition year for employers with 20 or more employees started on 1 July, delivering on the commitment to streamline reporting obligations and…

Other reasons to access super

First home buyers The First Home Super Saver Scheme (FHSS) enables first-home buyers to save for a deposit inside their superannuation account, attracting the tax incentives and some of the earnings benefits of superannuation. Home savers can make voluntary concessional contributions (for example by salary sacrificing) or non-concessional contributions (voluntary after-tax contributions) of $15,000 a year within…