Super Guarantee to apply to more employees

Do you know that from 1 July 2022 onwards super guarantee will apply to employees earning less then $450 per calendar month, provided that they satisfy other eligibility requirements?

This applies to the following (not an exhaustive list):
– under 18 employees,
– contractors,
– full time, part time or casual staff,
– someone receiving a super pension or annuity while working (this includes employees on transition to retirement
– a temporary resident, such as a backpacker
– a company director
– a family member working in your business

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in Articles / Knowledge Base / News / Self Managed Super Funds / Starting a New Business / Tax Advice and Planning / Xero Cloud Accounting  by Emily Yip

New requirements for Directors from 5 April 2022

Are you planning to set up a new company and be the company director? Or are you planning to set up a new Self-Managed Super Fund where your company would be a trustee and you would be the director?

Do you know that legislation has passed in June 2020, whereby from 5 April 2022 onwards it is mandatory that all directors of a company to have a Director’s ID (Director identification number, or DIN) before you are allowed to be appointed as a director?

How to apply for Director’s ID?
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in Articles / Knowledge Base / News / Running A Business / Self Managed Super Funds / Starting a New Business  by Emily Yip

Work Test changes

Last year (2021) the Federal Budget had announced positive changes for individuals aged between 67 to 74 years to make contributions to superannuation.  These changes are to allow this age group to make non concessional and salary sacrificed contributions to superannuation (subject to cap limits), without having to meet the work test.

This measure has now been passed and we can expect these changes to start 1 July 2022.  

If you are 67 or over and would like to make further contributions to super please contact us for more information.

More information can be found on the Treasury website.

in Knowledge Base / News / Self Managed Super Funds  by Emily Yip

Superannuation Budget Updates – Changes from 1 July 2021

A few changes to the superannuation world that applies from 1 July 2021 onwards, including contribution cap changes, information for employers, individuals aged 60 or over, and changes to work tests.

Superannuation Guarantee Contributions

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in Articles / Knowledge Base / News / Self Managed Super Funds / Tax Advice and Planning  by Emily Yip

The second wave of Stimulus, what it means to you

This morning, the Australian Government has announced their second round of policies to further support Australian businesses and individuals as it is expected the Coronavirus will be impacting the economy in the next few months.

This is what we know so far:

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in Articles / Bookkeeping and Payroll / Knowledge Base / News / Personal Tax Returns / Running A Business / Self Managed Super Funds / Starting a New Business / Tax Advice and Planning  by Emily Yip