• insurance policy
    Am I Taxed on An Insurance Payout?
    Australia has had its fair share of disasters over the last few years – drought, bushfires and floods – that have ramped up the volume of insurance claims. Most people would assume that if and when they need to claim on their insurance, the insurance payout covers the damage and […]
  • changes-ahead
    What Changes on 1 July 2021?
    Super guarantee rate increase to 10% On 1 July 2021, the Superannuation Guarantee (SG) rate will rise from 9.5% to 10% – the first rise since 2014. It will then steadily increase each year until it reaches 12% on 1 July 2025. The 0.5% increase does not mean that everyone […]
  • Superannuation
    Super Guarantee Rate Rising 1 July
    On 1 July 2021, the super guarantee rate will rise from 9.5% to 10%. If you have employees, you will need to ensure your payroll and accounting systems are updated to incorporate the increase to the super rate. If you need help to work out how much super you need to […]
  • skilled migration
    Is It Time for Australia to Rethink Skilled Migration?
    Source: NestEgg When borders reopen, Australia has a chance to reshape its migrant policy, with an opportunity to target younger, more skilled workers, a think tank has revealed. Australia is not attracting the right migrants, instead it should focus on simplifying the process, taking in younger skilled workers, and paying them […]
  • Fringe Benefit Tax
    FBT Exemption, LMITO Tax Bill Introduced Into Parliament
    Source: Accountants Daily Treasury Laws Amendment (2021 Measures No. 4) Bill 2021 was introduced to the House of Representatives on Wednesday and contains two tax measures included in the Morrison government’s 2021–22 federal budget.  The first of them is the government’s FBT exemption, which will provide employers with a way […]
  • cryptocurrency
    ATO Sheds Light on Crypto Compliance Focus
    Source: Accoutants Daily Speaking at a tax-time tips seminar on Thursday, ATO assistant commissioner Adam O’Grady warned tax agents and taxpayers that his office will be closely watching all capital events related to cryptocurrency come tax time.  “It is really important for all capital assets; we will be looking to […]
16 June 2021
changes-ahead

What Changes on 1 July 2021?

Super guarantee rate increase to 10% On 1 July 2021, the Superannuation Guarantee (SG) rate will rise from 9.5% to 10% – the first rise since 2014. It will then steadily increase each year until it reaches 12% on 1 July 2025. The 0.5% increase does not mean that everyone […]
14 June 2021
Superannuation

Super Guarantee Rate Rising 1 July

On 1 July 2021, the super guarantee rate will rise from 9.5% to 10%. If you have employees, you will need to ensure your payroll and accounting systems are updated to incorporate the increase to the super rate. If you need help to work out how much super you need to […]
27 April 2021
superannuation

How to Rebuild Your Super Balance Post-Pandemic

Source: NestEgg Research released by Colonial First State showed that a majority of Australians who withdrew their super through the early release scheme are yet to rebuild their balances. Under the government’s temporary early access to super scheme, individuals and sole traders who had suffered financial hardship of at least […]
30 March 2021
superannuation

The ‘terrible’ Unintended Consequences of Superannuation Reforms

Source: NestEgg During an AIST media conference, AI groups chief policy adviser Peter Burn explained how changes to superannuation that are designed to protect members, such as stapling, will likely hurt their retirement income.  Under the government’s Your Future, Your Super reforms, from July, members’ contributions will be ‘stapled’ to a […]
26 January 2021
superannuation

How Did Your Super Fund Perform in 2020?

Source: NestEgg Results collated by Chant West have shown median growth funds — which have 61 to 80 per cent in growth assets — ended the year up 3.7 per cent. While short of the 14.7 per cent members gained in 2019, Chant West applauded the funds’ ninth consecutive positive calendar year […]
26 January 2021
Money Savings, Investment, Making Money For Future, Financial We

Should the Government Add $5k to Low-Income Super Balances?

Source: NestEgg The Australian Institute of Superannuation Trustees’ (AIST) pre-federal budget submission recommended a one-off government contribution to the super accounts of Aussies earning less than $39,837 who accessed their superannuation early. The AIST, which is made up of about 60 superannuation funds, points to the 3.6 million Australians who […]
25 January 2021
ATO-newstill-2-ad

Tax Office Issues SG Amnesty Disqualification Warning

The Tax Office has begun reaching out to businesses that made SG amnesty disclosures to remind them to pay their disclosed amounts or to set up a payment plan and meet each ongoing instalment amount. The warning letter notes that businesses will have 21 days to avoid being disqualified from […]
5 January 2021
Early Access to Super

ATO Issues Reminder on Early Release of Super

In a public update, the ATO stated that the COVID-19 early release of super program closed on 31 December 2020. Payments for applications submitted by 31 December will be made throughout January, the ATO said. The latest APRA statistics on the early release of super scheme show that at 13 […]
27 October 2020
superfunds

3 Best and Worst Super Funds Revealed

Source: NestEgg Stockspots 2020 Fat Cat Funds report has stated that poor performance is largely due to higher fees, with CEO Chris Brycki highlighting to consumers they would be $200,000 better off if they are in a fund charging less than 1 per cent instead of paying 2 per cent. “One […]
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