Superannuation

Understanding Closely-Held Employees & Small Business STP Reporting

October 2, 2024

Superannuation: Closely-Held Employees Small businesses, especially family-run ones, require careful attention to payroll for closely held employees, such as family members, directors, and shareholders.  The Australian Tax Office (ATO) mandates that all employers adhere to Single Touch Payroll (STP) reporting requirements regardless of the employee’s relationship to the business.  However, small businesses with fewer than …

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Spousal Contributions: A Guide To Voluntarily Boosting Super

September 9, 2024
Spousal Contributions: A Guide To Voluntarily Boosting Super | TAS | Bayswater

Superannuation: Spousal Contributions Superannuation is a vital aspect of retirement planning in Australia, ensuring individuals have sufficient savings for their later years. One effective strategy to enhance your family’s overall superannuation balance is through spouse contributions. Spouse contributions involve one partner making voluntary superannuation contributions to their spouse’s super fund. This can be particularly beneficial …

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Self-Employment & Superannuation Before The EOFY 

June 26, 2024
Self-Employment & Superannuation Before The EOFY | TAS | Bayswater

Superannuation Before The EOFY for the Self-Employed As the End of Financial Year (EOFY) approaches, self-employed individuals have a unique opportunity to bolster their retirement savings and take advantage of significant tax benefits. While the self-employed may not have the automatic superannuation contributions that employees receive, proactive planning and strategic contributions can yield substantial long-term …

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Understanding The Superannuation Clearing House

June 5, 2024
Understanding The Superannuation Clearing House | TAS | Bayswater

Superannuation Clearing House As the End of the Financial Year (EOFY) approaches, it’s crucial for employers and self-employed individuals to ensure their superannuation contributions are processed efficiently and on time.  Utilising a superannuation clearing house can streamline this process, ensuring compliance and maximising the benefits of super contributions.  Here’s a comprehensive guide on why and …

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Millenial & Gen Z – Preparing For The Future With Superannuation

May 15, 2024
Millenial & Gen Z Superannuation | TAS | Bayswater

Super for Millenials & Gen Z Millennials and Gen Z are facing some of the most difficult challenges when it comes to financial priorities. Between paying off HECS debts/HELP loans and saving for a first home, these immediate concerns often overshadow long-term goals like retirement planning. In the midst of these immediate concerns, it’s easy …

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What Contributions Can Be Made To Superannuation Funds?

May 1, 2024
What Contributions Can Be Made To Superannuation Funds? | TAS | Bayswater

Superannuation Contributions As retirement looms, ensuring a comfortable and secure future becomes a top priority for many individuals.  One essential aspect of this preparation is maximising superannuation contributions. With the right strategies, you can harness the power of compounding interest and investment growth to build a substantial nest egg in your superannuation for your golden …

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What Is The Small Business Superannuation Clearing House

April 24, 2024
Small Business Superannuation Clearing House | TAS | Bayswater

Superannuation Clearing House (SBSCH) For small businesses in Australia, managing superannuation payments for employees can be a time-consuming and complex task. Super guarantee payments must be made quarterly, with the next due date being the 28 April. However, the Australian Taxation Office (ATO) offers a solution in the form of the Small Business Superannuation Clearing …

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Superannuation-Related Obligations Employers Need To Keep In Mind

September 14, 2023
Superannuation Related Obligations for Employers | TAS | Bayswater

Employer Superannuation Obligations While the hustle and bustle of operating and managing a business can occupy your mind, it’s important not to forget your superannuation obligations to your employees. Those who fail to meet their super obligations risk facing severe and even damaging liabilities, penalties and even potential imprisonment. Are you aware of your obligations? …

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What Happens To Superannuation When Bankruptcy Is Declared?

July 31, 2023
Superannuation and Bankruptcy - What Happens? | TAS | Bayswater

Superannuation and Bankruptcy – What You Need To Know Have you ever wondered what happens to superannuation in bankruptcy situations? Bankruptcy is a legal process that can be commenced when you are declared unable to pay your debts. It is a process that can release you from most debts, provide relief and allow you to …

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Your Guide To Super Contributions

June 8, 2023

Superannuation – What You Need To Know In some circumstances, superannuation contributions can be claimed on your tax return if they are made to a super fund or retirement savings account. However, these circumstances are limited and may require professional advice to maximise the benefits. Superannuation contributions that are paid by your employers directly to …

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What Does Payday Super Actually Mean?

June 2, 2023

What is Payday Super? There’s been a lot of buzz around superannuation since the 2023-24 Federal Budget was announced. One such buzz involves the concept of ‘payday super’. Payday super has been introduced by the government to avoid the discrepancies that those in lower-paid, casual and insecure work often encounter with their superannuation compared to …

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How Does Superannuation & Contracting Work?

April 28, 2023

Superannuation and Contractors Contractors who run their own business and sell their services to others have different obligations to their super than what employees in a business may usually have. A contractor (also known as an independent contractor, a subcontractor, or a subbie) who is paid wholly or principally for their labour is considered to …

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