Superannuation
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 …
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 …
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 …
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? …
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 …
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 …
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 …
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 …
Superannuation – Risk Levels Taking care of your superannuation is just as important as taking care of your taxes and business expenses as a self-employed individual. While you don’t need to pay super to yourself, it might help you feel more secure about your finances during retirement. Regular or lump sum payments can usually be …
Superannuation – Risk Levels When it comes to investing, there is always a certain amount of risk involved. The key to a great investment strategy is to discern how much risk you are willing to take. The risk profile of your superannuation investment strategy should be determined by combining your financial goals and the time …
Super Guarantee Payments The superannuation payment to your employees must be made, otherwise, stringent penalties can be imposed that are more financially damaging to your business than simply paying their superannuation. Eligible employees must be paid their minimum superannuation of 10.5% of their ordinary time earnings (OTE). By 2025, this is predicted to increase to …