Australian Superannuation

Different meanings of 'dependant' for superannuation and tax purposes

Different meanings of ‘dependant’ for superannuation and tax purposes

By Warren Kruger / September 15, 2023 / 0 Comments

On a person’s death, their superannuation benefits can only be paid directly to one or more ‘dependants’ as defined for superannuation purposes, unless they are paid to the deceased’s legal personal representative to be distributed in accordance with the deceased’s Will. Super death benefits can be tax-free to the extent that they are paid (either […]

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super guarantee rate is increasing

The super guarantee rate is increasing

By Warren Kruger / July 7, 2023 / 0 Comments

Businesses that have employees, or hire eligible contractors, will need to ensure that their payroll and accounting systems are updated to reflect the new super guarantee rate of 11% for payments of salary and wages that are made from 1 July 2023. Businesses need to calculate super contributions at 11% for their eligible workers for […]

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Superannuation

Know the rules for accessing superannuation

By Warren Kruger / May 18, 2023 / 0 Comments

The ATO has reminded SMSF trustees that their SMSF must be operated for the sole purpose of providing retirement benefits for its members. This means SMSF trustees can’t use funds from their SMSF to pay for personal or business expenses. This is known as ‘illegal early access’ of superannuation, and severe penalties apply. The ATO […]

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New 15 super tax to apply from 1 July 2025 | Taxwise Australia | (08) 9248 8124

New 15% super tax to apply from 1 July 2025

By Warren Kruger / April 4, 2023 / 0 Comments

The Government recently announced it will be imposing a 15% additional tax on individuals that have more than $3 million in superannuation. The new measure is expected to commence from 1 July 2025 (i.e., the start of the 2026 income year). The main takeaways from the information provided thus far include the following: The additional […]

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transfer balance cap indexation

Transfer balance cap indexation

By Warren Kruger / March 22, 2023 / 0 Comments

An individual’s transfer balance cap (‘TBC’) determines the maximum amount they can commit to a retirement phase interest in their super fund, such as an account-based pension, without being subject to penal taxation. When the TBC concept was introduced with effect from 1 July 2017, it was initially $1,600,000.  It was increased by $100,000 as […]

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stapled super fund

Requesting Stapled Super Fund Details For New Employees

By Warren Kruger / December 14, 2022 / 0 Comments

The ATO is reminding employers that, when they have new employees that have not provided them with their choice of super fund, super contributions should be made into: the employee’s stapled super fund; or the employer’s nominated account (but only if the ATO advises that the employee does not have a stapled super fund). Editor: […]

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