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Superannuation guarantee – the basics

Superannuation guarantee is legislated to increase from July 1, 2021 and last week the Treasurer announced a review into retirement incomes. Superannuation is on the economic agenda and the rate at which superannuation is paid could be changing in the future. It’s an important part of the Australian economy – it’s estimated that at June 2019, assets totalling $2.9 trillion were held in superannuation funds! So I thought it timely to go back and do a refresh of exactly what superannuation guarantee is, what your responsibilities are as an employer and what are your rights as an employee. Continue reading “Superannuation guarantee – the basics”

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Super Changes from 1 July. What does it mean for you?

There has been a lot of noise in the last couple of weeks about changes to superannuation that take affect from 1 July 2019. The changes arise due to some Productivity Commission recommendations. Their purpose is protect your retirement savings by limiting superannuation funds’ ability to charge fees and insurance on certain accounts. So, the big questions: does it apply to you? Will you lose out? and What do you need to do before 1 July? Continue reading “Super Changes from 1 July. What does it mean for you?”

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10 tax planning tips for small business

As 30 June approaches, many businesses are asking how they can save tax for the year. There’s lots of noise about the instant asset write off and many of the large retailers are offering discounts to entice you to spend before the end of the financial year. But before you leap in, this is only one of the ways to save tax.  Here are 10 tax saving tips for you to think about before you head out to your nearest computer retailer. Continue reading “10 tax planning tips for small business”

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How to save tax in 2019

The Happy EOFYS adds have started on tv and in the newspapers, so you know we must be only a few weeks until the end of the financial year. But, you’re an individual Pay As You Go salary earner, so nothing to see here – right? Wrong! While it’s true that most of these adds are targeted to the business owner, as a wage earner, there may still a few things you can do before 30 June to reduce your tax. Continue reading “How to save tax in 2019”

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Super basics for beginners

Open any paper over the last few months and you will have heard some pretty amazing revelations from the Banking Royal Commission. Superannuation funds haven’t escaped scrutiny. To put the superannuation industry in perspective, according to the Australian Taxation Office, at 30 June 2017 over 14.8 million Australians had a super fund account holding a total of $2.3 trillion. 40% of Australians have more than one super fund. At the same date, almost $18 Billion was held by the Tax Office in lost accounts. And yes, those numbers are difficult to comprehend! Continue reading “Super basics for beginners”