#Superannuation
The solution to the $33 billion unpaid Super crisis: Aligned wages and Super
Currently, super payments can be made on a quarterly basis.
Brace for these changes that may affect your business starting July 1
Here is a summary of the major changes that will take place and are likely to affect business owners:
Why do major companies keep getting caught in employee underpayment scandals?
Every few months sees a major employee underpayment scandal – companies announcing that they have made payroll errors that have impacted thousands of employees – go public. Examples are the $43 million error by Rebel Sport this year, the $2 million error by Lush Cosmetics last year, the $1 million in underpayments by Maurice Blackburn […]
How to ensure your future retirement is comfortable
Making informed investment decisions to secure a comfortable retirement Understanding the impact your preservation age has on your retirement plans Ensuring financial longevity rather than short term returns. Following the launch of their ‘Don’t Die Poor’ campaign in late March, Melbourne-based financial advisory, Pekada, are determined to maintain this momentum with their recent insights into […]
Foodora ‘chased’ by tax office
Food delivery company in hot water.
Jail time for employers who deny staff super
Employers who deny their employees their superannuation entitlements face up to a year in jail under legislation drafted by the Federal Government. According to Minister for Revenue and Financial Services, Kelly O’Dwyer, the purpose of the Treasury Laws Amendment (Taxation and Superannuation Guarantee Integrity Measures) Bill 2018 is protect workers’ superannuation entitlements and “modernise” the […]
ATO, funds sitting on $18b in unclaimed super
Almost $18 billion worth of superannuation is still waiting to be claimed in Australia, with the ATO revealing the top ten postcodes for unclaimed super. According to the ATO, as at 30 June 2017, there were over 6.3 million lost and ATO-held super accounts with a total value of $17.87 billion. Super funds are holding […]
SuperStream generating $2.4b in savings per year for superannuation fund members
Wednesday, 6 September 2017 Source: ATO Following a five-year rollout, superannuation members are now receiving an estimated $2.4 billion per year in savings thanks to SuperStream. SuperStream is one of the largest ever changes to Australia’s financial system, with an estimated investment across the industry of $1.5 billion. More than one million businesses have been involved […]
How small businesses can assist their employees to get the most of their super
Although it’s not something that might cross every business owner or manager’s mind, it’s important to educate your team about things outside of the scope of their role. For example, providing your employees with life skills and tips to help them take advantage of a dedicated resource like their superannuation. Although long-term full-time workers may […]
Strong venture capital growth prompts call for greater investment by local super sector
Venture capital investment in Australia has reached $1 billion this financial year, according to a new report launched by Minister for Innovation, Senator Arthur Sinodinos. The Australian Private Equity and Venture Capital Association Limited (AVCAL) report, titled The Venture Capital Effect, reveals Australian VC funds a) raised a record $568 million in 2015-16 and […]
The SuperStream deadline (28 Oct) won’t be pushed back again, small businesses warned
Businesses with 19 or fewer employees have less than two weeks to transition to SuperStream – the new, mandatory electronic standard for paying superannuation contributions. “The Australian Taxation Office (ATO) is pleased that more than 75 per cent of small businesses are already SuperStream compliant however, there is still a way to go to ensure […]
Big businesses can help eliminate barriers to SMB owners growing their super, says MYOB
Small to medium business owners are diligent when it comes to meeting their superannuation obligations to staff but growing their personal super is ‘not top of mind’, according to Tim Reed, CEO of cloud accounting provider MYOB. He told Dynamic Business that government and big business must play a role in eliminating barriers to owners making super contributions. […]
Let millennials use super to start a business
What if we could start putting superannuation to better use? The internet has changed the way we view and treat money. Paypal pioneered the idea of sharing money online, while services like ApplePay allow consumers to ditch their wallets for good. Yet when it comes to superannuation, we may be leaving some benefits on the table. […]
SuperStream extension for small businesses
More than 450,000 small businesses have become SuperStream compliant ahead of the 30 June deadline. If your businesses will struggle to adopt the new payment standard in time, don’t worry: the ATO has announced it is extending the deadline by four months. Deputy Commissioner James O’Halloran said small businesses that need extra time to become SuperStream compliant will […]
SuperStream deadline fast approaching, businesses reminded
With just three weeks until small businesses must become SuperStream compliant, the Australian Tax Office (ATO) has urged those yet to implement the new standard to act now. From 1 July, it will be mandatory for employers with 19 or fewer staff to send all super payments and employee information electronically in a standard format using SuperStream. According to the […]
Tax reform should put everything on the table: PwC
Tom Seymour said the nation would not see housing become more affordable, a rise in job security, and a boost in education if major tax reform were not accomplished.
Key steps for complying with new SuperStream superannuation regime
Australian firms need to ensure payroll systems are up-to-date and supported by providers ahead of looming SuperStream deadlines.
ATO cracking down on financial crime
The ATO has today announced the extension of information sharing powers for Phoenix and Trust Taskforces, aiming to tackle Australia’s phoenix businesses and misused trust structures.
SuperRatings names best Australian super funds
SuperRatings, the Australian super research firm, have found Telstra Super to be Australia’s best super fund for members in the Accumulation phase.
ATO reminds employers to pay super guarantee rate
The Australian Taxation Office (ATO) is today reminding employers of the new super guarantee rate, ahead of the first quarterly superannuation payment.
New super guarantee rate now applies
The ATO is urging all employers to ensure they have implemented the Superannuation Guarantee (SG) rate rise which increased to 9.5 per cent on 1 July 2014.
Women retire with 43% less super
An array of factors including sustained pay inequality, a high prevalence of participation in part time work and career breaks for family mean there is a significant super gap between men and women’s retirement savings.
Half of small business owners will rely on pension
Half of Australia’s small business owners will fall short on retirement savings, and one in four anticipate they will need to rely on the government pension in later years.
Australians stressed about their financial future
Just one in four Australians feel they have enough super to be financially secure in the future.