Employers must make superannuation contributions on behalf of their employees. SuperStream is the ATO’s electronic and standardised solution that streamlines the super payment process. Using SuperStream for employers means: You can use one online channel to pay multiple funds Less room for error during data entry, due to fewer steps Transactions reach funds faster ObligationsYou…

The ATO has issued a warning to the public regarding illegal early release of super schemes, which are subject to severe penalties. There are strict rules around when you can access your super so your current decisions do not jeopardise your quality of life in retirement. The ATO has reminded the public you may only…

The ATO classifies contractors paid for their labour as employees for superannuation guarantee purposes. This is the case even if the contractor quotes an Australian Business Number (ABN). Eligibility requirementsSuper contributions must be made for these individuals if you pay them: Under a verbal or written contract that is wholly or principally for their labour-…

SMSF trustees have the freedom to invest as they choose to grow their retirement savings, which is why it is vital that they check in on their investment strategy regularly. Maximising your retirement nest egg depends on how well your investment strategy functions at different phases in your working life. This is why your investment…

Trustees must comply with reporting obligations to avoid penalties from the ATO. The following trustee reporting checklist to make sure you are stress-free at tax-time. Trustees must: Value the funds’ assets at their market value at 30 June Pay any minimum annual income stream payments required under super laws Get an actuarial certificate if required…