The Government has introduced a three-year Temporary Budget Repair Levy on individuals who have a taxable income in excess of $180,000. The levy is payable at a rate of 2 per cent of each dollar of a taxpayer’s annual taxable income over $180,000. No levy is payable where the taxpayer has a taxable income of…

Self managed super fund (SMSF) trustees should be aware of the changes to the way they receive super contributions. From 3 November 2014, employers will begin using the new Data and Payment Standard, also known as SuperStream, to make superannuation contributions to their employees.  This means that SMSF trustees will be required to receive contributions…

Self managed super fund (SMSF) trustees should be aware of the changes to the way they receive super contributions. From 1 July 2014, employers begin using the new Data and Payment Standard, also known as SuperStream, to make superannuation contributions to their employees.  This means that SMSF trustees will be required to receive contributions electronically…

Employers who are not meeting their super obligations may lose the tax deduction they would normally receive for super contributions. They will also have to pay a superannuation guarantee charge to the ATO. From 1 July 2013 employers must be paying 9.25 percent of each eligible employee’s ordinary time earnings each quarter in super. From…

Older individuals often forget to perform checks on their retirement savings. It is essential that individuals check that their retirement savings are on track to finance their planned standard of living in retirement. Otherwise, they could be left short when they are ready to retire. A common time to perform these checks is in the…