News

Last week the Government had its proposed changes to the Superannuation rates pass through Parliament and receive Royal Assent (though with some variation to the original proposal making the delay to the increase longer. The changes that have now passed mean that Superannuation will be frozen at 9.5% until 1 July 2021: Financial Year SG … Read more

Q/  We have an employee who is terminating soon and he wants us to pay all of his termination pay directly to super.  I don’t think this is possible, but I’m not sure why. Can you assist please? A/ Clause 21 of the ATO’s Salary Sacrifice Ruling (see link below) allows that an employee can … Read more

Many announcements have been made over the past few months, including the Federal Budget, and these have led to confusion about what is and is not changing. We have provided details below about what the status of those changes are and what will apply from 1 July 2014.   Superannuation guarantee rate The minimum rate … Read more

The superannuation guarantee contribution rate increases from 9.25% to 9.5% from 1 July 2014.  Whilst the Budget included a proposal to defer any future increases for four years, that proposal will not affect the 9.5% rate which is currently legislated. Superannuation examples We had a number of queries about how the change in the superannuation … Read more

The superannuation guarantee contribution rate will increase to 9.5% from 1 July 2014. It is then proposed that the rate will remain at 9.5% until 30 June 2018, and then increase by 0.5 percentage points each year until it reaches 12%.

Some employees may have a tax variation in place which reduces the amount of PAYG tax withheld from their total wages or from a particular allowance. These variations generally apply for one income year only. As your employees may not actively monitor this area, it is a good idea to check and send an email … Read more